Latest News
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.”
|
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.
Asia
Esports Returns to Singapore with BLAST’s Dota 2 Arena Event After Sellout Counter-Strike World Final 2024
-
BLAST Dota Slam Singapore to take place this November at Singapore Indoor Stadium in partnership with Singapore Tourism Board and AEG Presents Asia
-
The world’s best Dota teams will meet in Singapore from 4th – 9th November 2025 to compete for a prize pool of $1,000,000 at the first ever BLAST Slam arena event
Esports entertainment company BLAST has announced the return of its world-class events to Singapore with the BLAST Dota Slam Singapore, set to take place in November 2025 at the Singapore Indoor Stadium, supported by the Singapore Tourism Board (STB).
This announcement follows the sellout success of the BLAST Premier World Final 2024, which marked BLAST’s Southeast Asia debut and saw more than ten-thousand fans pack out the Resorts World Convention Centre to witness the world’s top Counter-Strike teams compete for the $1 million prize pool.
Building on that momentum, Singapore will now host the BLAST Dota Slam arena event, teaming up with AEG Presents Asia again to bring together the world’s best Dota teams to battle it out for $1,000,000 in front of a live audience and millions of fans tuning in globally across 50+ territories and in 12 languages.
The BLAST Dota Slam Singapore is the latest milestone in BLAST’s global expansion into Dota 2, and reinforces Singapore’s growing reputation as a premier destination for sports and live entertainment. It marks the second consecutive year the city-state has hosted a BLAST arena tournament, following the successful Counter-Strike event in 2024.
James Woollard, Director of Market Development at BLAST, said: “Singapore delivered one of the most passionate esports crowds we’ve ever seen during last year’s BLAST Premier World Final. We’re thrilled to be returning with our next major arena show – this time for Dota 2 – and to once again partner with the Singapore Tourism Board and AEG Presents Asia to help to further grow Southeast Asia’s esports ecosystem. The response to our events in Singapore has been incredible, and this November’s Dota Slam promises to be another landmark moment for fans and for the region. Singapore has an impressive history and pedigree for the biggest international sporting events, supported by STB, and BLAST is proud to be building on this with the biggest esports events.”
Ms Lilian Chee, Director, Sports, Singapore Tourism Board, said: “We are delighted to welcome BLAST back to Singapore, this time with the Dota Slam. Building on the success of the BLAST Premier World Final, this event further reinforces Singapore’s reputation as a world-class destination for sports and live entertainment. We look forward to welcoming the passionate fans, players and partners once again to our vibrant city.”
BLAST’s return to Singapore is set to shine a global spotlight on the city while delivering significant economic benefits and meaningful destination marketing. With an estimated economic impact in the tens of millions, the tournament further demonstrates how esports events are evolving into major cultural and economic drivers for host cities – on par with large-scale traditional international sporting events.
With Singapore, Rio, London, Austin, and Lyon among the major destinations on BLAST’s global calendar this year, it is evident that governments, cities and tourism bodies are recognising the power of esports to attract young and engaged visitors, create jobs, and drive international visibility.
The post Esports Returns to Singapore with BLAST’s Dota 2 Arena Event After Sellout Counter-Strike World Final 2024 appeared first on European Gaming Industry News.
This May, the fast-growing game provider 1spin4win, founded by ambitious developers with over 15 years of experience in the gambling industry in 2021, celebrates its fourth anniversary. Since its inception, it has boosted its team fivefold and extended its client list to 700+.
The brand’s reputation for quality and reliability is backed by top-tier operators such as Pin-Up, 1xBet, Blaze, Rox, BitStarz, LuckyDreams, RocketPlay, GG.bet, and others.
The studio has recently successfully increased its slot production to 4–5 monthly releases. Its portfolio has already surpassed 150 classic online titles with quality mathematics, transparent mechanics, and well-balanced gameplay — key factors driving strong player retention. Each 1spin4win game accommodates 10 languages, including those key to the LatAm market, expanding into which has lately become the company’s primary focus.
