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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.
Event will bring together leaders and experts at a time of high visibility for the sector
With an expected 20% increase in attendance, BiS Brasília reaches its second edition in a scenario of strong prominence for the sports betting market in Brazil.
Regulatory advances and growing public interest have placed the sector at the center of strategic discussions, boosting the event’s relevance this year.
Held at the Royal Tulip Brasília Alvorada, the gathering will bring together experts, executives, and authorities to discuss market trends, challenges, and opportunities, with a focus on innovation, integrity, and the sustainable development of the industry.
“The BiS Brasília arrives at a decisive moment for the Brazilian market, bringing together leaders to discuss the paths of regulation, innovation, and sustainable growth of iGaming and sports betting in the country.
It will be a strategic opportunity to promote qualified dialogue and strengthen an increasingly professional and transparent ecosystem,” explains Flávio Figueiredo, co-founder of BiS SiGMA.
Based in the federal capital—epicenter of Brazil’s main political and economic decisions—the event reinforces Brasília’s role as a convergence point for the different stakeholders involved in shaping the new regulatory landscape.
This edition is expected to consolidate itself as a milestone in the maturation of the debate on the legality of betting in Brazil.
About BiS Brasília
In its second edition, BiS Brasília is an event dedicated to the iGaming and betting ecosystem, promoting dialogue between the private sector, government, and society on the development of the regulated gaming, casino, and lottery market in Brazil.
The event brings together business leaders, authorities, and experts to discuss strategic topics such as Brazilian regulation, taxation, integrity, innovation, responsible gaming, compliance, AML / anti-money laundering, licensing, sports integrity, government relations, advertising, and CONAR.
BiS SiGMA South America is part of the event portfolio of SiGMA World Group, one of the leading global platforms for B2B business and event organization focused on the gaming and betting industry.
The post BiS Brasília projects growth and boosts betting debate in Brazil appeared first on Americas iGaming & Sports Betting News.
Rafael Brunati y Celso Basílio, abogados de Silveiro Advogados especializados en mercados regulados, derecho corporativo y derecho de la competencia, analizan las recientes medidas adoptadas por el Consejo Monetario Nacional (CMN) de Brasil y la Secretaría de Premios y Apuestas (SPA/MF), así como su impacto en la industria del iGaming y las apuestas deportivas.
En este artículo, examinan cómo el nuevo marco regulatorio redefine los límites entre las apuestas, los instrumentos financieros y los modelos emergentes de mercados digitales, al tiempo que refuerza la Ley N.º 14.790/2023 como pilar central de la regulación del sector.
Por Rafael Brunati y Celso Basílio
El conjunto de medidas adoptadas recientemente por el Consejo Monetario Nacional (CMN) y la Secretaría de Premios y Apuestas del Ministerio de Hacienda (SPA/MF) representa un nuevo capítulo en la consolidación regulatoria del mercado brasileño de iGaming y apuestas deportivas.
Más que una respuesta puntual a los llamados mercados predictivos, las iniciativas señalan un intento más amplio de reorganizar los límites entre apuestas autorizadas, instrumentos financieros y actividades consideradas irregulares en el país.
La Resolución CMN N.º 5.298/2026 prohibió la oferta y negociación de derivados vinculados a apuestas, eventos deportivos, juegos en línea y temas políticos, electorales, culturales o de entretenimiento sin referencia económico-financiera.
En la misma línea, la Nota Técnica SPA/MF N.º 2.958/2026 encuadró las plataformas de mercados predictivos como explotación ilegal de apuestas de cuota fija, lo que derivó en el bloqueo de decenas de plataformas por parte de la Anatel.
El movimiento refuerza de manera clara la centralidad de la Ley N.º 14.790/2023 como marco regulatorio exclusivo para la explotación de apuestas de cuota fija en Brasil.
En la práctica, el gobierno ha comenzado a delimitar con mayor precisión quién puede operar en este mercado y bajo qué condiciones.
Las plataformas que buscaban posicionarse como mercados financieros, contratos de eventos o estructuras tecnológicas alternativas pasaron a ser tratadas materialmente como operadores de apuestas.
