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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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State of the African Video Game Industry 2026: Xsolla Backs SpielFabrique’s Definitive Market Report

Published

4 hours ago

February 9, 2026

Wladimir P.

state-of-the-african-video-game-industry-2026:-xsolla-backs-spielfabrique’s-definitive-market-report

Xsolla today announced its support for State of the African Video Game Industry 2026, a comprehensive new report from SpielFabrique and researcher PhD Prince Oguguo that maps the size, structure, and growth dynamics of Africa’s fast-evolving games ecosystem. The study delivers data-driven insight into developer realities, market infrastructure, monetization trends and strategic recommendations for partners and investors.

Key findings at a glance

Market size: Africa’s video games industry generated approximately $1.8 billion in revenue in 2024, driven predominantly by mobile gaming (≈90% of the market).
Growth drivers: A young, mobile-first population, rising smartphone adoption and broader digital services are fueling above-average expansion across the continent.
Structural challenges: Persistent pain points include payment friction, limited funding, uneven internet and platform infrastructure, and the lack of a unified continental market.
Diverse ecosystems: The report stresses regional variation — with deep dives into Nigeria, South Africa, Kenya, Egypt, and Morocco — showing how local payment systems, regulation and culture shape monetization and discoverability.

Why this report matters

“Supporting research like this helps ground industry conversations in real data and lived developer experience,” said Ilayda Bayari, VP of Business Development, MEA + Southern Europe at Xsolla. The report equips publishers, platforms, investors and policy-makers with actionable intelligence to build more sustainable partnerships with African developers.

Focus areas and recommendations

SpielFabrique’s study examines three critical levers for growth:

Payments & distribution: Local payment methods and mobile money are essential to improve conversion and lifetime value for African titles.
Funding & infrastructure: Targeted investment and improved developer tools/platforms are needed to scale studios beyond domestic markets.
Talent & esports: Clearer talent pathways, education programmes and esports ecosystems will strengthen local production and audience engagement.

Regional snapshots

The research highlights how national differences influence outcomes: strong indie scenes in Nigeria and Kenya, established studios and distribution channels in South Africa, and growing developer communities in North African markets such as Egypt and Morocco.

Launch and supporting activity

The State of the African Video Game Industry 2026 report became available on January 29, 2026, and was launched with a coordinated website feature, social media rollout and a post-launch community webinar to share insights and facilitate industry discussion.

Voices from the field

“After more than seven years working alongside African game makers and ecosystem builders, I’m proud to share this comprehensive overview of where the market stands today,” said Pr. Odile Limpach, Co-founder of SpielFabrique. The report aims to catalyze cooperation and make markets more visible — enabling partners to act on opportunities while appreciating local challenges.

The post State of the African Video Game Industry 2026: Xsolla Backs SpielFabrique’s Definitive Market Report appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

betting automation

Huddle Launches Upgraded Ice Hockey Odds Feed for 2026 Winter Olympics & NHL Coverage

Published

5 hours ago

February 9, 2026

Wladimir P.

huddle-launches-upgraded-ice-hockey-odds-feed-for-2026-winter-olympics-&-nhl-coverage

Huddle, the premium odds-feed provider, today announced a major upgrade to its global ice hockey product ahead of the 2026 Winter Olympics. The release adds proprietary automation, broader market coverage and enhanced uptime—bringing sharper player-prop pricing and deeper pre-match and live micro-markets for operators worldwide.

Automated, adaptable trading for every competition

Huddle’s enhanced offering is powered by an adaptable trading model built to handle tournaments, league play and one-off matches. Operators accessing the product via Huddle’s Unified Odds Feed or through direct integration will gain reliable markets across top competitions including the NHL, Sweden’s SHL, and the Czech Extraliga. The update targets historical volatility in non-major leagues and simplifies trading across rule variations and local formats.

Deeper markets, better player-prop accuracy

The upgraded feed increases market depth for both pre-match and in-play action, with focused coverage on popular player-prop markets such as Player Goals, Points, and Next Goalscorer—plus a range of micro-markets that drive re-betting and longer player engagement. Improved automation reduces manual intervention, delivering faster, more accurate lines and higher uptime for operator platforms.

