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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.
May enhances the spring sports season dynamics: key tournaments are entering final stages, the calendar is getting denser, and audience interest is reaching peaks.
Against this background, user engagement and willingness to start betting are growing, from registration to deposits, which makes traffic especially valuable.
Within current sporting events, N1 Partners affiliates can work with sports traffic on three products at once — N1 Bet, RollXO and Lucky Hunter.
Wondering which events to focus on, which promos to use, and how to build an effective scaling strategy in May? All the most important things in the article!
Key sport events in May
N1 Partners team has compiled a shortlist of the main sports events worth investing in this month to make it easier for you to plan campaigns and effectively scale Tier-1 traffic
Soccer
May is a key month of the football season: semi-finals and finals of European cups, as well as crucial matches of national tournaments.
- 05.05–06.05 – UEFA Champions League – Semi-finals
Why it stands out: - Top-tier European clubs competing for a place in the final
- Massive global audience and peak media coverage
- High-intensity knockout format → strong betting engagement
- Star players and high-scoring potential boost interest
- One of the most popular betting events in football
Traffic insights: Perfect for driving high traffic with pre-match and live betting, player props, and accumulator offers. - 07.05 – UEFA Europa League & Conference League – Semi-finals
Why it stands out: - European knockout stage with high stakes
- Clubs fighting for a place in continental finals
- Strong betting interest across multiple markets
- High volatility → great for live betting
Traffic insights: Great for driving traffic via live bets, accumulators, and team-specific markets - 09.05 – Premier League – Liverpool vs Chelsea
Why it stands out: Top clubs with global fanbases and strong betting demand.
Traffic insights: Effective for match bets, player props, and live traffic. - 10.05 – LaLiga – El Clásico
Why it stands out: One of the most watched football matches globally with massive betting volume.
Traffic insights: Peak traffic across all formats – pre-match, live, and props. - 13.05 – Coppa Italia – Final
Why it stands out: Major domestic final with strong EU engagement.
Traffic insights: Strong for match betting, outrights, and live engagement. - 16.05 – Bundesliga – Bayern vs Köln
Why it stands out: Featuring Germany’s top club with high-scoring potential.
Traffic insights: Good for handicaps, goal markets, and player bets. - 17.05 – Serie A – Roma vs Lazio
Why it stands out: One of Italy’s fiercest derbies with high emotional intensity.
Traffic insights: Ideal for live betting and goal/card markets. - 20.05 – UEFA Europa League – Final
Why it stands out: Major European final with global audience and high stakes.
Traffic insights: Perfect for peak traffic and promo pushes. - 23.05 – Coupe de France – Final
Why it stands out: Key French final with strong local engagement.
Traffic insights: Good for GEO-targeted campaigns. - 23.05 – DFB-Pokal – Final
Why it stands out: One of Germany’s biggest football events with high viewership.
Traffic insights: Strong for local traffic scaling. - 24.05 – Taça de Portugal – Final
Why it stands out: Major national final with concentrated attention.
Traffic insights: Effective for targeted campaigns. - 27.05 – UEFA Conference League – Final
Why it stands out: A growing tournament with competitive matchups.
Traffic insights: Good for final-stage traffic and promos. - 30.05 – UEFA Champions League – Final
Why it stands out: The biggest club football event globally.
Traffic insights: Maximum traffic peak across all betting formats.
Formula 1
May continues the season of racing, which consistently attracts a global audience and converts well on betting traffic.
- 24.05 – Canadian Grand Prix
Why it stands out: Part of the global F1 calendar with stable international demand.
Traffic insights: Good for props, race bets, and accumulators.
Tennis
Tennis in May is characterised by the preparation for Roland Garros and can be called one of the best sources of long-term traffic due to the large number of matches.
- 05.05–17.05 – WTA Rome
Why it stands out: - WTA 1000 event featuring top-ranked players
- Key clay-court warm-up before French Open
- High match volume → strong engagement & retention
- Unpredictable surface boosts live betting activity
- Strong interest across major European markets
Traffic insights: Ideal for promoting live betting, accumulators, and outright markets with consistent traffic throughout the tournament.
- 06.05–17.05 – ATP Rome
Why it stands out: ATP Masters 1000 with top-ranked players and global interest.
Traffic insights: Ideal for accumulators, outrights, and live markets. - 24.05–07.06 – French Open
Why it stands out: Grand Slam event with massive global audience and two weeks of matches.
Traffic insights: Top-tier for sustained traffic and long-term campaigns.
MMA
MMA events generate rapid spikes in traffic due to hype and work well both pre-match and live.
- 09.05 – UFC 328 – Chimaev vs Strickland
Why it stands out: Headline fight with top contenders and strong media coverage. Strong engagement in pre-fight and live markets.
Traffic insights: Perfect for boosting bets on fight outcomes, rounds, and method of victory.
Esports
Esports in May provides a stable and long-lasting traffic flow due to the busy schedule of tournaments.
- 09.05–17.05 – CS2 – PGL Astana
Why it stands out: Tier-1 CS2 tournament with top teams and high match volume.
Traffic insights: Continuous traffic via live betting and match-by-match activity. - 13.05–24.05 – Dota 2 – DreamLeague Season 29
Why it stands out: Extended format ensures consistent engagement.
Traffic insights: Strong for daily traffic and retention. - 26.05–07.06 – Dota 2 – BLAST Slam VII
Why it stands out: Competitive event with steady match schedule.
Traffic insights: Great for long-term traffic scaling.
Ice Hockey
May is a key month of international hockey with a high audience interest, especially in Europe.
- 15.05–31.05 – IIHF World Championship
Why it stands out: Major international tournament with strong EU demand.
Traffic insights: Continuous traffic flow across matches. - 23.05 – Germany vs Austria
Why it stands out: Regional rivalry with strong DACH engagement.
Traffic insights: Ideal for GEO-targeted campaigns and live markets. - 31.05 – IIHF World Championship – Final
Why it stands out: Final match with peak attention and betting volume.
Traffic insights: Strong for final-stage traffic and promos.
Basketball
May in basketball is the crucial stage of European tournaments with high audience engagement.
- 22.05 – EuroLeague Final Four Semi-finals
Why it stands out: Top European clubs competing at the highest level.
Traffic insights: Good for match betting and accumulators.
Cricket
Cricket continues to provide a steady traffic stream in GEOs with high demand for the sport.
- 17.05–23.05 – ODI Series – Bangladesh vs New Zealand
Why it stands out: Strong demand in key GEOs with steady engagement.
Traffic insights: Consistent live betting and long-play traffic. - 27.05–29.05 – T20 Series – Bangladesh vs New Zealand
Why it stands out: Fast-paced format with high engagement.
Traffic insights: Ideal for live betting and quick turnover traffic.
Sport traffic insights in May
In Tier-1 GEOs, the result depends on the timing and context directly. The same sources may produce different results depending on the moment of launch.
If you wish to get the most of your traffic in May, do the following:
- focus on semifinals and finals with high conversion potential;
- synchronize campaigns with game days and tournament stages;
- concentrate budgets during peak periods;
- and use live betting as the main traffic driver;
- combine betting and casino traffic;
- quickly scale bundles that show results;
How to maximise your traffic in May?
May creates a highly favourable environment for growth, driven by a packed schedule of high-stakes matches and events. With fresh news hooks emerging almost daily, there are constant opportunities to capture and engage your audience.
The optimal strategy is to focus on the most high-impact events while simultaneously boosting traffic through timely promotional campaigns across N1 Partners brands — N1 Bet, RollXO, and Lucky Hunter. This approach not only helps scale volume but also improves user conversion efficiency.
On their side, the N1 Partners team equips affiliates with everything needed to scale effectively: up-to-date offers, actionable analytics, and hands-on support — enabling faster decision-making and consistent performance growth.
The N1 SEO Traffic Cup has recently wrapped up — results will be announced on May 10. But this isn’t the finish line: the N1 team is already preparing new campaigns for partners, so stay tuned for updates.
Top promos for N1 Partners projects in May
Every month, N1 Partners launches a series of seasonal promos on key brands to help partners increase conversions and maximise traffic.
Galaxy Lottery (RetroBet, Jet4Bet, SlotLounge, Spirit Casino)
Period: 13.05–17.05
Prize pool: €30,000
Summer Vacation Lottery (Joo Casino)
Period: 30.05–06.06
Prize pool: €12,000+
Advent Calendar (N1 Bet, RollXO)
Period: 08.05–17.05
10 daily tasks with rewards and bonuses for players.
Lucky Star Lottery (SlotLords)
Period: 08.05–14.05
Prize pool: €10,000
Wanna learn more? Contact your manager right now!