El mensaje regulatorio es directo: si el producto compite por el mismo público, utiliza una lógica económica similar a las apuestas y conlleva riesgo asociado a eventos futuros, tiende a quedar dentro del perímetro regulatorio de la SPA.
Desde la óptica regulatoria y de competencia, esto genera un efecto relevante para los operadores autorizados.
Las empresas que invirtieron en licencias, cumplimiento normativo, prevención de lavado de dinero, integridad deportiva, políticas de juego responsable y estructura regulatoria dejan de competir con plataformas que operaban al margen de estas exigencias mediante encuadres jurídicos alternativos. Se produce así un fortalecimiento indirecto del valor económico de la licencia regulatoria otorgada por la SPA.
Al mismo tiempo, este fortalecimiento viene acompañado de un aumento significativo de las obligaciones operativas y de cumplimiento.
Las recientes medidas también reabren un debate importante sobre los límites regulatorios de las llamadas betting exchanges y los modelos peer-to-peer.
La propia Nota Técnica SPA/MF N.º 2.958/2026 reconoce que la negociación entre apostadores y la existencia de precios dinámicos no desnaturalizan necesariamente la condición de apuesta de cuota fija. Esta interpretación es relevante porque acerca los mercados predictivos a las estructuras de bolsas de apuestas ya previstas en la Ley N.º 14.790/2023.
Este punto podría abrir espacio, en el futuro, para modelos regulados de betting exchange en Brasil, siempre que estén dentro del perímetro autorizado por la SPA.
Sin embargo, la regulación operativa de este formato aún no ha sido desarrollada por la autoridad, lo que mantiene un nivel importante de incertidumbre para los operadores interesados en innovación de producto.
Desde otra perspectiva, las medidas también tienden a generar una intensa judicialización. Existen debates relevantes sobre los límites de la competencia del CMN para restringir ciertos tipos de derivados, sobre la actuación interpretativa de la SPA respecto a los mercados predictivos y sobre el bloqueo de plataformas sin orden judicial.
Independientemente del desenlace de estas disputas, lo cierto es que el mercado brasileño de iGaming y apuestas deportivas entra en una nueva fase.
La lógica regulatoria deja de centrarse únicamente en la autorización formal para operar y pasa a incorporar de forma más intensa temas como integridad financiera, protección de usuarios vulnerables, gobernanza de datos, trazabilidad de pagos y supervisión operativa continua.
El sector continúa creciendo, pero ahora dentro de un entorno significativamente más sofisticado —y más exigente. Para los operadores autorizados, esto representa simultáneamente una barrera de entrada para competidores irregulares y un aumento relevante en los costos de cumplimiento. En un mercado cada vez más regulado, la diferencia competitiva tiende a depender menos de la capacidad de ofrecer apuestas y más de la capacidad de operar con seguridad regulatoria, integridad operativa y rápida adaptación a las nuevas exigencias del Estado.
Rafael Brunati, abogado en las áreas de Derecho Societario, Contratos, M&A y Private Equity, así como del sector bancario en Silveiro Advogados, es graduado en Derecho por la Universidad Presbiteriana Mackenzie, posee un LL.M en Derecho Societario por INSPER y es miembro de la Comisión de Derecho Bancario de la OAB/SP.
Celso Basílio, abogado en las áreas de Mercados Regulados, Telecomunicaciones, Contratos y Derecho de la Competencia en Silveiro Advogados, es máster en Derecho por la FGV Derecho SP, posee un LL.M en Derecho de los Contratos por INSPER y es graduado en Derecho por la Universidad Presbiteriana Mackenzie.
The post Nuevas reglas del CMN y SPA reorganizan el tablero del iGaming y las apuestas deportivas appeared first on Americas iGaming & Sports Betting News.
Rafael Brunati and Celso Basílio, lawyers at Silveiro Advogados specializing in regulated markets, corporate law, and competition law, analyze the recent measures adopted by Brazil’s National Monetary Council (CMN) and the Secretariat of Prizes and Betting (SPA/MF) and their impact on the iGaming and sports betting industry.
In this article, they examine how the new regulatory framework reshapes the boundaries between betting, financial instruments, and emerging digital market models, while reinforcing Law No. 14,790/2023 as the central pillar of regulation in the sector.
