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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.
Corporate Governance
SolutionsHub appoints former PokerStars and VGW executive David Lyons to lead Irish operations
SolutionsHub, a leading provider of iGaming licensing and regulatory services, has appointed David Lyons as a Non-Executive Director to support the development of its Irish business as the country’s gambling regulatory framework enters a new phase.
Lyons brings three decades of experience across online gaming, financial services and corporate governance to the consultancy at a time when operators, suppliers and investors are preparing for regulatory change in Ireland.
Ireland is entering a new regulatory phase following the introduction of the Gambling Regulation Act and the establishment of the Gambling Regulatory Authority of Ireland (GRAI). As licensing structures, compliance requirements and regulatory expectations take shape, businesses operating in the market face important decisions around governance, operational readiness and long-term planning.
SolutionsHub has been building its Irish capability with that environment in mind. SolutionsHub opened its Dublin office last year to support companies looking to obtain an Irish gambling licence. The appointment of Lyons strengthens the firm’s ability to support businesses preparing for the next stage of regulation.
Based in Dublin, Lyons has held senior leadership positions across several major gaming businesses during a career spanning Ireland, Malta, the Isle of Man and Australia.
He spent eight years with PokerStars on the Isle of Man, where he held a number of senior roles including Associate Director of Poker Engagement, with responsibility across payments, product and player engagement. He then joined Luckbox as Director of Player Engagement and later as Associate Director of Player Engagement at partypoker, before joining Virtual Gaming Worlds (VGW), where he became General Manager of Global Poker, later extending his brief to include the social casino brands Chumba Casino and LuckyLand Casino.
Alongside his career in the online gaming industry, Lyons spent more than 16 years in financial services with Bank of Ireland and Standard Life, working across technology, risk and operations. He is a graduate of Trinity College Dublin and is a Board Member of the Asthma Society of Ireland.
Lyons is also a board member of VGW Games Limited, bringing additional governance experience to the role.
The appointment comes as SolutionsHub expands its presence in Ireland to support operators and suppliers preparing for new regulatory requirements.
Lee Hills, CEO of SolutionsHub, said: “Ireland is entering a new phase, and businesses will have important decisions to make as the regulatory framework takes shape. David has worked at senior levels inside gaming businesses for many years and understands the practical challenges operators face.
“He’s seen the industry from different angles, from player engagement and operations through to governance and board-level responsibilities. That experience will be valuable as we continue to grow our Irish portfolio.”
David Lyons said: “I’ve spent a lot of my career working inside businesses that have had to balance commercial priorities with regulatory obligations. Ireland is moving into a period where businesses will need to get governance, licensing and operational readiness right from the start.
“SolutionsHub has built a strong reputation for helping businesses approach licensing, governance and compliance in a practical way. That focus on real-world outcomes was a big part of what attracted me to the role.”
The post SolutionsHub appoints former PokerStars and VGW executive David Lyons to lead Irish operations appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
40 Under 40
FIRST.bet Founder and CEO Tom Light Named to Emerging Leaders of Gaming 40 Under 40 Class of 2026
The FIRST.bet Founder and CEO joins the 2026 list of influential leaders shaping the global gaming industry
Tom Light, Founder and CEO of FIRST.bet, has been named a member of the Emerging Leaders of Gaming 40 Under 40 Class of 2026. Presented by The Innovation Group in partnership with Global Gaming Business and iGB, the program recognizes professionals under 40 who are making a significant impact on the global gaming industry.
The professionals recognized were selected from a record field of more than 250 nominations from around the world. Tom Light is also featured in a profile published by Global Gaming Business magazine as part of the Class of 2026. The recognition follows his Individual Achievement Award at the EGR Awards 2026, where FIRST.bet was also named Sports Betting Supplier of the Year.
“Building in this space requires long term thinking. Results take time, and consistency matters more than short term wins,” said Tom Light, Founder and CEO of FIRST.bet.
Building FIRST.bet with one clear focus
Born and raised in Israel, Tom Light moved to Bulgaria in 2013. Over more than a decade, he has built sportsbook and trading platforms used by some of the largest betting operators in the world. He was part of the early evolution of live betting and helped shape many of the core mechanics that are now standard across the industry.
Under Tom Light’s leadership, FIRST.bet has grown to more than 500 employees, with major operations in Sofia and Plovdiv, two of Bulgaria’s largest cities. The company delivers a full sportsbook engine built for speed, scalability, real-time performance, dynamic pricing and efficient risk management.
“Today we are talking about thousands of events per day and hundreds of markets,” said Tom Light. “We focus on speed, scalability and real time performance.”
Product leadership through focus
FIRST.bet covers a broad range of global and local sports while adapting its product to real player behavior in each market. In Brazil, for example, the company offers vaquejada, a traditional local sport that ranks among the most popular betting categories in certain regions.
The company continues to develop areas including bet builders, automation, data driven pricing and personalization, giving operators more flexibility and stronger tools to compete.
“This reflects our approach. We adapt to real market demand and local player behavior,” said Tom Light.
Looking ahead
Tom Light expects the industry to become increasingly sophisticated as regulation expands and operators demand stronger products, faster execution and better compliance.
“In this industry, product quality and speed of execution are what ultimately determine success,” said Tom Light. “Unlike many providers, we are fully dedicated to sportsbook. That focus allows us to move faster and deliver a stronger product to our partners.”
The post FIRST.bet Founder and CEO Tom Light Named to Emerging Leaders of Gaming 40 Under 40 Class of 2026 appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
BetGuard
World’s Third-Largest Gambling Market Has No National Self-Exclusion Register, New CasinoCanada Research Warns
Canada is now the third-largest online gambling market in the world with an estimated CAD 13.15 billion generated in 2025, yet new research from CasinoCanada.com finds it still has no national self-exclusion register and no national licensing framework – meaning a player who self-excludes in one province can continue gambling offshore, or across provincial borders.
Drawing on iGaming Ontario figures, provincial regulatory data, Blask’s 2025 iGaming Landscape Report and peer-reviewed public health research, the analysis traces the gap to a constitutional structure that leaves gambling to the provinces and Ottawa without a national regulator. In effect, there are ten parallel regimes that do not connect to one another.
As a consequence, estimated offshore leakage outside Ontario ranges from 49% in British Columbia to 93% in Saskatchewan, with Alberta and Manitoba at 88%. Offshore platforms also grew 40% year-on-year in 2025 – nearly double the 23% growth of licensed operators.
Most starkly, a January 2026 study in the Canadian Medical Association Journal found gambling-related contacts to Ontario’s ConnexOntario helpline rose an estimated 198% after the market opened in 2022, concentrated almost entirely among boys and men aged between 15 and 44.
Ontario remains a success, with channelisation at 91.1% and its new BetGuard self-exclusion tool drawing more than 500 registrations in its first two weeks. But set against 1.235 million active player accounts, and stopping at the provincial border, it underlines how far the country still has to go.
Eugene Ravdin, Head of PR for CasinoCanada, said: “Record wagers and a near-200% rise in helpline contacts are happening at the same time, which tells you market growth and player protection are not the same thing. The tools that work internationally – GAMSTOP, Spelpaus, BetStop – all cover the whole market under a single registration.
“Canada has nothing like it. A national register wouldn’t just protect players, it would also help licensed operators compete against offshore sites. This is a commercial argument as much as a moral one.”
The full article can be read here: https://casinocanada.com/blog/canadas-safer-gambling-gap-why-market-success-doesnt-always-equal-player-safety/
The post World’s Third-Largest Gambling Market Has No National Self-Exclusion Register, New CasinoCanada Research Warns appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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