Latest News

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.

Related Topics:latest-news Press Releases

Up Next

Inspired Announces Partnership With Kambi To Provide Virtual Sports Offering To The Kambi Sportsbook

Don't Miss

Super Bowl – how have providers approached the 2024 edition?

Latest News

Fairspin Receives Nomination for “Best Crypto Casino 2025”

Published

8 minutes ago

October 28, 2025

Master Editor

The blockchain gaming pioneer Fairspin has been shortlisted for “Best Crypto Casino 2025” at the SiGMA Central Europe B2C Awards.

This latest nomination follows Fairspin’s earlier victory at the AffPapa iGaming Awards 2025, where it earned the title “Crypto Casino of the Year.” Together, these honors confirm Fairspin’s reputation as a brand that delivers not just innovation but real value for every player — enjoy speed, transparency, and rewards at every step!

Millions of Spins. One Trusted Brand

Fairspin is where the future of online gaming unfolds. Built on the principles of trust and loyalty, this casino offers an experience unlike any other. It’s where players get more than just luck: instant cashouts, transparent gameplay, and real rewards that grow with every spin.

Fairspin earns trust the only way that matters — through proof. Every bet, win, and TFS reward is verified on-chain, setting the standard for integrity in modern gaming.

Fairspin continues to expand its VIP program, offering tailored features as part of its broader crypto gaming platform.

Redefining Fair Play with Blockchain Technology

For those who know value, Fairspin delivers it without compromise. With over 10,000 premium titles from the world’s top studios, the platform seamlessly blends entertainment and technology to create an elite gaming experience.

Powered by its native TFS token, Fairspin rewards loyalty through Play to Earn and Hold to Earn — programs designed for those who play smartly and stay consistent. The more you play, the greater your benefits.

What Sets Fairspin Apart:

Transparency & Real Rewards: Every bet is recorded on the blockchain and pays back in TFS tokens — stake them for risk-free passive income or exchange for exclusive bonuses and rewards.
CopyStake Revolution: Ability to mirror the strategies of top winners in a single click. CopyStake turns expert-level play into effortless success.
Life-Changing Wins: Fairspin has become a hotspot for headline-making wins, like a $4.2 million payout in Rio Games by 3 Oaks Gaming, all verified on-chain.

Crypto Freedom

With over 30 supported cryptocurrencies, including BTC, ETH, USDT, and BNB, Fairspin ensures instant cashouts and total control — no borders, no delays.

The SiGMA Central Europe B2C Awards celebrate innovation and excellence across the online gaming industry. Fairspin’s nomination further strengthens its reputation as one of the most forward-thinking brands shaping the future of crypto gaming.

About Fairspin

Fairspin Casino delivers a next-generation gaming experience powered by blockchain technology. With provably fair gameplay, a selection of over 10,000 top-quality titles, and an advanced token-based reward system, Fairspin merges trust, innovation, and entertainment, setting a new benchmark for modern online casinos.

Contact

TFS PR

TFS

Fairspin

[email protected]

BEON

QTech Games adds more creative content from BEON

Published

56 minutes ago

October 28, 2025

George Miller

qtech-games-adds-more-creative-content-from-beon

Reading Time: 2 minutes

QTech Games, the leading game aggregator across all emerging markets, has continued to maintain the momentum in its premium pipeline, as evidenced by its latest deal with BEON, an emerging force in the slots space, whose first raft of games is crash games-focussed.

Integrating a progressive portfolio from one of the most productive and innovative developers in the sector adds more muscle to QTech Games’ proprietary platform, which is leading the way across growth markets like LatAm and Africa. In a progressive production line that will span different slots genres, BEON is also committed to launching games tailored to specific partner requests, while simultaneously growing its portfolio with a new wave of titles in development.

As a result BEON is building a reputation for creating high-quality, immersive games with standout features that set them apart in any igaming domain, thanks to a smooth performance running off agile mechanics which are dedicated to gameplay precision and optimal retention. Its first five games to be released comprise Skydot, Fury Flight, Redy, Nomad and Orizon, while BEON’s unique Crash Game Generator tool allows operator partners to launch customised content inside 24 hours.

