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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.
Canada
Fewer Canadians gamble than 20 years ago. So why is Canada’s market still growing?
By CasinoCanada.com
In 2002, 76 percent of Canadians aged 15 and over reported gambling in the previous year, according to Statistics Canada’s report Fighting the Odds. By 2018, that figure had fallen to 64.5 percent, based on the agency’s Gambling Rapid Response module.
At first glance, that suggests gambling participation in Canada has declined over the past two decades.
Yet over the same period, gambling has become more visible, more digital and more embedded in sport and everyday life. Sports betting brands sponsor professional teams, betting segments are embedded in live broadcasts, and provincial regulators report billions of dollars in annual online wagering.
How can participation fall while the industry expands? The answer lies in how Canada’s gambling market has changed, and in who is driving its growth.
This analysis draws on national participation surveys and provincial financial reporting to compare long-term participation trends with recent regulated market performance.
Research highlights of this article
- National gambling participation declined from 76% in 2002 to 64.5% in 2018.
- Ontario’s regulated online market generated approximately CAD 1.3 billion in revenue in 2022–23, rising to CAD 2.9 billion in 2024–25.
- Total wagers in Ontario increased from approximately CAD 63.2 billion in 2023–24 to CAD 82.7 billion in 2024–25.
- Online casino accounted for roughly three quarters of Ontario’s regulated online revenue in 2024–25.
- Approximately 2.6 million active player accounts were recorded in Ontario in 2024–25.
Growth without more players
If fewer Canadians report gambling today than in the early 2000s, market growth cannot simply be explained by expanding participation. Since its launch in April 2022, Ontario’s regulated online gambling market has grown year over year. According to iGaming Ontario’s Annual Reports, in its first full fiscal year, the market generated approximately CAD 1.3 billion in gaming revenue. That rose to CAD 2.2 billion in 2023–24, before reaching CAD 2.9 billion in 2024–25. Total wagers also significantly increased from approximately CAD 63.2 billion in 2023–24 to CAD 82.7 billion in 2024-25.
The latest annual report also recorded approximately 2.6 million active player accounts in a province of roughly 15 million residents. Even allowing for multiple accounts per individual, the figures suggest a highly active digital environment concentrated among a defined segment of players.
The implication is clear: recent market growth appears to be driven less by an expanding audience and more by increased activity per active player.
Operators active in the market say the same shift is visible in player behaviour since Ontario introduced its regulated online framework. Dmitry Arabuli, CEO at Tonybet, said: “Since regulation launched in Ontario, the player landscape has changed significantly as many of the largest North American operators entered the market. Competition increased, with the focus shifting from chasing large volumes of casual participants to building stronger relationships with more informed and engaged players. These players tend to interact more frequently with betting products and show stronger loyalty to the platforms they trust.”
“Regulation also drew a clearer line between grey-market operators and licensed platforms. Many players who were previously using offshore sites have migrated towards regulated products. This did not necessarily expand the total number of gamblers, but it redirected an existing player base into the licensed ecosystem.”
Despite sports betting dominating headlines since the passage of Bill C-218 in 2021, online casino remains the commercial engine of Ontario’s regulated market. iGaming Ontario’s 2024–2025 annual report shows that online casino generated approximately CAD 2.2 billion of the CAD 2.9 billion in total gaming revenue.
In other words, casino accounts for roughly three quarters of the province’s regulated online revenue.
Sports betting reshaped visibility, but casino sustains the economics.
Modern growth appears to be driven less by player acquisition and more by retention and increased engagement within the existing customer base.
A provincial and digital transformation
One reason the national picture can appear contradictory is that Canada does not operate a single gambling model.
Ontario runs a competitive regulated online market with dozens of licensed operators. Other provinces continue to rely primarily on government-operated platforms. Alberta has signalled plans to introduce its own regulated framework.
Since 2018, most of the meaningful growth data has been provincial and digital, not national and survey-based. While participation surveys provide a broad snapshot, provincial market reports reveal how play is evolving in practice.
The shift from retail-based lottery and venue gambling to app-based multi-vertical platforms represents a structural transformation. Gambling is increasingly platform-based, integrated into smartphones and digital ecosystems rather than tied to specific locations.
That structural change helps explain how the industry can grow even without broader participation.
Visibility versus participation
Following the legalisation of single-event sports betting, sportsbook partnerships and advertising have expanded across professional sport. Major leagues, including the National Hockey League, have entered into official betting partnerships at the league level, while Canadian competitions such as the Canadian Football League and Canadian Premier League have also announced sponsorship agreements with licensed operators.
Betting brands now feature prominently in arena signage, broadcast integrations and digital content, embedding gambling directly into the commercial presentation of professional sport.
Dmitry Arabuli, CEO at Tonybet, said: “Ontario regulation made gambling become much more visible in sports broadcasts, live events and daily sports culture. It opened significant opportunities for operators such as Tonybet to do business in Canada legally and build brand awareness through marketing and PR campaigns. For example, Tonybet has previously partnered with the Canadian Premier League and currently works with the Canadian Elite Basketball League.”
Arabuli added that these partnerships help operators connect with highly engaged sports audiences. “These partnerships help strengthen brand awareness, target high-value players, and improve customer retention by building trusted and long-term relationships in the Canadian market.”
Yet fewer Canadians report gambling than two decades ago.
This disconnect between rising visibility and declining participation creates a cultural tension. Gambling is increasingly framed as a routine extension of sport rather than a distinct commercial activity.
For younger audiences in particular, repeated exposure through live broadcasts and social media feeds helps position betting as part of the sporting experience itself, regardless of whether participation is expanding.
