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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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Flutter Brazil brings Betnacional and Betfair in Copa do Nordeste to promote Responsible Gaming

Published

2 hours ago

May 20, 2026

GamingAmericas.com

flutter-brazil-brings-betnacional-and-betfair-in-copa-do-nordeste-to-promote-responsible-gaming

The semifinal clash of the Copa do Nordeste between Sport Recife and Fortaleza, taking place on May 20 and 27, will feature Flutter Brazil’s brands in a joint activation aimed at reinforcing the commitment to safe entertainment and player protection.

Flutter Brazil, the group that operates Betnacional and Betfair, will promote the “Flutter Brazil Game” during the semifinal ties, with Sport Recife, sponsored by Betnacional, facing Fortaleza, which will feature Betfair’s spot sponsorship for the decisive stage of the regional tournament.

Beyond the on-field competition, the initiative will serve as a platform to amplify messages around Responsible Gaming, balance, and safe entertainment in the betting sector.

The initiative reflects Flutter Brazil’s strategic goals for 2026, focused on brand building, reputation, and the consolidation of a transparent and responsible operation aligned with Brazil’s regulated market framework.

Controlling two of the sector’s leading brands in Brazil, the group recently marked its first year of operations in the country, combining local expertise and regional management with Flutter Entertainment’s global scale and governance standards.

Flutter Brazil emphasizes that responsible entertainment is a non-negotiable pillar and defines betting strictly as a recreational activity, not a source of income.

“The Flutter Brazil ecosystem was built with the purpose of raising standards of integrity, safety, and responsibility in the Brazilian betting environment.

By integrating Betnacional and Betfair sponsorships in a moment of high visibility and regional relevance, we reaffirm that responsible play and balance are not just messages, but part of our operational philosophy and communication DNA,” said Álvaro Garcia, CMO of Flutter Brazil.

Reinforcing its Responsible Gaming agenda and in line with local regulation, Betnacional has developed awareness and player protection initiatives, including the “Play Like a Senior” campaign featuring Vinícius Júnior, focused on safe entertainment practices.

The company also partners with institutions such as IBJR and EBAC, actively contributing to education, prevention, and player support initiatives.

To ensure safety, Flutter Brazil continuously invests in technology, education, and consumer protection. Its platforms offer configurable tools throughout the player journey, allowing users to set deposit limits, loss limits, session time limits, and self-exclusion options.

The Sport Recife vs Fortaleza activation also reinforces how regulatory progress has increased sector maturity in Brazil, highlighting the importance of operators committed to transparency, innovation, technology, and responsibility.

Flutter Brazil is one of the largest betting ecosystems in Brazil, formed by the merger between NSX Brasil (owner of Betnacional) and Flutter Entertainment, a global leader in the sector and owner of Betfair.

With Brazilian-led operations, the company combines advanced technology with deep local market understanding, promoting a safe, transparent, and responsible entertainment experience. Flutter Brazil also maintains a strong partnership with the Brazilian Institute of Responsible Gaming (IBJR).

The post Flutter Brazil brings Betnacional and Betfair in Copa do Nordeste to promote Responsible Gaming appeared first on Americas iGaming & Sports Betting News.

Alea

Alea returns to NEXT.io Valletta with Alexandre Tomic joining key industry discussions

Published

3 hours ago

May 20, 2026

GamingAmericas.com

alea-returns-to-next.io-valletta-with-alexandre-tomic-joining-key-industry-discussions

Alea is returning to NEXT.io Valletta from May 26th to 28th, with Founder Alexandre Tomic taking part in several sessions focused on leadership, regulation, and the future direction of the iGaming industry.

The week begins on May 26th during NEXT Focus: Start-Up & Investor Day, where Alexandre will join the panel “Founders Anonymous – The Conversations That Don’t Make the Press Release.” The discussion will focus on the realities behind building companies, from fundraising and acquisitions to the difficult decisions founders face as businesses grow.

On May 27th, Alexandre will also moderate “The Day the Lights Go Out,” an interactive keynote built around a simulated regulatory crisis scenario, challenging industry leaders to react live to the sudden shutdown of major markets.

Later that day, he will present “The World Under One Lens,” a keynote exploring how behavioural data at an aggregator scale is reshaping the industry’s understanding of player behaviour, game performance, and global market trends.

Beyond the conference stage

Alongside the conference agenda, Alea will once again sponsor the Ice Bath & Yoga/Breathwork session on the morning of May 26th, led by world-record open water swimmer Neil Agius.