This collaboration delivers a targeted range of localized content, enabling QTech Games to continue to meet the varied preferences of players across emerging markets, while supporting both companies’ ambitions for global growth.

Philip Doftvik, QTech Games’ CEO, said: “BEON’s initial rollout of eye-catching crash games is premised on clever mechanics, easily intelligible gameplay, high payouts and colourful graphics, which are breaking up an often-copycat environment. This kind of content is well-suited to LatAm and African markets, which directly tracks our ongoing expansion throughout these territories. These games are robust, scalable, and future-ready – so, we look forward to seeing what’s next. ”

Saba Chkheidze, Managing Partner at BEON, added: “Partnering with QTech Games constitutes the perfect opportunity for us to bolster our product distribution across emerging markets and deliver our fantastic crash games to more and more top-tier operators.

“It’s a collaboration which marks a step-change in BEON’s growth strategy across untapped markets like Latin America and Africa, where we hope our games will connect with many new players. Aside from crash games, our roadmap is packed with fresh concepts and slots titles that aim to combine engaging gameplay with solid technical performance, ensuring that our partners and players always have something new to look forward to.”

The post QTech Games adds more creative content from BEON appeared first on European Gaming Industry News.

Behind the Gloves

GR8 Tech Brings Behind The Gloves Boxing Experience to SiGMA Central Europe 2025

Published

56 minutes ago

October 28, 2025

George Miller

gr8-tech-brings-behind-the-gloves-boxing-experience-to-sigma-central-europe-2025

Reading Time: 2 minutes

GR8 Tech is adding a knockout dimension to its SiGMA Central Europe presence with Behind the Gloves. On November 3–6 in Rome, booth 5028-2 visitors can take up a challenge and train like a champion with Lee McFarland, iGaming veteran and founder of the Behind The Glove initiative.

Step Into the Ring

Each day at GR8 Tech’s booth 5028-2, Lee McFarland will lead 15-minute boxing training sessions on specialized pads, giving participants a taste of the discipline, focus, and resilience that define both elite athletes and elite operators. Sessions run:

11:00 AM – 12:00 PM: Morning knockout slot
2:00 PM – 4:00 PM: Afternoon power rounds

With a limited capacity of 12 slots per day, pre-registration is required at this LINK. Slots are available for individuals or pairs looking to share the experience.

Champions Train Together

The collaboration between GR8 Tech and Behind the Gloves is a natural fit. Lee McFarland, a British military veteran turned iGaming consultant, created the initiative to combine boxing with corporate wellness and social responsibility, proving that strong businesses are built on strong people and stronger communities.

“At Behind The Gloves, we’ve always believed in the power of sport to connect people, energize communities, and tell authentic stories. Partnering with GR8 Tech at SiGMA Central Europe is a natural fit; they’re known as the ‘heavyweight of iGaming,’ and our activations are built around that same spirit of strength, discipline, and drive. Together, we’re creating more than just a stand experience—we’re building a moment that unites delegates through energy, fun, and purpose”, said Lee McFarland.

The activation reinforces GR8 Tech’s Platform for Champions positioning and the elite Heavyweight Club community of operators who are ready to lead, not follow. The company’s boxing-themed booth and partnership with Ready to Fight by Oleksandr Usyk embody the same champion’s mindset: resilience, high performance, and the relentless pursuit of excellence.

“Champions don’t talk about performance—they live it,” said Yevhen Krazhan, CSO at GR8 Tech. “Bringing Behind The Gloves to our booth embodies the discipline and drive we build into our technology. If you want to compete at the highest level, you have to train like it.”

Where Business Meets the Ring

The Behind The Gloves sessions complement GR8 Tech’s showcase of the ULTIM8 Sportsbook and The Heavyweight Rulebook—a collection of Champions’ Rules gathered from iGaming’s top performers. Together, they create an immersive experience where attendees don’t just learn about championship-level technology—they feel first-hand what it takes to be a champion.

Visit GR8 Tech at booth 5028-2, SiGMA Central Europe 2025 in Rome, November 3–6.

The post GR8 Tech Brings Behind The Gloves Boxing Experience to SiGMA Central Europe 2025 appeared first on European Gaming Industry News.