Beyond quality products with broad language support, 1spin4win consistently offers effective promotional tools to its business partners. Among them are special in-game features, various Cash & Drops campaigns, and additional marketing options such as pre-releases and free spins, which positively affect player loyalty. The provider launches over 1,300 successful promotions yearly.
Such a comprehensive approach results in well-deserved industry appreciation. As a result, the slot provider continues to receive nominations and recognitions and, at the time of this publication, is vying for the Slot Supplier — Under 5 Years category at the EGR B2B Awards 2025.
Olga Hlukhovskaya, Business Development Director at 1spin4win, commented, I am deeply grateful to the 1spin4win team and our partners for these remarkable four years of triumphs. Of course, we won’t stop there. Our sponsorship of the DAR Bjorn Charity Gala, right around the company’s birthday, is our first step in enhancing social accountability going forward.
Visit the studio’s website to learn more about 1spin4win and its unique offer.
The post 1spin4win celebrates its 4th anniversary appeared first on European Gaming Industry News.
Casino operator’s greenscreen-powered Live Blackjack experience to deliver immersive, custom gameplay and deeper brand engagement
LuckyStreak, the Riga-based live games provider, has launched its fully customisable SmartStudio greenscreen technology with online casino operator WinSpirit, delivering a high-spec branded Live Blackjack experience.
The integration gives WinSpirit the ability to completely customise every visual element of the blackjack environment, from the set, walls and floor, to the dealer’s backdrop, with the brand’s logo and colours. This creates a high-impact, bespoke experience that drives stronger engagement between brand and player.
LuckyStreak’s green screen solution lets operators like WinSpirit create fully customised, branded live casino environments without needing physical set builds. It’s flexible, fast, and cost-effective. Operators can choose different backgrounds, themes, branding elements – even switch between them dynamically if needed.
Designed with flexibility and fast deployment in mind, LuckyStreak’s highly advanced SmartStudio system offers chroma system keys in full HD with low latency, to promise razor sharp streams. The technology offers studio-grade production, multi-camera greenscreen and a semi-dedicated table layout that enables precise drop logos, video and stills layering and vibrant colour matching. The result is a deeply immersive and visually distinct blackjack game that perfectly aligns with WinSpirit’s brand identity.
This launch reinforces LuckyStreak’s commitment to delivering versatile and custom solutions for operators looking for more tailored and brand-led experiences across their live casino offering.
Ido Kamiel, COO at LuckyStreak, said: “We’re delighted that WinSpirit has chosen to enhance their players’ blackjack experiences with our greenscreen technology. It is designed to be highly flexible to meet our customers’ diverse and individual branding needs, and simple to deploy, to really enable us to forge closer relationships between player and brand, and to ensure that those meaningful moments are unforgettable.
“We are pleased to say that this is being reflected in longer and more involved player sessions compared to their generic table KPIs.”
Oleksandr Kotsenko, Business Development Lead at WinSpirit, said: “At WinSpirit, we’re always focused on offering players more choices and enhancing their gaming experience.
“Our partnership with LuckyStreak has been a perfect step in bringing this vision to life. We’re excited about this partnership and confident that LuckyStreak will delight our players while making a fantastic addition to our library.”
The post LuckyStreak launches new SmartStudio greenscreen technology with WinSpirit appeared first on European Gaming Industry News.
-
Canada6 days agoToonieBet Launches its Sportsbook on Apple App Store and Google Play Store
-
Coljuegos6 days ago
Colombia’s Coljuegos Intensifies its Efforts to Block Illegal Gambling Websites
-
Asia6 days ago
Macau Govt Appoints Ng Wai Han as Director of DICJ
-
Baltics5 days ago
Number of Estonians Using Gambling Self-exclusion Services Rises by Nearly 36% in Five Years
-
Asia5 days ago
KONAMI GROUP CORPORATION Named “Most Honored Company” in the Gaming Sector in Extel’s “2025 Japan Executive Team” Survey
-
Compliance Updates6 days ago
Peru Reports 40% Drop in Illegal Online Gambling
-
GAT Cartagena 20255 days ago
Win Systems Celebrates Successful Participation at GAT Cartagena 2025
-
BetUS5 days ago
MGCB Issues Cease-and-Desist Order to BetUS