Engineered for uptime and regional coverage

Huddle reworked the underlying architecture to meet the demands of global distribution and local league nuances. The resilient framework gives operators confidence that regional competitions and live events are priced consistently—removing friction and reducing operational risk when covering the full ice hockey calendar.

Operator benefits: trust, revenue, and retention

By combining precise player props, expanded market coverage and robust uptime, Huddle’s ice hockey upgrade helps operators:

Increase re-bet frequency and session length through granular micro-markets
Improve conversion with reliable live pricing and reduced latency
Expand product breadth across markets and regions without excessive engineering overhead

Leadership view

Francesco Borgosano, CEO at Huddle, said the Winter Olympics spotlight makes consistent coverage crucial: “We recognize that an NHL-centric approach isn’t enough… we’ve established a model that accounts for all variables to deliver the most premium, wide-ranging odds feed. From the gold medal game in Milan to a regular season match in the Extraliga, we’ve honed our product to be adaptable and profitable.”

Market context and next steps

The ice hockey upgrade follows Huddle’s recent distribution expansions for its NBA pricing feed, applying the same granular trading approach to hockey markets that are growing across Europe and the U.S. Operators can integrate via the Unified Odds Feed or direct API to unlock expanded ice hockey markets in time for Olympic and league-season demand.

The post Huddle Launches Upgraded Ice Hockey Odds Feed for 2026 Winter Olympics & NHL Coverage appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

combat sports

GoldenRace & ISIBET Pro Partner to Expand Virtual Sports Across Italy

Published

5 hours ago

February 9, 2026

Wladimir P.

goldenrace-&-isibet-pro-partner-to-expand-virtual-sports-across-italy

GoldenRace has signed a strategic distribution and integration deal with ISIBET Pro to accelerate the availability of premium Virtual Sports across the Italian online market.

The partnership connects GoldenRace’s award-winning portfolio to roughly 20 operators through a single technical bridge, instantly scaling reach and simplifying operator onboarding.

Fast scale, one integration

By integrating with ISIBET Pro’s platform, GoldenRace offers operators a turnkey route to deploy high-performance virtual betting content without multiple separate integrations. This “one integration, many operators” approach reduces time-to-market and technical overhead while giving operators immediate access to GoldenRace’s most popular titles.

A sportsbook-first virtual experience

ISIBET Pro selected GoldenRace to meet growing operator demand for “sportsbook-first” Virtual Sports—products engineered to mimic real sporting dynamics, deliver authentic betting markets, and drive sustained player engagement. GoldenRace’s portfolio emphasizes realism and playability, including:

Virtual Football — the world’s most-played virtual football product
Realistic Horse Racing — high-frequency, realistic race simulations
Combat Sports — unique, fast-paced virtual fight content

Executive perspectives

“Our focus has always been to be where the players are, but doing so efficiently is what separates a good strategy from a great one,” said Martin Wachter, CEO & Founder of GoldenRace. “Italy is a core market for us, and by joining forces with ISIBET Pro, we ensure that our market-leading Virtual Sports are just a click away for a huge segment of the Italian online audience.”

Romano Biondi, CEO of ISIBET Pro, added: “Integrating GoldenRace into our platform allows our partners to offer a premier Virtual Sports experience that Italian players already know and trust. It’s about adding real value and reliable revenue drivers to the online vertical.”

Benefits for Italian operators and players

Operators on the ISIBET Pro network gain competitive advantages including:

Immediate access to proven Virtual Sports content via one unified technical bridge
Enhanced player engagement through sportsbook-style markets and realistic simulations
Faster deployment and reduced integration costs, increasing potential revenue streams

Outlook

This strategic alliance strengthens GoldenRace’s footprint in a key European market and solidifies ISIBET Pro’s position as a platform provider focused on premium, sportsbook-first virtual content. For Italian operators seeking high-quality virtual product integrations and reliable revenue drivers, the GoldenRace–ISIBET Pro partnership delivers scale, speed, and proven player appeal.

The post GoldenRace & ISIBET Pro Partner to Expand Virtual Sports Across Italy appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.