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BETMGM FY23 UPDATE: FY23 NET REVENUE FROM OPERATIONS OF $1.96 BILLION AT TOP END OF GUIDANCE

Published

2 years ago

February 9, 2024

betmgm-fy23-update:-fy23-net-revenue-from-operations-of-$1.96-billion-at-top-end-of-guidance

BetMGM, LLC (“BetMGM”), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE: MGM) (“MGM Resorts”) and Entain plc (LSE: ENT) (“Entain”) is today providing an update on performance for FY 2023.

BetMGM delivered a strong FY 2023 financial performance (based on unaudited results)
- Net revenue from operations grew 36% year over year to $1.96 billion¹, at the upper-end of $1.8-$2.0 billion guidance range²
  - Same-state growth in net revenue from digital operations of 14%
  - Key metrics across both iGaming and Online Sports Betting improved year over year, including average monthly actives, FTDs, hold percentages, bonus levels, NGR per active, and CPAs³
- EBITDA positive in the second half of 2023 with expected FY 2023 EBITDA loss of approximately $67 million⁴
Established as a leading operator across North America, live in 28 markets with access to 49% of adult population⁵
- Four new markets launched during the year: Ohio (online and retail), Massachusetts (online and retail), Puerto Rico (online) and Kentucky (online and retail)
- 14% market share in Sports Betting and iGaming in the U.S. and 22% in Ontario⁶
- Secured market access with Charlotte Motor Speedway ahead of expected March 2024 launch of newly legalised sports betting market in North Carolina, pending regulatory approval
Further operational progress supported by technology, product and capability enhancements, positions BetMGM to drive growth going forward
- Seamless execution of single account single wallet across 21 markets ahead of the 2023 NFL season
- Enhanced sports betting experience with improved speed⁷, broader market coverage and new differentiated bet types
- New in-house and exclusive games, including Dual Play Roulette, as well as largest progressive jackpots underpinning market leading iGaming offering
December 4th BetMGM business update set out strategic roadmap to drive growth in 2024
- Expanding the depth and breadth of our sports offering by leveraging Angstrom’s sophisticated modelling to support innovative and original products, including player-popular Same Game Parlay (“SGP”), SGP+ and new LIVE SGP products
- Continue to deliver market-leading and engaging gaming experiences that are more personalized and differentiated, including exclusive and MGM-branded content
- Increasingly investing in marketing and player acquisition as sports product and player retention continue to improve
- Unlocking BetMGM’s unique omnichannel advantages, particularly in Las Vegas, Nevada
  - Launched new improved app in January with single wallet functionality expected later in 2024
  - Leveraging Las Vegas sports teams and tentpole events, for example BetMGM’s first Big Game commercial featuring Tom Brady, Wayne Gretzky and Vince Vaughn
Reiterating guidance from December 2023 business update of targeting approximately $500 million of EBITDA in 2026
Recognized as Digital Operator of the Year by Global Gaming Awards, Online Casino of the Year by American Gambling Awards, and Casino Operator of the Year by EGR North America and SBC Awards North America.
Ongoing commitment to industry leadership in player safety and responsible gaming
- Secured five-year extension with GameSense program, providing player tools and capabilities to play responsibly
- Partnered with nine NFL teams to promote responsible gambling in stadiums during games
- Piloted the first of its kind program with Kindbridge Health to evaluate efficacy of offering self-excluded individuals’ referrals for problem gambling treatments

Adam Greenblatt, CEO of BetMGM, commented:

“Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond. The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages. With this comprehensive roadmap in place, we can focus on driving accelerated player acquisition and retention and strengthening our current market position. This clear strategic direction underpins our confidence in achieving our targets and building long-term, sustainable value for shareholders.”

Notes
(1)	FY2023 net revenue for BetMGM on a GAAP basis is expected to be approximately $1,920 million, which includes approximately $64 million related to Nevada MGM operations for which BetMGM records on a net basis as BetMGM is considered to be the agent in the Nevada transactions for GAAP purposes
(2)	FY2023 non-GAAP net revenue guidance established in January 2023
(3)	Key metrics include average monthly actives, first time depositors (“FTDs”), hold percentages, bonus levels, net gaming revenue per active (“NGR per active”), and cost per acquisition (“CPAs”)
(4)	BetMGM has not completed its financial closing procedures for the three months and year ended December 31, 2023 and actual results can differ materially from these estimates. In addition, BetMGM’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary estimates. During the course of the preparation of BetMGM’s audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.
(5)	BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 23 markets.
(6)	Market share for last three months ending November 2023 by GGR including only U.S. markets where BetMGM was active; internal estimates used where operator-specific results are unavailable. Ontario market share reflects the three-month period through December 2023.
(7)	Google Core Web Vitals validate that BetMGM in now one of the fastest apps in the U.S.

