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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
- 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
- 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.”
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Notes |
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(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 |
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(2) |
FY2023 non-GAAP net revenue guidance established in January 2023 |
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(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”) |
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(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. |
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(5) |
BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 23 markets. |
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(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. |
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(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.
An engaged, mobile-first audience represents one of the biggest revenue opportunities in the global sports betting market.
Optimove, the #1 player engagement platform for iGaming and sports betting operators, today released its LATAM 2026 World Cup Betting Intentions Report, revealing that 86% of Latin American bettors plan to place bets on the tournament.
The study was conducted by Optimove Insights, the company’s research and data analytics division.
The report positions Latin American audiences as mature, highly engaged, and mobile-focused bettors. The combination of strong interest, confidence, and continuous engagement, even after their national team is eliminated, creates a significant opportunity for the industry.
Among bettors planning to participate, 75% have already bet on a previous World Cup, including 20% who bet in both 2018 and 2022.
The remaining 25% will be betting on a World Cup for the first time, driven by the expansion of legal sports betting across the region.
At the same time, 94% describe themselves as moderately or highly confident in their betting knowledge, reinforcing that this is an experienced audience that expects precise and relevant communication.
The LATAM 2026 World Cup Betting Intentions Report is based on a survey of 882 bettors worldwide, conducted in early 2026, including 264 respondents from Latin America.
Research highlights
- High confidence and year-round engagement. 60% of Latin American bettors rate themselves as highly confident in their betting knowledge, while another 34% consider themselves moderately confident—totaling 94%. Additionally, 35% bet on football several times per week, and another 26% do so weekly.
- Strong loyalty to national teams. 90% support a favorite national team during the World Cup. When their team plays, 50% say they will definitely bet, and another 37% are very likely to bet. Even after elimination, 78% will continue betting.
- Live betting and multi-betting behavior. 77% plan to bet live during the tournament. For 33%, this is the preferred format, while 44% combine pre-match and live betting.
- Push notifications dominate communication. 38% prefer push notifications as their main communication channel, far ahead of email, which is preferred by only 14%.
- The World Cup as an engagement accelerator. 91% will continue betting on football after the tournament. Among their preferred destinations, 72% will move to the Copa Libertadores, 62% to the UEFA Champions League, and 34% to the Premier League.
- Use of multiple betting operators. 65% plan to use two or more platforms during the tournament. The main selection criteria are ease of use (59%), promotions (52%), and a trusted, familiar platform (46%).
“This is one of the most engaged sports betting audiences in the world. Nearly nine in ten Latin American bettors will follow the World Cup through betting and remain active year-round, mobile-first, and demanding personalization, not generic promotions.
Operators that succeed in LATAM will be those able to match this level of intensity with equally precise communication.
This is what Positionless Marketing enables,” said Optimove Founder and CEO Pini Yakuel.
To the full report here.
Optimove
Optimove is the creator of the Positionless Marketing concept and the #1 player engagement platform for iGaming and sports betting operators.
Positionless Marketing frees marketing teams from fixed-role limitations, empowering every marketer to execute any task instantly and independently.
Positionless Marketing has been proven to improve campaign efficiency by 88%, enabling marketing teams to drive more personalized engagement with existing customers.
For the second consecutive year, Optimove was named a Visionary in the Gartner Magic Quadrant for Multichannel Marketing Hubs, recognized for its AI-driven decisioning, prescriptive insights, and ability to orchestrate thousands of real-time personalized campaigns across channels.
AI-driven marketing is a hallmark of Optimove’s leadership.
By embedding AI directly into its platform since 2012, Optimove helped establish today’s Positionless Marketing standard.
Its platform includes Optimove Engage and Orchestrate for cross-channel campaign decisioning and orchestration; Optimove Personalize, a digital personalization engine; and Optimove Gamify, a loyalty and gamification platform.
Today, its full AI-powered suite is at the forefront of enabling marketers to streamline workflows from insight to creation and optimization.
Optimove delivers industry- and use-case-specific solutions for leading consumer brands worldwide.
Optimove insights
Optimove Insights is Optimove’s analytics and research arm, dedicated to delivering valuable market insights and data-driven research to empower B2C businesses.