Visibility, in other words, is reshaping how gambling is perceived, even if it is not expanding its audience.
Selected examples of publicly announced partnerships, as of 13 March 2026, are outlined below.
Selected Professional Sports Betting and iGaming Partnerships in Canadian Sport
| League / Organisation | Betting Partner | Nature of Partnership | Scope |
| National Hockey League (NHL) | ESPN BET; theScore Bet | Official league betting partner | North America / Canada |
| Canadian Football League (CFL) | ToonieBet | Official sports betting and casino partner | Canada |
| Canadian Elite Basketball League (CEBL) | TonyBet | Official online sportsbook partner | Canada |
| Maple Leafs Sports & Entertainment (MLSE) | Betty | Official online casino partner | Ontario |
Sources: Various league and operator press releases; compiled by CasinoCanada.com.
Risk concentration and policy relevance
If growth is increasingly driven by more intensive digital play among a defined group of participants, the social and regulatory implications become more complex.
Market expansion rooted in activity rather than recruitment raises questions about how gambling risk is distributed. A smaller base of highly active players may account for a disproportionate share of wagering volume.
At the same time, regulators are increasingly focused on channelisation, responsible gambling tools and sustainable market design. If the future of Canada’s gambling market depends more on engagement intensity than expanding participation, policy debates may shift accordingly.
The conversation may move away from how many Canadians gamble and towards how gambling is structured, monitored and integrated into daily digital life.
The next phase
Alberta’s regulatory plans suggest Canada’s gambling evolution is not over. But the next stage may not be about expanding participation. It may be about managing a digital market driven by deeper engagement among a smaller group of players.
Canada’s gambling market is no longer expanding simply because more people are playing. It is expanding because the way people play has fundamentally changed.
The paradox remains: fewer players, larger market.
Methodological note: National participation figures are drawn from Statistics Canada surveys conducted in 2002 and 2018. More recent insights are based on publicly available provincial regulator reporting, which measures wagering, revenue and account activity rather than survey participation. As such, national participation trends and provincial activity data are not directly equivalent but are analysed comparatively to assess structural change.
The post Fewer Canadians gamble than 20 years ago. So why is Canada’s market still growing? appeared first on Americas iGaming & Sports Betting News.
Clawbuster
REEVO Enters into Partnership with Clawbuster
REEVO has announced a new partnership with Clawbuster, a fast-rising iGaming studio known for blending nostalgic arcade mechanics with modern slot gameplay. This collaboration reinforces REEVO’s commitment to expanding its aggregation ecosystem with distinctive, high-engagement content designed to help operators stand out in competitive markets.
Through this partnership, Clawbuster’s growing portfolio of titles will be integrated into the REEVO aggregation platform, giving operators seamless access to content that combines creativity, strong mechanics and commercial performance.
Headquartered in Limassol, Cyprus and founded in 2022/2023, Clawbuster has quickly built momentum in multiple international markets by introducing a unique claw mechanic that transforms traditional slot gameplay into a suspense-driven hybrid experience.
The studio places strong emphasis on customization, VIP engagement and localised optimisation, aligning with REEVO’s focus on scalable and performance-oriented aggregation solutions.
For REEVO, this partnership represents another strategic step in expanding its global distribution network with studios that bring originality and measurable operator value.
Daniel Cuc, Head of Account Management at REEVO, said: “Partnering with Clawbuster is an exciting addition to REEVO’s aggregation platform. Their innovative approach to gameplay and strong focus on engagement align perfectly with our strategy to deliver differentiated, high-performing content to operators worldwide. At REEVO, we continue to expand our ecosystem with studios that bring fresh ideas and real commercial potential. Clawbuster’s creative direction and flexibility make them a strong fit for our growing global network.”
Evija Mole, Commercial Director at Clawbuster, said: “Bringing Clawbuster to REEVO marks a major milestone for our team. REEVO provides an ideal stage for the game, giving us the opportunity to showcase its energy, character, and rapid-fire excitement just the way we designed it.”
The post REEVO Enters into Partnership with Clawbuster appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
AdmiralBet
SYNOT Games Announces Strategic Partnership with Admiralbet
SYNOT Games has announced a strategic partnership with Admiralbet, Bulgaria’s foremost casino operator and market leader.
Under the new agreement, Admiralbet will showcase a selected portfolio of SYNOT Games-developed games. Players can enjoy a diverse selection that includes popular titles such as 40 Coins of Chance and 100 Stunning Fruits. The integration of these games into Admiralbet’s offerings promises to redefine gaming standards and deliver an enhanced entertainment experience.
This partnership is a key part of SYNOT Games’ strategic expansion into the Balkan region, a market known for its discerning players who demand cutting-edge iGaming solutions. This new venture with Admiralbet further emphasizes the company’s dedication to delivering unmatched gaming solutions and retention tools that address the evolving needs of today’s iGaming market.
Martina Krajčí, Chief Commercial Officer at SYNOT Games, said: “This collaboration with Admiralbet not only strengthens our market presence in Bulgaria but also opens the door to a new audience of sophisticated gamers seeking innovative, high-quality entertainment. We are committed to driving excellence in the region by providing state-of-the-art gaming experiences that set new benchmarks in the industry.”
Mr. Beleski, General Manager at Admiralbet, said: “Our collaboration with SYNOT Games represents a strategic enhancement of our casino offering. By integrating their high-quality and engaging titles, we continue our commitment to delivering a superior and diversified gaming experience that meets the expectations of Bulgarian players and reinforces our position as a trusted leader in the market.”
The post SYNOT Games Announces Strategic Partnership with Admiralbet appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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