Forward-looking statements:

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. Examples of these statements include, but are not limited to, BetMGM’s expectations regarding its financial outlook (including EBITDA guidance). These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the significant competition within the gaming and entertainment industry; BetMGM’s ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM’s ability to manage growth and access the capital needed to support its growth plans; and BetMGM’s ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, Entain is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014), the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), Entain undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. Entain and its directors accept no liability to third parties in respect of this document save as would arise under English law.

Non-GAAP Financial Information:

This press release includes net revenue from operations and estimated EBITDA, which have not been prepared in accordance with GAAP. BetMGM believes this presentation, which it uses for its own analysis of operations, is useful in that it reflects the true economic performance of the business. If BetMGM presented net revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations different, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with Net Income remaining the same.

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Meet the Sponsors Powering the European Gaming Congress 2025 (HIPTHER Warsaw Summit)

Published

30 minutes ago

October 23, 2025

George Miller

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Reading Time: 2 minutes

As the European Gaming Congress 2025 (HIPTHER Warsaw Summit) approaches, the stage is set for what promises to be the most ambitious edition in the event’s history.

This year marks a major leap forward for HIPTHER’s flagship conference in Central Europe — featuring two stages running in parallel, the launch of the HIPTHER Academy, and an expanded network of partners and supporters spanning the iGaming, tech, and compliance industries.

“This year is special! For the first time, we’re adding a second stage and launching the HIPTHER Academy.
We’re honored by the strongest support to date from industry stakeholders. We’re proud to welcome so many sponsors, underscoring a simple truth: there’s a real need for quality over quantity.” — Zoltan Tuendik, Co-Founder & Head of Business, HIPTHER.

Grand Stage Sponsor

Promatic Games
With over 27 years of expertise in slot machine creation, Promatic Games brings innovation to both land-based and online casino gaming. The company’s proprietary technologies — GamePRO, Promatic ONE, and its in-house RNG — power an extensive portfolio of slots and iGaming experiences across four continents.

Registration, Badge & Bracelet Sponsor

DATA.BET
A premium tech provider offering advanced esports and sports data feeds, DATA.BET covers 35+ disciplines, 12,500+ monthly events, and 2,000 markets. Their ultra-low latency feeds, AI-assisted modeling, and personalized data solutions make them a go-to partner for forward-thinking operators.

Lanyards Sponsor

DSTGAMING
With a decade of experience in white-label and turnkey casino solutions, DSTGAMING delivers technology for operators worldwide — from aggregation platforms and game development to secure payment gateways.

Scandinavian Legal Expertise Sponsor

Nordic Legal
A full-service law firm with a strong focus on gambling, Nordic Legal provides tailored legal strategies and compliance support for businesses navigating the Nordic region’s complex regulatory landscape.

Pen & Paper Sponsor

Evoplay
Known for redefining engagement in iGaming, Evoplay offers 250+ slots, instant, and table games — and is now expanding into bingo and lottery. Renowned for creative design and innovative promotional tools, Evoplay continues to set trends in player experience.

General Sponsors

NuxGame:

A robust B2B platform offering turnkey casino solutions, crypto payments, gamification tools, and a sportsbook covering 370,000+ annual events.

RM Legal:

A trusted Polish law firm specializing in gambling law, AML, fintech, and new technologies, supporting both operators and regulatory bodies.

Gaming In Poland:

The only company providing multidisciplinary representation for gambling entities in Poland, combining law, IT, and tax expertise.

Bukmacherzy Razem – The Polish Bookmakers Association:

Representing legally operating bookmakers in Poland, strengthening the industry’s image, and combating the grey market.

PIGBRiB – The Polish Chamber of Commerce for the Entertainment and Bookmaking Industry:

Promoting transparency, compliance, and cooperation across the sector.

Graj Legalnie Association:

Dedicated to eliminating the grey market and promoting ethical standards in Poland’s gaming and betting landscape.

7777 Gaming:

A next-generation B2B provider with 200+ innovative titles — from classic slots to multiplayer crash games and digital lottery experiences.

