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

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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.

3 Pigs of the Caribbean

Gaming Corps sets sail with 3 Pigs of the Caribbean – a swashbuckling new chapter in its hit Pigs series

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Hams Ahoy! The iconic trio return for a pirate-themed Hold & Win adventure

Gaming Corps – a publicly-listed game development company based in Sweden, has unveiled 3 Pigs of the Caribbean, the latest and most ambitious instalment in its hit Pigs series. Following the runaway success of 3 Pigs of Olympus, the notorious trio return for a high-seas escapade packed with charm, humour, and treasure-filled potential.

Set against sun-drenched islands and creaking pirate ships, 3 Pigs of the Caribbean invites players to join the three swashbuckling pigs on their hunt for fortune. Every spin feels like a roll of the waves, as the pigs dig, hoard, and plunder their way across the reels in search of glittering rewards. Played across a 5×3 grid with 243 ways to win, this high-volatility Hold & Win slot captures the thrill of adventure with its dynamic mix of prize collection, grid expansion, and feature upgrades.

At the heart of the game is the Bonus Hold & Win Game, triggered by landing six or more Prize Coin symbols or a combination of Prize and Pig Coins. Once activated, players set sail on a bonus round that can expand to a 5×5 grid, where every spin offers new treasures to uncover. Each of the three Pig Coins brings its own brand of mischief and reward: the Red Pig expands the grid and adds new win possibilities, the Yellow Pig boosts prizes with multipliers of up to x10 and can award random values of up to 100x the total bet, while the Blue Pig adds extra respins and can also deliver random values of up to 100x the bet.

Adding to the chaos is the Mystery Pig, which can transform into any of the three Pig Coins to trigger surprise upgrades mid-bonus. Meanwhile, the Collector Chest feature keeps the base game brimming with activity, scooping up the values of Prize Coin symbols as they land. The brand-new Prize Gem system adds long-term treasure hunting to the mix, with four collectible tiers: Mini, Minor, Major, and Grand – each unlocked through colour-coded progress bars. When a bar is filled, a matching Prize Gem drops onto the grid, delivering a haul worthy of the high seas.

With an RTP of up to 95.81% and a rich tapestry of features that blend instant rewards with long-term engagement, 3 Pigs of the Caribbean represents a major evolution in the Pigs franchise, and one of Gaming Corps’ most feature-packed titles to date.

Viacheslav Pechernyi, Product Owner at Gaming Corps, said: “The Pigs have become a cornerstone of our portfolio and a player favourite around the world. With 3 Pigs of the Caribbean, we wanted to take everything that made the series successful – fun characters, smart mechanics, and big win potential, and send them on their most daring voyage yet. We can’t wait to see how it performs.”

The post Gaming Corps sets sail with 3 Pigs of the Caribbean – a swashbuckling new chapter in its hit Pigs series appeared first on European Gaming Industry News.

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Aaron Magpayo Chief Product Officer at Playnetic

Elantil adds Playnetic to ever-expanding list of marketplace options

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Pioneering platform solutions provider integrates with innovative B2B content provider to give operators access to even more immersive gaming entertainment

Elantil, the disruptive platform solutions provider that’s rewriting the playbook for operators with its strategic iGaming backbone, has announced that it has further enhanced the range of options available via its online marketplace after partnering with Playnetic.

Having only launched in 2023, Playnetic has rapidly established itself as one of the industry’s go-to B2B content providers due to its unwavering reliability and exceptional customer service. Dedicated to providing immersive entertainment experiences, Playnetic has established three in-house studios that work closely with their commercial team to understand operator and partner requirements.

With all releases being informed by market insights, advances in technology and the latest gameplay trends, Playnetic titles combine high-quality visuals and audio with cutting-edge innovation and are backed by the company’s promise to consistently deliver, on time, every time.

As such a partner-oriented content provider, Playnetic will undoubtedly prove another welcome addition to Elantil’s Marketplace, with all operators now being free to reach out to the game provider directly and form their own simple, flexible agreements without Elantil dictating any of the terms.

By partnering with Elantil, Playnetic gains a platform that puts freedom, agility and control back at the heart of their operations. Elantil’s modular, API-first architecture enables swift market entry and reduces the delays that legacy systems often impose. Operators are able to launch new titles such as Piggy Plunder and Joxer, as well as brands or markets much faster, avoid rigid revenue-share burdens and minimise integration complexity and hidden costs.

Moreover, direct access to Playnetic’s immersive games portfolio means operators can refresh and diversify their lobbies, engage with players and scale into new markets with confidence.

John Debono, Chief Technical Officer at Elantil, said: “With Elantil’s Marketplace redefining the way that operators and suppliers do business, we’re delighted to be adding Playnetic to our growing list of integrations. As one of the most partner-focused B2B content providers around, our operators can now contact them directly to form bespoke deals that truly benefit their business.”

Aaron Magpayo, Chief Product Officer at Playnetic, said: “Our integration with Elantil’s Marketplace allows operators to access Playnetic’s content more seamlessly than ever before. It’s an important step that improves delivery efficiency, accelerates market access, and supports our goal of creating tailored, high-performing gaming experiences for every partner”.

The post Elantil adds Playnetic to ever-expanding list of marketplace options appeared first on European Gaming Industry News.

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Endorphina

SkillOnNet and Endorphina Unite in New Multi-Market Deal

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Partnership Brings Endorphina’s Top Titles to SkillOnNet Brands Worldwide

Players across global entertainment brand SkillOnNet’s leading network of online casino brands can now dive into a fresh lineup of cutting-edge games, thanks to a new strategic partnership with award-winning software provider Endorphina.

Endorphina has been wowing the industry with a steady stream of hit titles like Hit Slot, Crown Coins, Lucky Streak 1000, Chance Machine, Fortune Chests and Thunder Crown. The company was crowned “Provider of the Year” at the AffPapa iGaming Awards 2025. Its games are now live with SkillOnNet across multiple jurisdictions.

SkillOnNet powers a diverse portfolio of iGaming brands, including household names like PlayOJO and Slingo, as well as regional favourites such as PlayUZU (Spain, LATAM), DrückGlück (Germany), and BacanaPlay (Portugal, Brazil).

The deal cements the company’s strategy of building the world’s most comprehensive games library through long-term partnerships with the very best emerging and established developers in the industry.

SkillOnNet operates more than 30 online casinos in numerous regulated jurisdictions across the globe, while providing turnkey solutions to top brands worldwide.

Jani Kontturi, Head of Games at SkillOnNet said: “We are delighted to partner with Endorphina and to bring their exceptional titles to our brands. We’re all about finding partners that share our core values around innovation, quality and responsible gaming. Endorphina delivers on that, while pushing the boundaries of game design and technical excellence. They have a deep understanding of what players want.”

Nare Grigoryan, COO-Malta at Endorphina said: “We’re proud to collaborate with SkillOnNet, a company with global reach and expertise. This deal allows us to amplify our presence in many regulated markets while delivering real value to players through a trusted, forward-thinking partner.”

The post SkillOnNet and Endorphina Unite in New Multi-Market Deal appeared first on European Gaming Industry News.

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