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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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Amusnet

Amusnet Releases “Bier O’Meter Dice”

Published

41 minutes ago

March 9, 2026

Wladimir P.

Amusnet has released Bier O’Meter Dice, a cheerful slot that captures the spirit of classic beer festivals in a colourful and entertaining format. Filled with traditional dice symbols, foaming beer glasses and celebratory flair, this 5-reel, 30 fixed paylines experience delivers a festive vibe where every spin feels like a toast to good fortune.

The reels are packed with vibrant icons reflecting the charm of beer-hall traditions and joyful gatherings. Landing three Scatter symbols unlocks the Free Spins feature, where the celebration truly begins. During Free Spins, players can encounter the Expanding Wild on the 2nd, 3rd and 4th reels, boosting winning potential and adding extra excitement to each round.

The Wild becomes even more rewarding during Free Spins thanks to the Wild & Wild Respin feature. When it lands, it can trigger up to three Respins, extending the action and creating more chances for festive rewards.

The fun continues with the signature Bier-O-Meter dispenser. By collecting Wild Biers throughout gameplay, players gradually fill the meter and earn a Lucky Bier Wheel Spin. This special feature offers the chance to win a multiplier of up to 100x, adding an extra burst of anticipation to the celebration. For those eager to jump straight into the wheel action, the Lucky Bier Wheel can also be purchased for immediate access.

With its lively theme, energetic features, and engaging mechanics, Bier O’Meter Dice brings the joy of a Bavarian festival straight to the reels. Raise a glass, spin the dice, and celebrate every win in true festive style.

Expanding Wild

The Wild symbol appears on the second, third and fourth reels and substitutes for all other symbols except for the Scatter. During the Free Spins mode, it expands on all positions of the reel and stays this way until the end of the spin.

Free Spins

If the player lands a winning combination with 3 Scatters, they can play 10 Free Spins.

Wild & Wild Respin Feature

During the Free Spins, 1, 2 or 3 Wild symbols on 2nd, 3rd and 4th reels award a Respin. If a new Wild symbol lands on the remaining reels, the player is awarded another Respin. Up to 3 Respins are possible.

Bier-O-Meter Feature

Bier-O-Meter is a bier dispenser located on the side of the slot screen. During the Main Game, only Wild symbols that are part of a winning line can fill up the Bier-O-Meter. During the Free Spins, all Wild symbols fill up the meter. When the Bier-O-Meter is full, the player is awarded 1 Lucky Bier Wheel Spin.

Lucky Bier Wheel Spin

The Lucky Bier Wheel is divided into eight sectors. Two of them award 12x total bet of the game; two of them award 15x total bet of the game; and four of them award 10x, 25x, 50x and 100x total bet of the game.

Buy Lucky Bier Wheel Spin

During the Main Game, the Buy Lucky Bier Wheel feature enables the player to buy one Spin on the Lucky Bier Wheel. The feature costs 16x the total bet of the game.

Buy Free Spins

The Buy Free Spins feature enables the player to buy 10 Free Spins. The feature costs 100x the total bet of the game.

Gamble

Play the game and multiply the winnings through the Gamble Feature.

Jackpot Cards

The Jackpot Cards bonus game is triggered at random during the gameplay to allow players to win impressive jackpots.

The post Amusnet Releases “Bier O’Meter Dice” appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Kathryn CEO of Yeebet Live

QTech Games Joins Forces with Yeebet Live and REBEL Live to Broaden Live Casino Catalogue

Published

41 minutes ago

March 9, 2026

Wladimir P.

qtech-games-joins-forces-with-yeebet-live-and-rebel-live-to-broaden-live-casino-catalogue

Top aggregator collaborates with live-dealer experts to highlight its position as a premier one-stop destination for iGaming.

QTech Games, the top game aggregator for developing markets, has teamed up with live-casino pioneers Yeebet Live and its sibling brand REBEL Live, broadening its live-dealer selection and providing platform clients with a varied, culturally relevant collection of high-quality games.

The live-dealer sector is seeing worldwide expansion, with Yeebet Live and REBEL Live’s engaging digital table games showcasing this development. Their collective portfolio features classics like Baccarat, Blackjack, Roulette, Dragon Tiger, and Sic Bo, as well as regionally inspired games such as Hi-Lo, Andar Bahar, and Teen Patti. Offered in 17 languages with more on the horizon, these games cater to an international audience, incorporating multi-game perspectives, multi-camera technology, engaging dealer interactions, animations, sound effects, and more than 30 side bets for each table, delivering players a genuine online casino experience.