ComplyGuard:

An AI-driven SaaS platform by Mediastream AG designed to empower regulators and authorities in enhancing oversight and enforcing responsible gaming practices.

A Celebration of Collaboration

The unprecedented number of sponsors this year underscores a growing commitment across the iGaming and tech industries to support collaboration, education, and responsible innovation.
Each partner plays a vital role in advancing iGaming, technology, and regulatory excellence across Europe and beyond.

Still Not Registered?

There’s still time: join the European Gaming Congress 2025 in Warsaw — where leaders, innovators, and experts come together to connect, debate, and shape the future of gaming and technology.

The post Meet the Sponsors Powering the European Gaming Congress 2025 (HIPTHER Warsaw Summit) appeared first on European Gaming Industry News.

Ebba Arnred Chief Marketing Officer of Play’n GO

Garga becomes first slot character in space

Published

30 minutes ago

October 23, 2025

George Miller

garga-becomes-first-slot-character-in-space

Reading Time: 2 minutes

To celebrate the launch of Reactoonz 100, Play’n GO’s iconic slot character Garga reached a max altitude of 37,753 metres (117,300 ft) in a two-hour flight to set a world record and become the first slot character ever in space

Play’n GO, the world’s leading casino entertainment provider, has today announced that one of the most iconic characters in slots, Garga, has set a world record by becoming the first slot character in space.

To celebrate today’s launch of Reactoonz 100, the latest game to feature Garga and the rest of the Reactoonz clan, Garga was sent on an out of this world voyage that reached a maximum altitude of 37,753 meters (117,300 ft) in a space flight that lasted just under two hours.

Ebba Arnred, Chief Marketing Officer of Play’n GO, said: “The Reactoonz, and Garga in particular, are some of the most iconic characters in slots that have brought entertainment to millions of players all over the world.

“When our games department told us Reactoonz 100 was on the way and it was going to be one of the biggest games of the year, the brief I gave to our brilliant marketing team was simple – I want an out of this world launch. They took that brief extremely literally.

“The Play’n GO brand has fun as one of its core tenants, and we always like to include an element of surprise in everything we do. Garga in space does all of that and more.

“Garga in space gives our fans a chance to see their favourite character reach new heights and gives our operator partners a platform from which to launch this incredible game. Will there be more surprises in the coming days? Count on it.”

The original Reactoonz, featuring the iconic Garga, charmed players with quirky alien animations and chain-reaction wins becoming one of the most played online slot games of all time.

Reactoonz 100 keeps that charm but dials up the unpredictability, stacking in fresh Quantum Features and big win potential for those who love fast-paced multiplier slots.

Garga’s space flight to celebrate the launch of Reactoonz 100 has been verified as a world record by the World Record Certification Agency (WRCA). Based in London, WRCA is a global authority in world record certification. Every WRCA certificate represents the highest verified achievement in its category, symbolizing excellence, innovation, and perseverance.

The post Garga becomes first slot character in space appeared first on European Gaming Industry News.

David Lucas

Industry Expert David Lucas to Chair a Seminar Session During EAG Expo 2026

Published

30 minutes ago

October 23, 2025

Niji Narayan

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Reading Time: < 1 minute

David Lucas, a specialist in gambling, alcohol and entertainment, will chair a power-packed one-hour seminar session on “Working with Licensing Authorities” as part of the expanded EAG Expo, incorporating the Social Immersive Entertainment Expo and the London Casino & Gaming Show.

Lucas – who is a Director of Best Bar None the respected consultancy which provides training to licensing authorities on all aspects of licensing and gambling, has played a pivotal role in shaping modern licensing law. His fingerprints are on both the Licensing Act 2003 and the Gambling Act 2005, and his published works remain go-to references for operators and authorities alike.

The session, taking place at midday on Wednesday, January 14, is a rare opportunity to learn directly from one of the sector’s foremost authorities. It will be a hands-on, practical panel discussion, chaired by Lucas and joined by three panellists representing Bacta, the broader industry, and a licensing authority – all bringing frontline experience to the table.

Together, they’ll tackle the three big themes every operator needs to master: applications, local risk assessments, and premises inspections.

EAG Chairman Nick Harding said: “There are few subjects more critical to gambling operators than licensing – and no-one better equipped to explain its intricacies than David Lucas. It’s a must-attend for anyone serious about ensuring they remain compliant and competitive.”

The post Industry Expert David Lucas to Chair a Seminar Session During EAG Expo 2026 appeared first on European Gaming Industry News.