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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.
Latest News
$1.5 Billion: PokerStars Iconic Spring Championship of Online Poker Hits Historic Milestone in Prizes Awarded to Players
PokerStars’ prestigious Spring Championship of Online Poker (SCOOP) has officially surpassed $1.5 billion in total prize money awarded to players over its 17-year legacy, marking a historic milestone for one of the richest and most iconic championship series in online poker.
Since its inception in 2009, SCOOP has grown into the ultimate proving ground in online tournament poker, where both established stars and rising talents battle for prestige, prize money and a place in the game’s history.
The major $1.5 billion landmark was hit during this year’s SCOOP series, which kicked off on March 1 and runs until March 25, in Event 40-M: $109 NLHE [Progressive KO Sunday Million], which saw “nomalice” beat a field of 8,017 players to win $85,597,11 and the coveted SCOOP title.
Prior to the start of the 2026 event, SCOOP had awarded a total of $1,485,704,101 in prizepools, $227,004,607 in first place prizes, and attracted 144,715,424 in total entries across 1,231 events with 3,680 tournaments. Sweden’s Simon “C. Darwin2” Mattsson is the greatest player in SCOOP history having earned 14 titles, followed by the UK’s Benny “RunGodlike” Glaser who now has 12 titles, having earned another SCOOP title last week in Event 12-H: $320 Fenomeno HR Turbo. Benny is the most decorated player in COOP history also having a record-leading 16 World Championship Of Online Poker (WCOOP) titles.
“SCOOP awarding $1.5 billion in total prizes is an incredible moment for online poker,” said Steve Clarricoats, Associate Director of Poker Operations at PokerStars. “It’s a powerful reminder of the scale, history, and prestige of this series. But the true value of SCOOP isn’t just measured in dollars, it’s measured in players earning their greatness and winning a SCOOP title. Winning a SCOOP title remains one of the biggest ambitions in online poker and we’re excited to see which players join the history books this year.”
This year’s 136-event SCOOP schedule (with a total of 400 tournaments) is awarding over $45 million in guaranteed prizepools, and features low, medium, and high buy-in levels from $5.50 to $15,000. The flagship Main Events will be a schedule highlight and will award a total of $5.5 million across the NLHE Main Events on March 22, and $550,000 across the PLO Main Events on March 23.
Players can qualify through satellites from just $0.55, and the SCOOP Lucky Dip where over $500,000 in SCOOP tickets are up for grabs.
For more information about SCOOP head to the PokerStars Blog.
The post $1.5 Billion: PokerStars Iconic Spring Championship of Online Poker Hits Historic Milestone in Prizes Awarded to Players appeared first on Americas iGaming & Sports Betting News.
Boomerang Partners
The ongoing TIME TO WIN tournament by Boomerang Partners offers affiliates access to rewards connected with AC Milan.
The exclusive TIME TO WIN affiliate tournament, organised by Boomerang Partners – an Official Regional Partner of AC Milan – is gaining momentum, with dozens of affiliate teams from across the globe already competing for valuable prizes and once-in-a-lifetime AC Milan experiences.
The Clock Is Ticking
With the tournament closing on March 31, 2026, every day counts. Affiliates who delay risk losing ground to competitors, as points accumulate quickly and unique experiences, including a behind-the-scenes visit to AC Milan’s Milanello Sports Centre powered by Clivet, will not be available after this activation. The call to action is clear: act now, complete tasks, and accumulate points to qualify for prize draws featuring a range of AC Milan-related rewards.
How Affiliates Earn Points
Participants in the TIME TO WIN tournament complete structured tasks across five key segments. Each task earns a fixed number of points:
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Generate new sports users for Boomerang’s client portfolio (10 points per qualified action)
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Complete the survey (25 points)
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Contribute expert commentary (30 points)
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Showcase creativity via a dedicated social media challenge (25 points)
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Leave a review on a selected platform (20 points)
As affiliates reach specific point thresholds, they unlock entry to one of five prize draws. Higher scores give access to more draws, creating a competitive and rewarding environment for active participants.
Exclusive AC Milan Experiences Await
The tournament’s prize structure is designed to reward top-performing affiliates with increasingly prestigious AC Milan experiences:
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150 points – Entry to the TIME TO WIN Merch Pack draw (3 sets of 5 kits each)
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250 points – Entry to the draw for official AC Milan jerseys signed by players (3 sets of 5 jerseys each)
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350 points – Entry to the draw for a trip for five to attend AC Milan vs Cagliari
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550 points – Entry to the draw for a trip for five to attend AC Milan vs Juventus, including behind-the-scenes access, pre-match tunnel experience, and pitchside viewing of team warm-ups
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750 points – The ultimate tier, granting entry to the draw for a trip to AC Milan’s legendary Milanello Sports Centre powered by Clivet. Two prizes are available for five guests each, offering exclusive behind-the-scenes access, a tour of the facilities, and the opportunity to witness the Men’s First Team training in action – a truly rare and unforgettable experience.
Affiliates Share Their Experience
Participants are actively sharing their enthusiasm. Sports influencer Firo Orakel said:
“Being part of the TIME TO WIN tournament truly means a lot to me, and I’m grateful for the opportunity to participate. The prizes are a strong motivator, and I love being able to share them with my community. I promote the campaign on my Discord server and during my streams to keep momentum going.”
The Rossoneri Hub – Central Platform for Engagement
All tournament activities are coordinated through the Rossoneri Hub, Boomerang Partners’ central platform for AC Milan-related activations. This hub serves as a one-stop destination for affiliates, providing updates, guidance, and resources to maximise performance and engagement.