Yeebet Live and REBEL Live have teamed up with numerous live studios globally, merging their live-casino services into one integration and a cohesive user interface. This enables players to effortlessly transition between studios without needing to familiarize themselves with a new interface, boosting engagement and delivering a fluid, uninterrupted live gaming experience.

With this collaboration, QTech Games enhances its platform by providing a cutting-edge live-casino suite adapted to the varied preferences of its partners’ players. QTech’s platform, well-known for its extensive gaming selection, native mobile apps, strong reporting and marketing tools, and round-the-clock local-language support, now incorporates the vibrant live features of Yeebet Live and REBEL Live. This partnership boosts the global presence of Yeebet Live and REBEL Live, opening up new markets, especially in Africa, Latin America, and various developing areas.

Philip Doftvik, CEO of QTech Games, said: “Yeebet Live and REBEL Live are trailblazing providers, recognised for delivering immersive live-casino experiences. Their games, ranging from global classics to culturally inspired titles, now reach a broader audience through QTech Games’ agile platform, which offers the fastest integration in the market. By consolidating multiple live studios into a single interface, they also ensure that players enjoy a seamless experience, switching between games and studios without interruption.”

Kathryn, CEO of Yeebet Live, added: “We’re excited to see Yeebet Live and REBEL Live integrated into QTech Games’ expansive platform. Our mission has always been to deliver authentic, engaging live-player experiences, and through QTech, our games can now reach new audiences across emerging markets. By unifying multiple live studios under a single interface, we provide players with a smooth, continuous experience while expanding our global footprint beyond Asia.”

The post QTech Games Joins Forces with Yeebet Live and REBEL Live to Broaden Live Casino Catalogue appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

BHA

BHA Appoints Brant Dunshea as its Chief Executive Officer

Published

41 minutes ago

March 9, 2026

Wladimir P.

bha-appoints-brant-dunshea-as-its-chief-executive-officer

The British Horseracing Authority (BHA) has confirmed the permanent appointment of Brant Dunshea as its Chief Executive Officer.

Brant has been leading the BHA in an acting capacity since December 2024 following the departure of Julie Harrington.

He has held several senior positions at British racing’s governing and regulatory body since joining the organisation in March 2015, most recently as Chief Regulatory Officer prior to being appointed acting CEO.

The BHA board has also approved the appointment of David Jones as Interim Chair. This follows the resignation of Lord Charles Allen on Tuesday 3 March.

David assumes the role for a second time, having previously filled the position between Joe Saumarez Smith stepping down in January 2025 and Lord Allen formally joining the BHA in September of the same year.

He was appointed to the BHA Board in January 2021 as Senior Independent Director, with extensive experience of British racing and the regulation of the sport, including as a BHA steward for more than a decade.

Steps will now be taken to recruit a permanent BHA Chair.

David Jones, Interim Chair of the BHA, said: “While it is clearly regrettable that agreement could not be reached around governance reform, the sport’s leaders have recognised the need for change. I do believe this is possible, and we must all work to achieve it, in the interests of the sport and the livelihoods that depend on our industry.

“The process to recruit a permanent chair will commence shortly. My hope is that this can be achieved as quickly as possible.

“The BHA will continue to lead British racing with energy and integrity, and I am delighted that the Board has agreed to appoint Brant as the CEO.

“He has proven he is a dynamic and hugely respected leader, and I look forward to working closely with Brant, the Executive and the hard-working, dedicated team at the BHA during a significant year for the sport.”

Brant Dunshea, Chief Executive Officer of the BHA, said: “I am delighted to be appointed Chief Executive Officer of the BHA.

“It is no secret that the sport has experienced a challenging period as it faces up to the process of change at a governance level, but I want to be clear that this has not stopped the BHA and the industry making important progress to safeguard the long-term health of British racing.

“The past year has seen growth in racecourse attendances, the success of the Axe The Racing Tax campaign, major initiatives to ensure more horses are raced and retained on our shores and continued improvements in horse and human welfare.

“I know that the incredible team at the BHA shares my deep passion for our sport and is committed to securing a brighter and more sustainable future for our people and horses.

“It is a huge privilege to be given this opportunity to lead such a knowledgeable and dedicated team at a time of great opportunity for British racing.”

The post BHA Appoints Brant Dunshea as its Chief Executive Officer appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.