Cooperation with N1 Partners
N1 Partners is a multi-brand affiliate program and direct advertiser, bringing together 14+ casino and betting brands with high LTV and Reg2Dep rates in Tier-1 GEOs.
N1 Partners offers competitive terms for top partners, including CPA up to €700 and RevShare up to 55%, ensuring stable and scalable performance.
Trusted by 14,000+ partners, N1 Partners stands out for its transparency, flexibility, and focus on long-term partnerships, supported by a strong product portfolio and advanced retention systems.
EvenBet Gaming, a global card games and poker software provider, has expanded its product portfolio with the launch of its Turnkey Casino Platform and Game Aggregator, marking its formal expansion into the casino vertical.
With more than 20 years of experience in the poker industry, the move marks the next phase of growth for the company, bringing together its proven poker software and advanced casino solutions into a single framework.
At the core of this expansion is the Turnkey Casino Platform, designed to minimise launch friction and provide a structured and accessible entry into the market, supported by scalable infrastructure to facilitate long-term growth.
The ecosystem combines a ready-to-launch casino platform with EvenBet’s Game Aggregator, comprising over 15,000 titles from more than 230 providers. It also includes an advanced promotional and bonus toolkit, payment infrastructure, KYC tools, an internal revshare affiliate module and external CPA service integrations, enabling operators to launch and scale efficiently without needing extensive technical resources.
EvenBet’s strategy is designed to support a seamless product journey, accommodating both new market entrants seeking an efficient launch and established operators looking to expand their portfolio. Underpinned by a single player account and shared balance, the platform is built to drive cross-vertical engagement, enabling a natural transition between casino and poker.
Supporting this approach is its suite of purpose-built hybrid games tailored to casino players. One Click Poker removes the traditional poker lobby, eliminating a common barrier to entry, while Spins Poker blends player-versus-player gameplay with fast-paced, slot-style mechanics.
Additional casino side games and rewards within the poker lobby play a vital role in supporting the transition of poker players into casino, further optimising the two-way conversion pipeline.
With a track record of delivering first-class poker solutions to tier-one operators worldwide, the expansion positions EvenBet to unlock previously untapped revenue streams as it targets further global growth.
Dmitry Starostenkov, CEO at EvenBet Gaming, said: “The integration of our Turnkey Casino Platform and Game Aggregator into the EvenBet ecosystem represents a natural evolution of our offering.
“The modular platform has been engineered to remove the complexities typically associated with launching a casino, while also providing a clear pathway to a full-scale poker product.
“By leveraging two decades of industry experience and deep technical expertise, we are well equipped to support operators at every stage of their journey, from initial launch to global scale.”
The post EvenBet Gaming Launches its Turnkey Casino Platform and Game Aggregator appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Amusnet Italy has announced a new strategic partnership with StarVegas, a prominent operator in the Italian iGaming landscape. This collaboration represents another step in the company’s mission to deliver top-tier gaming content to local players.
Under the agreement, StarVegas will integrate a selection of Amusnet’s some of the most successful titles, known for combining the nostalgic appeal of classic slot design with cutting-edge technology. The partnership aims to enhance the operator’s premium casino offering, delivering a more diverse and high-quality entertainment experience to its established player base.
The launch features some of the market’s top-performing titles, such as Extra Crown and Shining Crown, the engaging mechanics of 20 Golden Coins, and the fan-favourite 20 Super Hot. These games are recognised for their seamless performance, intuitive gameplay and high-quality graphics.
“Partnering with StarVegas is a significant milestone for our growth in Italy. We are confident that our iconic portfolio will bring strong value to their players and further reinforce our position as a leading provider in the region,” said Polina Nedyalkova, Director at Amusnet Italy.
“We are proud to welcome Amusnet to StarVegas, enriching our portfolio with a curated selection of titles inspired by traditional slot gameplay and enhanced with modern visuals and streamlined mechanics. This partnership reflects our commitment to delivering a diverse and engaging gaming environment, where accessibility, variety, and quality remain central to the player experience,” said Paolo Marchi, Brand Manager at StarVegas.
This agreement highlights Amusnet’s continued commitment to expanding its footprint in the Italian market, bringing its high-performing portfolio to an even broader audience.
The post Amusnet Italy Announces Strategic Partnership with StarVegas appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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