ByRafael Brunati and Celso Basílio
The set of measures recently adopted by the National Monetary Council (CMN) and the Secretariat of Prizes and Betting of the Ministry of Finance (SPA/MF) marks a new chapter in the regulatory consolidation of Brazil’s iGaming and sports betting market.
More than a targeted response to so-called predictive markets, these initiatives signal a broader effort to redefine the boundaries between authorized betting activities, financial instruments, and operations considered irregular in the country.
CMN Resolution No. 5,298/2026 prohibited the offering and trading of derivatives linked to betting, sports events, online games, and political, electoral, cultural, or entertainment themes without a financial-economic reference.
In the same direction, SPA/MF Technical Note No. 2,958/2026 classified predictive market platforms as illegal fixed-odds betting operations, leading to the blocking of dozens of platforms by Anatel.
The move clearly reinforces Law No. 14,790/2023 as the exclusive regulatory framework for fixed-odds betting in Brazil.
In practice, the government has begun to draw a sharper line around who can operate in this market and under what conditions.
Platforms that previously positioned themselves as financial markets, event-based contracts, or alternative technological structures are now being materially treated as betting operators.
The regulatory message is direct: if a product targets the same audience, uses similar economic logic to betting, and involves risk linked to future events, it is likely to fall within the SPA’s regulatory perimeter.
From a competitive and regulatory standpoint, this produces a meaningful effect for licensed operators. Companies that have invested in licensing, compliance, anti-money laundering controls, sports integrity, responsible gaming policies, and regulatory infrastructure are no longer competing with platforms operating outside these requirements under alternative legal interpretations.
This indirectly strengthens the economic value of the license granted by the SPA.
At the same time, this strengthening comes with a significant increase in operational and compliance obligations.
The recent measures also reopen an important discussion on the regulatory limits of so-called betting exchanges and peer-to-peer models.
SPA/MF Technical Note No. 2,958/2026 itself acknowledges that betting between users and the existence of dynamic pricing do not necessarily alter the nature of fixed-odds betting.
This interpretation is relevant because it brings predictive markets closer to exchange-style betting structures already contemplated under Law No. 14,790/2023.
This point could, in the future, open space for regulated betting exchange models in Brazil, provided they fall within the SPA’s authorized perimeter. However, operational rules for such formats have not yet been defined by the regulator, leaving a significant area of uncertainty for operators seeking product innovation.
From another perspective, these measures are also likely to generate substantial litigation.
There are important debates regarding the limits of the CMN’s authority to restrict certain types of derivatives, the SPA’s interpretative role regarding predictive markets, and even the blocking of platforms without judicial orders.
Regardless of the outcome of these disputes, the fact is that Brazil’s iGaming and sports betting market is entering a new phase.
Regulatory logic is no longer focused solely on formal authorization to operate, but increasingly incorporates issues such as financial integrity, protection of vulnerable users, data governance, payment traceability, and continuous operational supervision.
The sector continues to grow, but now within a significantly more sophisticated—and more demanding—environment. For licensed operators, this simultaneously creates a barrier to entry for unregulated competitors and increases compliance costs.
In an increasingly regulated market, competitive advantage is likely to depend less on the ability to offer bets and more on the capacity to operate with regulatory security, operational integrity, and rapid adaptation to new state requirements.
Rafael Brunati is a lawyer specializing in Corporate Law, Contracts, M&A, Private Equity, and Banking Law at Silveiro Advogados.
He holds a Law degree from Universidade Presbiteriana Mackenzie, an LL.M in Corporate Law from INSPER, and is a member of the Banking Law Commission of the São Paulo Chapter of the Brazilian Bar Association (OAB/SP).
Celso Basílio is a lawyer specializing in Regulated Markets, Telecommunications, Contracts, and Competition Law at Silveiro Advogados.
He holds a Master’s degree in Law from FGV Direito SP, an LL.M in Contract Law from INSPER, and a Law degree from Universidade Presbiteriana Mackenzie.
The post New CMN and SPA rules reorganize the iGaming and sports betting landscape in Brazil appeared first on Americas iGaming & Sports Betting News.
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