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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.

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activity report 2025

GGL Publishes Activity Report 2025

Published

2 minutes ago

July 7, 2026

Wladimir P.

The German Gambling Authority (GGL) has published its latest activity report for 2025. The report highlights the GGL’s measures in supervising legal providers and its latest work against illegal gambling.

Supervision and Licensing of Legal Providers Further Systematised

While previous years focused primarily on granting licenses, in 2025 the emphasis shifted significantly to the structured supervision of licensed providers. Key instruments included supervisory discussions, both ad hoc and proactive measures based on reports and market observations. Internal collaboration between the relevant departments was further intensified, contributing to a uniform and consistent supervisory practice.

Further Development of the Technical Infrastructure and Supervisory Systems

The expansion of the technical infrastructure was further advanced. The goal is to create a reliable and comparable data basis for supervision, analysis and future regulatory decisions. Enforcing the mandatory and correct use of the safe servers by the authorised providers remained a challenging process in 2025, but it is the foundation for the necessary improvement in data quality.

Focusing the Fight Against Illegal Gambling on the Entire Market Environment

In 2025, the approach to combating illegal online gambling was further refined and consistently aligned with the entire market environment. In addition to measures against the operators themselves, the focus is increasingly shifting to the service providers involved. This approach ensures that illegal offerings are not viewed in isolation, but rather addressed within their market and process contexts.

In 2025, GGL worked closely with platform operators to further reduce the visibility of illegal content in the digital space.

Market measurement has been further developed scientifically. Due to its opaque and dynamic structure, the evaluation of the development of the illegal gambling market requires a particularly robust methodological basis. The 2025 activity report therefore does not include any independent figures on the size of the illegal market for the year 2025. Instead, the presentation is based on the results of the scientific study “Investigation of the black market and channeling of gambling on the internet based on a survey of gamblers”.

GGL deliberately chose this approach to increase the validity and comparability of the market data and to ensure methodologically sound results.

This study, already published, shows that in 2024 the market volume of illegal and therefore unregulated online gambling will be 23%. This results in a channeling rate of 77%. This means that legal or regulated offerings account for more than three-quarters of the online gambling market.

The existing study will be continued so that a scientifically sound data basis on the development of the illegal market can be provided.

Outlook 2026: 5 Years of GGL Mean Evaluation and Further Development

The developments so far show an increasing consolidation of the supervisory and enforcement structures within the framework of the State Treaty on Gambling 2021.

The focus in the coming years will be on the legally required evaluation, the preparation of the new licensing cycle from 2027 onwards, and the further strengthening of data-based and scientifically sound supervisory instruments.

The 2025 activity report can be found under Publications of the Joint Gambling Authority of the Federal States – Annual Reports.

The post GGL Publishes Activity Report 2025 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Uncategorized

Ageeth Bakker Joins Nederlandse Loterij as CFRO

Published

2 minutes ago

July 7, 2026

Wladimir P.

ageeth-bakker-joins-nederlandse-loterij-as-cfro

The Dutch national gambling operator, Nederlandse Loterij, has appointed Ageeth Bakker as its Chief Financial & Risk Officer (CFRO).

Since 2019, Ageeth Bakker was CFRO and a member of the Executive Board of Bovemij Group. Last week, she stepped down from that financial institution in the mobility sector, which specialises in insurance, guarantees and data services. Prior to that, Bakker was Chairperson/Managing Director of Onderlinge Waarborggroep Centramed. She also worked at Achmea Group for 13 years, six of which were in various executive positions; including as Director of Finance, Risk and Supply Chain Management at Centraal Beheer and Financial Director of Avéro Achmea.

Raymond Knops, Chairman of the Supervisory Board of Nederlandse Loterij, said: “The Supervisory Board is pleased to welcome a highly experienced executive like Ageeth Bakker as CFRO of Nederlandse Loterij. Her extensive expertise in finance and risk and a career in regulated sectors are an excellent fit for this board position. With the arrival of Ageeth Bakker, the board is at full strength to further realize Nederlandse Loterij’s strategic ambitions as the most responsible gambling provider and the largest driver of sports and physical activity.”

Ageeth Bakker said: “What particularly appeals to me about Nederlandse Loterij is the combination of a strong social mission and a leading position in the gambling sector. With ten trusted brands, Nederlandse Loterij offers players a safe and responsible range of lotteries and online games of chance, the proceeds of which benefit society. I am happy to contribute to that. I look forward to working with the Board and all colleagues to continue building a successful and future-proof organization, so that we can continue to increase our social contribution.”

The post Ageeth Bakker Joins Nederlandse Loterij as CFRO appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

Acquisitions/Merger

Banijay Gaming Acquires French Operator JOA

Published

2 minutes ago

July 7, 2026

Wladimir P.

banijay-gaming-acquires-french-operator-joa

Banijay Gaming is to acquire JOA, marking another important step in its strategy to build a European diversified gaming leader in light of evolving customer expectations, from funds managed by Blackstone and Kings Park Capital pursuant to a put option agreement.

JOA is the second-largest casino operator in France, with a nationwide network of 33 casinos rooted in every region generating approximately €430 million in gross revenues in 2025.

Its venues combine gaming with restaurants, bars and a broad range of leisure experiences which attract over 4.6 million yearly customers.

Following the acquisition of Tipico Group in April 2026, this transaction further expands Banijay Gaming’s omnichannel capabilities by adding its digital expertise to JOA’s wide network of land-based entertainment destinations.

At the heart of this transaction is a long-term value creation story: Banijay Gaming will accelerate JOA’s next phase of development in France and internationally.

Responsible gaming remains central to Banijay Gaming’s strategy, with both companies continuing to raise standards and share best practices in line with a common commitment to player protection.

Laurent Lassiaz, Chairman of JOA, will continue to lead JOA alongside the existing management team, ensuring continuity for employees, customers and local stakeholders.

Completion of the transaction is expected during H2 2026, subject to JOA’s employee representatives’ consultation and customary regulatory approvals including merger control and casino gaming regulatory approvals.

Nicolas Béraud, Chairman of Banijay Gaming, said: “Customers increasingly expect seamless experiences across digital and physical environments, and this transaction positions us perfectly to respond to that evolution.

“We look forward to supporting JOA’s next phase of development by bringing our expertise in technology, artificial intelligence and data, while preserving the entrepreneurial culture and operational excellence that have made the company successful.”

Laurent Lassiaz, Chairman of JOA, said: “Joining Banijay Gaming marks an exciting new chapter for JOA. After a successful period with Blackstone and Kings Park Capital, which laid the foundations for our growth, we have found another long-term partner with whom we share a common vision for the future.

“Their expertise in technology and digital innovation will help us accelerate our omnichannel development, while allowing us to preserve the entrepreneurial spirit and local roots that have always been our strength. Together, we will be ideally positioned to pursue our ambitions in France and internationally.”

The post Banijay Gaming Acquires French Operator JOA appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.