The post Optimove report reveals: 86% of Latam plan to bet on the FIFA World Cup 2026 appeared first on Americas iGaming & Sports Betting News.
apuestas deportivas
OKTO destaca el crecimiento de nuevos apostadores en Argentina rumbo al Mundial 2026
La Copa Mundial de la FIFA 2026 se perfila como el mayor evento de apuestas que la industria haya visto, no solo por el formato ampliado del torneo, sino porque el perfil del apostador ha cambiado fundamentalmente desde Qatar 2022.
Una encuesta ealizada por OKTO PAYMENTS, el proveedor líder de servicios de pago diseñado para el comercio digital de alto rendimiento, revela que la próxima ola de crecimiento de las apuestas en Argentina estará impulsada por usuarios casuales, primerizos y altamente sensibles a la experiencia, lo que genera tanto una gran oportunidad de adquisición como un importante desafío operativo para los operadores de iGaming.
En 2022, la Copa del Mundo se disputó durante la madrugada y las primeras horas de la mañana en los husos horarios sudamericanos, con transmisiones concentradas en la televisión lineal y un mercado de apuestas fragmentado donde las transferencias bancarias y las tarjetas de crédito eran los métodos de pago dominantes.
En 2026, los partidos se emitirán en horario prime time, con cobertura multiplataforma y alianzas oficiales con YouTube y TikTok.
El impacto comercial de este año podría ser significativo. Según un estudio del banco multinacional británico Barclays, el Mundial de Qatar 2022 generó 35.000 millones de dólares en apuestas deportivas. Esta cifra fue un 65 % superior a la registrada en Rusia 2018.
Las proyecciones para 2026 son, naturalmente, aún mayores, según los analistas de mercado.
Este crecimiento se está produciendo en toda la región, aunque a diferentes velocidades: mientras Brasil reguló el sector e implementó sus normativas en 2025, Argentina ha avanzado de forma más gradual en la creación de marcos legales para las apuestas deportivas.
Sin embargo, según la encuesta, el cambio más importante podría venir del comportamiento del consumidor, incluso más allá del aspecto regulatorio.
Casi la mitad de los consumidores encuestados en la región (43,8%) afirma que normalmente no realiza apuestas, pero planea hacer una excepción durante el Mundial.
Este apostador ocasional es predominantemente femenino, ya que el 57% de las mujeres encuestadas indicó que solo apostará durante el torneo, y además tiende a tener más de 35 años.
Cuanto mayor es el grupo etario, mayor es la proporción de consumidores que planea apostar exclusivamente durante la Copa del Mundo: entre los mayores de 56 años, la cifra alcanza el 57,1%.
“La Copa del Mundo crea un entorno completamente diferente para la adquisición de usuarios por parte de los operadores”, afirma André Boesing, gerente general de OKTO para el Cono Sur.
“Una gran parte del volumen de apuestas en 2026 provendrá de usuarios que interactúan con una plataforma de apuestas deportivas por primera vez.
Evaluarán toda la experiencia de la plataforma —registro, velocidad de depósito, verificación y retiros— en cuestión de segundos”.
Un fan argentino sabe exactamente lo que significa ganar algo que parecía perdido.
En los últimos 40 minutos de la final del Mundial 2022, Argentina ganó, sufrió el empate, volvió a ponerse arriba y nuevamente empate, incluso estuvo cerca de perderlo (de no ser por aquella atajada salvadora del arquero argentino).
Luego llegaron los penales, más de 20 minutos de tensión, y el alivio solo llegó con el penal final de Montiel. Ese día, nadie apagó el televisor. Nadie se fue.
El resultado valió cada segundo de sufrimiento.
Cobrar una apuesta ganadora también vale la pena, pero ahí termina la tolerancia.
Ese jugador que acaba de vivir toda esa intensidad no quiere atravesar otro proceso que lo haga esperar. Cada minuto de demora para retirar sus ganancias se convierte en el punto máximo de frustración con la plataforma.
La encuesta también destaca la creciente importancia del comportamiento de apuestas en tiempo real. Casi la mitad de los encuestados (42,3%) afirma que espera momentos clave durante el partido —como penales, revisiones VAR o tarjetas rojas— antes de realizar una apuesta.