The session has become one of the more unique traditions surrounding the event week, giving attendees a slower start before the pace of the conference takes over.

That same evening, Alea and NEXT.io will host an exclusive CXO dinner at Contessa Restaurant inside The Phoenicia Malta, where selected industry leaders will meet for an evening of conversation, vegetarian dining, cocktails, and live music ahead of the conference opening.

Supporting the Malta community

To close the week, Alea will also attend the BGaming Charity Gala on May 29th in support of DAR Bjorn, the Maltese neurological home founded by ALS advocate Bjorn FormMosa.

“I came to the DAR Bjorn gala last year not knowing very much about Bjorn or the foundation. And then I saw him there, in his bed, while we were all standing on our two legs having a good time. That changes you.

You can’t unsee it. We take so much for granted, the body working, getting up in the morning, walking across the room. Bjorn is fighting for all of that and still showing up. I’m coming back because I believe I have to. If you’re in Malta that week and you’re on the fence, come. There’s something about that room that stays with you,” said Alexandre Tomic, Founder of Alea.

Representing Alea in Malta will be Alexandre Tomic alongside members of the company’s Business Development, Partnerships, Account Management, and Marketing teams.

Event Schedule

NEXT Focus: Start-Up & Investor Day – May 26
NEXT.io Valletta – May 27 & 28
BGaming Charity Gala – May 29

About Alea

Alea is a leading iGaming aggregator, offering a customizable platform that provides operators worldwide with seamless access to over 23,000 games from 170+ top-tier providers through a single API integration.

Known for its innovative technology, Alea simplifies the integration journey and delivers a flexible, scalable solution designed to enhance game variety, player experience, and operational efficiency.

Alea is highly committed to a security-first infrastructure, ensuring reliability and trust at every level. In 2024, the company strengthened its cybersecurity framework through a strategic partnership with Continent 8 and achieved VAPT certification.

In addition to game aggregation, Alea has introduced Alea Pay, an exclusive payment gateway that further optimizes financial transactions. With a strong focus on security, compliance, and ongoing support, Alea continues to empower operators with cutting-edge tools to thrive in the evolving iGaming market.

For more information, visit www.alea.com.

The post Alea returns to NEXT.io Valletta with Alexandre Tomic joining key industry discussions appeared first on Americas iGaming & Sports Betting News.

AI

Isle of Man secures Royal Assent for Data Asset Foundations law

Published

4 hours ago

May 20, 2026

Wladimir P.

isle-of-man-secures-royal-assent-for-data-asset-foundations-law

The Isle of Man’s Data Asset Foundations legislation has received Royal Assent, bringing into law what the government and partners describe as the world’s first statutory framework for recognising and managing governed data assets.

With Royal Assent granted, the programme moves into implementation. Digital Isle of Man said the next phase includes developing a Data Asset Register, drafting supporting regulations, and building the operational systems needed to run the framework.

A central element is a statutory Data Asset Register intended to record, classify and oversee recognised data assets. Digital Isle of Man said consultation on the register and registrar model has already taken place and industry feedback is being used to shape regulations and operational guidance.

Tim Johnston MHK, Minister for Enterprise, said:

‘Receiving Royal Assent marks a proud and historic moment for the Isle of Man and reflects years of dedicated work to develop a concept that did not previously exist anywhere in the world and bring it fully into law.

‘As the first jurisdiction in the world to fully establish a framework of this kind, the Isle of Man is demonstrating what becomes possible when innovation, collaboration and regulatory agility come together with clear long-term ambition.’

Aga Strandskov, Head of Data Strategy at Digital Isle of Man, said:

‘Many organisations already recognise data as a major business asset but have lacked the legal certainty needed to use it with confidence. That’s exactly what this new legislation enables.

‘The focus now turns to building the wider ecosystem, operational capability and practical implementation needed to support the next phase of the programme. The Register, supporting regulations and operational infrastructure are all active workstreams already progressing at pace.

‘For businesses, this creates real commercial opportunities that have previously been difficult to support within existing legal and operational models, from governed AI training datasets and trusted cross-organisational collaboration through to new approaches around data-sharing, financing and value creation.’

John Bottega, President at EDM Association, said:

‘Globally, organisations are increasingly looking for clearer structures around how valuable data can be governed, shared and used responsibly.

‘The Isle of Man taking this step reflects a growing shift towards more mature and scalable approaches to trusted data governance that support both innovation and accountability.’

The post Isle of Man secures Royal Assent for Data Asset Foundations law appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.