Connect with us

Latest News

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

Published

on

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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(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)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.

BiS SiGMA Americas 2025

DATA.BET Makes Successful Stand Debut at BiS SiGMA Americas 2025

Published

on

data.bet-makes-successful-stand-debut-at-bis-sigma-americas-2025

 

Premium esports betting solution supplier expands presence in the growing Brazilian market

DATA.BET has successfully concluded its first-ever stand appearance at BiS SiGMA Americas 2025, one of the largest iGaming events in the region, held on April 8-10 in São Paulo, Brazil. The event took place in Transamerica Expo and brought together over 17,500 participants.

The company made a strong impression with its dedicated expo booth, where representatives engaged with local operators and business partners to discuss development opportunities in the growing LatAm market. DATA.BET showcased its comprehensive suite of solutions, including an updated Single Page Application (SPA), along with tools that are also adapted for local betting projects, including Scoreboards, Pitch Tracker, and Streaming – all designed to enhance user engagement with the platform and optimize their betting experience, particularly for mobile devices.

Alongside a bar serving exclusive cocktails that capture the spirit and vibe of Brazil, DATA.BET fleshed out its interactive stand with cosplayers dressed as Jinx and Ahri – popular characters from League of Legends, one of the top games among LatAm fans. This creative approach helped visitors immerse themselves in the iGaming atmosphere while exploring the company’s extensive portfolio of esports disciplines, events, and betting markets.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Natalie Loshatynska, Head of PR & Marketing at DATA.BET, commented: “Our stand debut at BiS SiGMA Americas allowed us to connect with Brazilian operators at this major event, learn about their specific needs, and introduce our iGaming solution. We saw great interest in esports from visitors. Latin America is a key market with huge growth potential for our niche. We’re excited to bring our products to this dynamic region, and the positive reaction confirms our decision to take part in BiS SiGMA Americas was right.”

The post DATA.BET Makes Successful Stand Debut at BiS SiGMA Americas 2025 appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Latest News

XGENIA to Unveil AI Set to Reshape the Future of iGaming

Published

on

xgenia-to-unveil-ai-set-to-reshape-the-future-of-igaming
Reading Time: < 1 minute

 

In a bold move set to shift the foundation of iGaming, the creators behind some of the industry’s most advanced AI tools are preparing to unveil a next-generation platform — and they’re doing it with style.

On Tuesday, May 6th at 20:30 CET, Valletta’s iconic 200 Old Merchants Street will be transformed for one night only into a live, immersive showcase of what’s next. The strictly invite-only gathering will bring together top-tier media, industry leaders, developers, and innovators for the debut of a powerful new end-to-end AI system built specifically to reshape how games are imagined, created, and brought to market.

“This isn’t just another tool — it’s a paradigm shift in how we think about building games,” said Mark Flores Martin, CEO of XGENIA. “Everything from speed to quality to who gets to create and what — it’s all about to change.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Designed to radically streamline the development pipeline, the system bridges the gap between creative vision and execution. It eliminates inefficiencies, replacing outdated workflows with a unified platform for concepting, building, and refining games with AI, at unprecedented speed — all while enhancing creative freedom and control.

Adding to the moment’s significance, the Prime Minister of Malta is expected to attend, reinforcing the nation’s commitment to innovation and AI in its leadership role in the future of iGaming.

 

Those interested in attending the event or receiving early access details can join a waitlist at https://lu.ma/7le61lye 

The post XGENIA to Unveil AI Set to Reshape the Future of iGaming appeared first on European Gaming Industry News.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Latest News

INSPIRED LAUNCHES PIGGY WINNER™ AND GOLD MINE FORTUNE™ ONLINE

Published

on

inspired-launches-piggy-winner-and-gold-mine-fortune-online
Reading Time: 2 minutes

 

Inspired Entertainment, Inc., a leading provider of B2B gaming content, systems, and solutions, is delighted to announce the launches of Piggy Winner™ and Gold Mine Fortune™ in the United Kingdom, Gibraltar and Malta iGaming jurisdictions.

Piggy Winner

Piggy Winner™ is a fun, pig-themed slot game that builds on the success of Inspired’s ever popular Golden Winner™, combining the playful visuals of two popular slots, Big Piggy Bank™ and Prize Piggy Win & Spin™, into a vibrant slot experience. Featuring a dynamic 5×3 reel layout with 10 win-lines, the game features Inspired’s Cash Collector mechanics giving players an exciting chase to big rewards.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Players can trigger the Free Spins Bonus by landing three bonus scatters, unlocking 10 Free Spins with the chance to collect cash-filled Piggy Banks using the hammer feature. Additional gameplay enhancements include the Gamble feature, Fortune Spins, and Fortune Bet, which increases the likelihood of triggering Free Spins and unlocking up to 50 spins. For instant action, Bonus Buy provides direct entry into the bonus round for a premium.

With medium volatility and a fast-paced format, Piggy Winner offers players an exciting pig-tastic adventure filled with tasty wins.

Gold Mine Fortune

Gold Mine Fortune™ is a gold miner-themed slot game inviting players on a high-stakes mining adventure with its ‘three bags’ mechanic, represented above the reels by the red Wild, golden Prize Pot, and blue Multiplier minecarts. Featuring thrilling base play and multiple Free Spins bonuses, the game offers a wealth of opportunities for big wins.

Players can unlock up to three Free Spins Bonus features, with the potential to trigger them together for the ultimate Mega Free Spins Bonus. Expanding reels, cascading golden nuggets, and lucrative multipliers heighten the excitement, while features like Bonus Buy, Fortune Bet, and Gamble provide additional ways to enhance the gameplay.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

With its action-packed bonus rounds, Gold Mine Fortune offers players a rewarding adventure where every spin has the potential to strike gold.

Claire Osborne, VP of Interactive at Inspired said, “We’re excited to launch Piggy Winner and Gold Mine Fortune this spring. With its exciting mechanics, Piggy Winner forms part of Inspired’s growing portfolio of pig-themed content, while Gold Mine Fortune paves the way as the first of our gold mine-themed game. Both are standout slots that showcase our commitment to delivering high-quality, engaging games. We’re confident players will love these new releases, and we look forward to bringing even more exciting titles to the market this year.”

These latest additions reinforce Inspired’s dedication to innovation and entertainment, offering captivating gameplay and rewarding experiences for casino players worldwide.

The post INSPIRED LAUNCHES PIGGY WINNER™ AND GOLD MINE FORTUNE™ ONLINE appeared first on European Gaming Industry News.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania