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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.
Casino Guru
Casino Guru Awards 2026 set for May 25 in Malta as final evaluations begin
Casino Guru has started its final evaluation phase for the Casino Guru Awards 2026, with winners set to be announced on May 25 at Xara Lodge in Malta, ahead of the NEXT Valletta conference.
The company said nominations have closed and shortlists are finalized, with the Casino Guru team now reviewing shortlisted nominees’ track records through judge discussions and meetings with candidates. Winners are selected using what Casino Guru describes as a mix of data-led evaluation and expert assessment, drawing on its Safety Index and Complaint Resolution Center.
Public voting remains open for the Player’s Choice and Voice of the People categories, giving players and industry stakeholders a direct vote alongside the judging process.
“The Casino Guru Awards are not about who is the biggest or most visible,” said Daniela Sliva, PR & Creative Projects Director from Casino Guru. “They are about who is doing the right thing, even when no one is watching.”
Casino Guru expects around 150 guests at the Malta event, which it positioned as an industry networking evening alongside the awards announcements.
The post Casino Guru Awards 2026 set for May 25 in Malta as final evaluations begin appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
football partnerships
Mega Riches funds West Brom charity hospitality packages at The Hawthorns
Immense Group’s online casino brand Mega Riches has provided a series of matchday hospitality packages at The Hawthorns for supporters connected to The Albion Foundation, the official charity partner of West Bromwich Albion.
The initiative ran across multiple fixtures this season, with beneficiaries hosted in the Richardson Suite. The club’s back-of-shirt sponsor said the packages went to Foundation volunteers, charity fundraisers and community lottery winners.
The press release highlights recipients including a long-serving Foundation volunteer celebrating her 70th birthday, and a supporter whose attendance at Foundation Day helped raise £1,127 for the Cancer Kickers programme. Winners from the Foundation’s Baggies Bonanza and darts evening fundraisers were also included.
One winner, Albion fan Ellie, attended the Albion vs Millwall match as Mega Riches’ guest after winning a bonus prize at the Hull City Foundation Day fixture in March. She said: “Our time in The Richardson Suite was fab. The staff and service were impeccable.
“We thoroughly enjoyed the food and complimentary drinks, as well as the Q&A session with the WBA legends. I would really recommend anyone wanting a more VIP experience at Albion to give it a try.”
Immense Group CMO Marco Trucco said: “Football reaches into communities in a way very few things do. When we looked at how we wanted to build our relationship with West Bromwich Albion, brand visibility was never going to be enough on its own.
“The work the Albion Foundation does, for cancer patients, for volunteers, for people who might otherwise be isolated, that’s the kind of purpose we want our brands to support. Mega Riches made that happen this season. Immense Group intends to keep making it happen.”
The post Mega Riches funds West Brom charity hospitality packages at The Hawthorns appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Betsson
What the Betsson/Inter Milan case reveals about cross-border gambling branding when two restrictive regimes collide
By David Nilsen, Editor-in-Chief, Kongebonus
European football rarely stays confined within national borders. Teams compete internationally, brands operate globally and sponsorship deals are designed for audiences far beyond a single market. Yet gambling regulation remains firmly national. When these two realities meet, tensions are almost inevitable.
That tension was visible during the UEFA Champions League fixture between Inter Milan and Bodø/Glimt at the Aspmyra Stadion in February, when the Italian club took to the pitch wearing Betsson.sport on its shirts. The Norwegian Gambling Authority later confirmed it had opened a case following the match, after concerns were raised that the branding could violate Norway’s strict marketing rules.
At first glance, the situation appears straightforward. Norway prohibits gambling marketing from any operator other than the state-owned Norsk Tipping and Norsk Rikstoto. Under this framework, foreign operators are not allowed to advertise or actively target Norwegian players. However, the details of this particular case are more complex.
The logo that appeared on Inter’s shirt was not a betting website, but Betsson.sport, a sports-focused platform linked to the company’s sponsorship activity in Italy. The site itself does not offer deposits or betting functionality. Instead, it operates as a sports content and partnership platform connected to the club’s commercial agreements.
This distinction matters because the regulatory context in Italy is very different from Norway’s. In 2018, Italy introduced the Decreto Dignità, one of Europe’s strictest gambling advertising bans. The legislation effectively eliminated traditional betting sponsorships across media and sport, even for licensed operators.
As a result, many brands have had to rethink how they maintain visibility in sports environments. Alternative branding, content platforms and sports-focused domains have become one of the few remaining routes available in a market where direct betting advertising is largely prohibited.
Seen through that lens, Betsson.sport is less an attempt to bypass regulation and more an example of how companies adapt to it.
When Inter Milan travelled to northern Norway, however, that Italian solution entered a completely different regulatory environment. Norway’s restrictions are not based on a broad ban on gambling advertising. Instead, they are built around the protection of a state monopoly. Only two operators are permitted to market gambling services domestically, and enforcement tools such as payment blocking and website restrictions are used to limit access to foreign operators.
The key question raised by the Inter match therefore becomes one of interpretation rather than simple legality. Does the presence of a brand associated with gambling, even when it links to a non-betting platform, constitute marketing towards Norwegian consumers?
It is a question regulators across Europe are likely to face more often as global sport continues to expand and sponsorship models become more complex.
Another factor worth noting is accessibility. Betsson does not currently operate in Norway, and access to its gambling platforms has been blocked for Norwegian users. This raises the issue of whether brand visibility alone, without a functional gambling product available to local players, should be considered the same as active marketing.
From a regulatory perspective, authorities may still decide that the brand association itself falls under advertising restrictions. That interpretation would be consistent with Norway’s broader efforts to protect the monopoly model and prevent indirect promotion of unlicensed operators.
At the same time, cases like this highlight the practical challenges regulators face when global sports competitions cross with national advertising rules. European tournaments bring together teams, sponsors and audiences from multiple jurisdictions, each operating under different regulatory philosophies.
Italy, for example, has taken a sweeping approach by banning gambling advertising across the board. Norway, meanwhile, has focused on maintaining exclusive rights for state operators while limiting the presence of international competitors.
Both systems are strict in their own way, but they are built on different principles.
When a club like Inter Milan competes internationally, the sponsorship arrangements negotiated within one regulatory system inevitably travel into another. This creates situations where branding designed to comply with one set of rules may still raise questions under another.
For players and fans, these nuances are rarely visible. What they see is simply a football shirt and a brand name. But for regulators, operators and industry observers, the case illustrates how complex the global gambling landscape has become.
None of this changes the underlying reality that gambling advertising remains one of the most tightly controlled areas of the digital economy. Governments are increasingly focused on consumer protection, and enforcement tools are becoming more sophisticated each year.
But as the Inter–Betsson example demonstrates, the real challenge lies not only in writing regulations but in applying them consistently in a world where sport, media and digital platforms operate across borders.
For the industry, it is another reminder that regulatory debates are rarely black and white. In many cases, they sit somewhere in between legal interpretation, practical enforcement and the global nature of modern sport.
The case opened by the Norwegian Gambling Authority and its conclusions may help clarify how situations like this should be interpreted going forward.
But as long as football continues to be played across borders, questions like these are unlikely to disappear any time soon.
The post What the Betsson/Inter Milan case reveals about cross-border gambling branding when two restrictive regimes collide appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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