Strategically Timed During the Peak Sports Season
The tournament’s timing in February–March 2026 is deliberate, coinciding with a peak moment in the football season, including the UEFA Champions League knockout rounds. Boomerang Partners supports affiliates with a detailed guide offering market insights, expected player activity shifts, practical tips, and data-driven strategies to navigate these high-stakes periods effectively. TIME TO WIN is built for moments like this, when the competitive landscape is at its peak.
About Boomerang Partners
Boomerang Partners is a rapidly growing global marketing agency delivering a wide array of services. As an Official Regional Partner of AC Milan, the agency is uniquely positioned to create sports-focused activations that combine strategy, technology, and engagement. In 2024, it launched the Golden Boomerang Awards, a global tournament for affiliate teams, which saw over 400 teams participate in its 2025 second season.
The agency manages 10+ brands across 40+ regulated markets, offering affiliate and entertainment services with personalized bonuses and 24/7 multilingual support. Between 2024–2025, new product launches from partner brands contributed to a nearly 1.5× increase in product users, highlighting Boomerang’s ability to deliver measurable growth through data-driven affiliate campaigns.
The post The ongoing TIME TO WIN tournament by Boomerang Partners offers affiliates access to rewards connected with AC Milan. appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Boomerang Partners
The ongoing TIME TO WIN tournament by Boomerang Partners offers affiliates access to rewards connected with AC Milan.
The exclusive TIME TO WIN affiliate tournament by Boomerang Partners, an Official Regional Partner of AC Milan, is gaining momentum. Dozens of affiliate teams worldwide have already joined the race to compete for valuable prizes and unique AC Milan-related experiences.
Don’t miss your chance
The clock is winding down. With the tournament closing on March 31, every day you wait is a point a competitor earns. Competition is intensifying, and access to unique experiences – including a behind-the-scenes visit to AC Milan’s training base, Milanello Sports Centre powered by Clivet – will not be available beyond this activation.
The time to act is now. Participants can access the tournament page, complete the tasks, and accumulate points, securing a place for prize draws featuring AC Milan-related experiences.
How affiliates earn points
The TIME TO WIN tournament participants complete clearly structured tasks across five segments. Each completed task brings a fixed number of points:
- Generate new sports users for brands within Boomerang’s client portfolio (10 points per qualified action)
- Take the survey (25 points)
- Share your insights by contributing expert commentary (30 points)
- Prove your creativity through a dedicated SMM challenge (25 points)
- Leave a review on a selected platform (20 points)
As soon as affiliates reach specific point thresholds, they unlock access to prize draws. There are five in total, and the higher the score, the more draws a team qualifies for.
Exclusive AC Milan experiences
By reaching specific point thresholds, affiliate teams will gain access to the corresponding prize draws linked to exclusive AC Milan experiences. The structure is clear:
- 150 points – qualify for the TIME TO WIN Merch Pack draw (3 sets of 5 kits each)
- 250 points – enter the draw for official AC Milan jerseys signed by players (3 sets of 5 jerseys each)
- 350 points – secure a place in the draw for a trip for five persons to attend AC Milan v Cagliari
- 550 points – become eligible for the draw for a trip for five persons to attend AC Milan v Juventus, including exclusive behind-the-scenes access with pre-match access to the tunnel area, and pitchside viewing of the teams’ warm-up.
The ultimate tier requires 750 points and unlocks access to the draw for an exclusive trip to AC Milan’s legendary training base, Milanello Sports Centre powered by Clivet. Reserved for top-performing teams (2 prizes for 5 guests each), this experience offers behind-the-scenes access to the Club’s inner environment, including a tour of the facilities and the opportunity to see the Men First Team training. This is a rare behind-the-scenes experience offering a unique glimpse into AC Milan’s daily routine.
Affiliate teams participating in the TIME TO WIN tournament actively share positive feedback. For example, sports influencer Firo Orakel highlighted his experience: “Being part of the TIME TO WIN tournament truly means a lot to me, and I’m grateful for the opportunity to participate. The prizes are a strong motivator – I want to share them with my community as well, as it gives them a chance to benefit too. I actively support the campaign through my Discord server, where I engage directly with my audience, and I also promote it regularly during my streams to keep the momentum going,” said Firo.
The Rossoneri Hub as the central platform
All activities related to the TIME TO WIN tournament are featured on the Rossoneri Hub portal, the main platform where Boomerang Partners centralizes its AC Milan-related activations. This is a unique web resource that Boomerang Partners launched as an Official Regional Partner of AC Milan.
A strategic moment within the sports season
Boomerang Partners’ decision to hold the TIME TO WIN tournament in February-March 2026 is no coincidence. This period marks one of the peak moments of the sports season, alongside major international competitions and football tournaments, the UEFA Champions League knockout rounds. The company is ready to actively share its sports expertise, including through an exclusive guide which provides affiliates with information on expected shifts in player activity by competition stage, market insights, practical recommendations, and data-driven guidance for navigating the sports peak.
TIME TO WIN was built for moments like this – when the sports calendar is at its peak. Join now and compete for unique AC Milan experiences.
About Boomerang
Boomerang Partners is a rapidly growing global marketing agency offering a wide range of services. Boomerang Partners is an Official Regional Partner of AC Milan. In 2024, it launched the inaugural Golden Boomerang Awards – a global tournament for affiliate teams. More than 400 affiliate teams participated in the second season of the tournament in 2025. Partners of the Agency launched six new products in 2024-2025, contributing to a nearly 1.5-fold increase in product users.
The agency’s client portfolio contains 10+ brands offering affiliate and entertainment services across 40+ markets in compliance with local regulations. These products provide personalized bonuses and 24/7 multilingual support.
The post The ongoing TIME TO WIN tournament by Boomerang Partners offers affiliates access to rewards connected with AC Milan. appeared first on Americas iGaming & Sports Betting News.
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