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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.
Traffy, a performance marketing agency specializing in in-app traffic, has seen a clear shift in how iGaming campaigns scale today.
The era of “launch and forget” in iGaming is over. The market has become more competitive, and users are more demanding than ever. Scaling campaigns is no longer just about volume — success now depends on the depth of analytics, the speed of response to user behavior, and traffic quality.
Market Transformation
In the past, scaling followed a simple logic: more traffic meant more conversions. Today, that approach no longer works. Users have become more selective, and both CPA and ROI are directly tied to post-deposit behavior.
If advertisers fail to track key performance indicators within the first 72 hours — including user activity, repeat deposits, and conversion to FTD — budgets are spent without control, and scaling turns into guesswork.
New Requirements for Scaling
Scaling campaigns today requires a much more structured approach:
- Funnel analysis within the first 72 hours to quickly identify effective setups
- Traffic segmentation and strict quality control
- Continuous monitoring of user activity, repeat deposits, and FTD conversion rates
If there is no positive performance trend within the first three days, the setup is stopped immediately. This allows teams to minimize losses and reallocate budgets toward high-performing campaigns.
Common Pitfalls of Legacy Approaches
Many operators and affiliates still rely on outdated strategies that limit their ability to scale effectively:
- Focusing solely on CPA without considering unit economics and profitability
- Scaling broadly without proper traffic segmentation
- Lack of predictive analytics in the early stages of campaigns
- Underestimating traffic quality and fraud risks
These issues lead to unstable performance, rising CPI, and a loss of control over ROI.
The Traffy Approach
At Traffy, we build scalable infrastructure designed to manage in-app traffic with a performance-first mindset.
- Traffic quality control: black and white lists, ongoing audits, and integrated fraud analytics
- AI-driven optimization: algorithms that predict campaign performance and dynamically reallocate budgets toward the most efficient setups
- Performance focus: real-time analysis of the first 72 hours, deep segmentation, and continuous monitoring of key metrics and ROI
This approach allows us to scale only the traffic that is proven to be profitable, reducing risks and improving predictability at scale.
Conclusion
A performance-driven approach has become essential for scaling In-App campaigns in iGaming. The key to success lies in deep analytics, traffic segmentation, predictive modeling, and strict control within the first 72 hours.
The market has changed — and those who succeed are not the ones who scale volume, but those who scale quality traffic.
At Traffy, this approach is at the core of how we build and scale campaigns, ensuring sustainable growth and measurable performance for our partners.
The post Scaling In-App Traffic in iGaming: A Performance-Driven Approach appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Traffy, a performance marketing agency specializing in in-app traffic, has seen a clear shift in how iGaming campaigns scale today.
The era of “launch and forget” in iGaming is over. The market has become more competitive, and users are more demanding than ever. Scaling campaigns is no longer just about volume — success now depends on the depth of analytics, the speed of response to user behavior, and traffic quality.
Market Transformation
In the past, scaling followed a simple logic: more traffic meant more conversions. Today, that approach no longer works. Users have become more selective, and both CPA and ROI are directly tied to post-deposit behavior.
If advertisers fail to track key performance indicators within the first 72 hours — including user activity, repeat deposits, and conversion to FTD — budgets are spent without control, and scaling turns into guesswork.
New Requirements for Scaling
Scaling campaigns today requires a much more structured approach:
- Funnel analysis within the first 72 hours to quickly identify effective setups
- Traffic segmentation and strict quality control
- Continuous monitoring of user activity, repeat deposits, and FTD conversion rates
If there is no positive performance trend within the first three days, the setup is stopped immediately. This allows teams to minimize losses and reallocate budgets toward high-performing campaigns.
Common Pitfalls of Legacy Approaches
Many operators and affiliates still rely on outdated strategies that limit their ability to scale effectively:
- Focusing solely on CPA without considering unit economics and profitability
- Scaling broadly without proper traffic segmentation
- Lack of predictive analytics in the early stages of campaigns
- Underestimating traffic quality and fraud risks
These issues lead to unstable performance, rising CPI, and a loss of control over ROI.
The Traffy Approach
At Traffy, we build scalable infrastructure designed to manage in-app traffic with a performance-first mindset.
- Traffic quality control: black and white lists, ongoing audits, and integrated fraud analytics
- AI-driven optimization: algorithms that predict campaign performance and dynamically reallocate budgets toward the most efficient setups
- Performance focus: real-time analysis of the first 72 hours, deep segmentation, and continuous monitoring of key metrics and ROI
This approach allows us to scale only the traffic that is proven to be profitable, reducing risks and improving predictability at scale.
Conclusion
A performance-driven approach has become essential for scaling In-App campaigns in iGaming. The key to success lies in deep analytics, traffic segmentation, predictive modeling, and strict control within the first 72 hours.
The market has changed — and those who succeed are not the ones who scale volume, but those who scale quality traffic.
At Traffy, this approach is at the core of how we build and scale campaigns, ensuring sustainable growth and measurable performance for our partners.
The post Scaling In-App Traffic in iGaming: A Performance-Driven Approach appeared first on Americas iGaming & Sports Betting News.
Traffy, a performance marketing agency specializing in in-app traffic, has seen a clear shift in how iGaming campaigns scale today.
The era of “launch and forget” in iGaming is over. The market has become more competitive, and users are more demanding than ever. Scaling campaigns is no longer just about volume — success now depends on the depth of analytics, the speed of response to user behavior, and traffic quality.
Market Transformation
In the past, scaling followed a simple logic: more traffic meant more conversions. Today, that approach no longer works. Users have become more selective, and both CPA and ROI are directly tied to post-deposit behavior.
If advertisers fail to track key performance indicators within the first 72 hours — including user activity, repeat deposits, and conversion to FTD — budgets are spent without control, and scaling turns into guesswork.
New Requirements for Scaling
Scaling campaigns today requires a much more structured approach:
- Funnel analysis within the first 72 hours to quickly identify effective setups
- Traffic segmentation and strict quality control
- Continuous monitoring of user activity, repeat deposits, and FTD conversion rates
If there is no positive performance trend within the first three days, the setup is stopped immediately. This allows teams to minimize losses and reallocate budgets toward high-performing campaigns.
Common Pitfalls of Legacy Approaches
Many operators and affiliates still rely on outdated strategies that limit their ability to scale effectively:
- Focusing solely on CPA without considering unit economics and profitability
- Scaling broadly without proper traffic segmentation
- Lack of predictive analytics in the early stages of campaigns
- Underestimating traffic quality and fraud risks
These issues lead to unstable performance, rising CPI, and a loss of control over ROI.
The Traffy Approach
At Traffy, we build scalable infrastructure designed to manage in-app traffic with a performance-first mindset.
- Traffic quality control: black and white lists, ongoing audits, and integrated fraud analytics
- AI-driven optimization: algorithms that predict campaign performance and dynamically reallocate budgets toward the most efficient setups
- Performance focus: real-time analysis of the first 72 hours, deep segmentation, and continuous monitoring of key metrics and ROI
This approach allows us to scale only the traffic that is proven to be profitable, reducing risks and improving predictability at scale.
Conclusion
A performance-driven approach has become essential for scaling In-App campaigns in iGaming. The key to success lies in deep analytics, traffic segmentation, predictive modeling, and strict control within the first 72 hours.
The market has changed — and those who succeed are not the ones who scale volume, but those who scale quality traffic.
At Traffy, this approach is at the core of how we build and scale campaigns, ensuring sustainable growth and measurable performance for our partners.
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