Al mismo tiempo, más de un 50% asegura que planea apostar por Argentina independientemente de las cuotas, generando picos altamente predecibles de tráfico y volumen de transacciones durante los partidos de la selección nacional.
Esto reduce significativamente la ventana operativa para los operadores.
Es poco probable que un apostador que reacciona a un evento en vivo espere largos procesos de KYC, depósitos demorados o experiencias lentas de retiro.
El impulso emocional del partido queda directamente ligado al rendimiento de los pagos.
Los fanáticos pueden tolerar esperar el anuncio de una alineación o el desenlace dramático de un partido.
Lo que no tolerarán es esperar para acceder a sus ganancias.
El aumento esperado en la actividad de apuestas también trae consigo un desafío paralelo.
Más del 70% de los operadores encuestados reporta incrementos significativos en el riesgo de fraude durante grandes eventos deportivos, y alrededor del 40% cree que este riesgo será aún mayor durante el Mundial 2026.
La llegada masiva de nuevos usuarios sin historial previo en las plataformas incrementa ese riesgo y, al mismo tiempo, vuelve más críticos los procesos de verificación, ya que los apostadores ocasionales tienen poca tolerancia hacia procedimientos de onboarding extensos.
Casi la mitad de los operadores reconoce que la fricción en estos procesos perjudica activamente las tasas de conversión.
Mientras los operadores se preparan para el ciclo de la Copa Mundial 2026, los resultados refuerzan la creciente importancia de contar con infraestructuras de pago capaces de soportar depósitos y retiros en tiempo real, onboarding sin fricciones, prevención inteligente de fraude y un rendimiento resiliente de las transacciones durante los momentos de mayor demanda de apuestas.
Andre Boesing, gerente general de OKTO para el Cono Sur, afirmó: “La Copa Mundial 2026 no solo será más grande en cantidad de partidos.
También traerá un tipo de usuario que el mercado de apuestas nunca había visto a esta escala: alguien que abrirá una cuenta en una plataforma por primera vez, probablemente durante el entretiempo, desde su celular y sin ninguna paciencia para procesos burocráticos.
Nuestra investigación muestra que alrededor del 40% de los que normalmente no apuestan planea hacer una excepción durante el mundial. Eso cambia por completo lo que la infraestructura necesita ofrecer”.
OKTO PAYMENTS apoya a los comercios con capacidades integradas de pagos, tesorería, banca y liquidez, diseñadas para ayudar a los operadores a maximizar la conversión, simplificar operaciones y escalar de manera confiable durante eventos deportivos globales de alta demanda y más allá.
The post OKTO destaca el crecimiento de nuevos apostadores en Argentina rumbo al Mundial 2026 appeared first on Americas iGaming & Sports Betting News.
The leading iGaming aggregator Alea has announced a new partnership with FAZI, the internationally recognized gaming provider with more than 30 years of experience delivering casino entertainment across more than 60 markets worldwide.
Through this collaboration, FAZI’s portfolio of nearly 300 games will become available to Alea’s global operator network through a single API integration, supporting the company’s expansion across regulated markets in Latin America, Africa, and Europe.
The agreement brings a selection of FAZI’s best-performing titles to the Alea platform, including Wild Hot 40, Golden Crown, Wild Hot 40 Free Spins, Very Hot 5, and Wild Hot 40 Blow.
“We’re happy to welcome FAZI to the Alea platform,” said Eduard Verdaguer, Partnerships Manager at Alea.
“They have a strong portfolio with games that already perform well in different markets, and we’re looking forward to making their content available to our operators.”
“Alea’s strong operator network makes them a valuable partner in scaling our distribution globally,” said Bojan Mitic, CEO of FAZI.
“This collaboration allows us to reach new markets more efficiently and strengthen our position across key regions.”
The partnership further expands the range of content available through Alea’s aggregation platform, giving operators access to a wider variety of games through a single integration while continuing to simplify distribution across global markets.
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 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.
The post Alea expands global content offering through partnership with FAZI appeared first on Americas iGaming & Sports Betting News.
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