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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.
Sponsorship covers the Premiership, Championship and Women’s Premiership and is NIFL’s first deal valued above £1m, per the league.
BOYLE Sports has signed a three-year agreement to become Title Partner of the Northern Ireland Football League (NIFL), expanding its existing relationship with the competition. The sponsorship spans the BOYLE Sports Premiership, BOYLE Sports Championship and BOYLE Sports Women’s Premiership.
The operator had been the League’s Official Betting Partner since December 2025. Under the expanded deal, BOYLE Sports retains existing rights including title sponsorship of the BOYLE Sports Women’s Cup.
NIFL said the agreement is its first partnership valued at more than £1 million. The league also pointed to what it described as a record-breaking season, citing over 100 million digital views last season alongside its strongest performance for viewership and commercial revenue.
Activation will include branding across clubs’ playing kit, matchday environments, broadcast highlights, scoreboards, player of the match activations and league content across social channels. BOYLE Sports will also launch a responsible gambling awareness initiative across NIFL clubs, using matchday and digital platforms to promote safer betting information and conversations.
Vlad Kaltenieks, CEO of BOYLE Sports, said: “Football in Northern Ireland has real momentum and we’re proud to deepen our partnership with the Northern Ireland Football League at such an important time for the League.
“Becoming Title Partner across the Premiership, Championship and Women’s Premiership reflects our belief in the clubs, supporters and communities that make the game so strong. This partnership gives us the opportunity to support that growth, enhance fan experience and use our platform to positively engage with fans and the wider football community.”
Gerard Lawlor, Chief Executive Officer of the Northern Ireland Football League, added: “We are delighted to extend our relationship with BOYLE Sports through this landmark title partnership. This is a major commercial moment for NIFL and reflects the growing strength and ambition of our competitions. BOYLE Sports has already shown real commitment to football in Northern Ireland, and this agreement will deliver meaningful value across our clubs, competitions and communities.”
The post BOYLE Sports signs as Northern Ireland Football League title partner in three-year deal appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Poker formats share a surface: private cards, community cards, betting rounds, and a final five-card hand. The difference between variants, however, is not cosmetic. Texas Hold’em gives players 2 private cards, so the first decision is narrow and readable. Omaha gives 4, then forces exactly 2 of them into the final hand. That single rule changes the way every board is read.
Adding variety to your poker playing routine can be great fun, but it’s crucial to understand the formats before you do – or you may find yourself struggling at the table!
The Format Is the First Practical Filter
Once the basic rules are familiar, format choice becomes easier to understand when the games are seen side by side. A player comparing Hold’em with Omaha is not only comparing two sets of rules. They are comparing the amount of private information available before the flop, how many possible hand combinations need to be tracked, and how quickly each decision starts to feel comfortable.
That is where an Australian online poker setting gives the comparison more practical shape. A page focused on online poker Australia places Texas Hold’em, Omaha, Omaha Hi-Lo, and Zone Poker in the same playing context, which makes the differences clearer without treating poker as one generic format.
Hold’em starts with 2 hole cards and 5 community cards, giving players a cleaner starting point. Omaha starts with 4 hole cards but still requires exactly 2 private cards and 3 community cards for the final hand. Omaha Hi-Lo keeps that same construction while asking players to think about high and qualifying low hands. Zone Poker changes the rhythm by moving a folded player to a new table and a fresh deal. Seen together, these formats show that poker choice is not only about hand rankings. It is about the kind of attention each version asks from the player.
A recent Ignition Australia post makes the same point in cultural terms, noting that poker in Australia has changed over the years while the heart of the game has stayed intact. The format conversation is not only technical. The same game can move from a physical room to a phone screen, from Hold’em to Omaha, or from a standard table to a faster online format, while still centering on timing, reading, and the next card.
https://www.instagram.com/p/DVM_bPlErLf/
Hold’em Gives Cleaner Reading
Texas Hold’em is often easier to explain because the relationship between private cards and the board is direct. A pair in the hand, a suited ace, or two connected cards creates a clear starting point. After the flop, the player can ask a simple question: did the community cards improve the hand, threaten it, or create a draw worth following?
That clarity does not make Hold’em shallow. It makes the decision tree easier to see. Position, bet size, board texture, and opponent behavior still matter, but the player is not juggling as many private-card combinations. This is why Hold’em has become the main reference point for casual poker viewers and newer online players. The game gives them enough structure to follow the action, while leaving room for deeper judgment as experience grows.
Omaha Creates More Temptation
Omaha can look generous at first because 4 private cards seem to create more routes to a strong hand. That impression is where many Hold’em habits become unreliable. More starting combinations also mean opponents can connect with the board in stronger ways. A hand that feels powerful in Hold’em may be ordinary in Omaha if the board is coordinated.
The exact 2-card rule is the point beginners must absorb early. If the board shows 4 hearts and a player holds only 1 heart, that player does not have a flush. If the board shows pairs, a full house still depends on the required combination of private and community cards. Omaha asks players to slow down the first instinct and rebuild the hand under the format’s rule.
Omaha Hi-Lo adds another reading layer. A player may be looking for a strong high hand while also watching whether a qualifying low hand is available. The board can divide attention, and the clearest decision may depend on whether the hand has a path to one side of the pot or both.
Pace Changes the Same Cards
Zone Poker shows that format choice can also be about rhythm. In a standard table format, folded hands create waiting time. That delay lets players watch other hands finish, notice tendencies, and settle into the table’s pace, but it can feel slow and under-engaging. In a fast-fold format, folding moves the player quickly into a new hand, which makes the session feel sharper and less observational. The cards stay familiar, but the table observation window changes.
Poker formats are easiest to understand when the reader stops treating them as labels and starts treating them as different ways of processing incomplete information. Two private cards, four private cards, a split-pot rule, or a faster table rhythm can all change how a hand feels before the river arrives. The social layer also remains part of online play, as described in 2025 open-access work on multiplayer online games and social connection.
The post Texas Hold’em vs Omaha for Players Comparing Poker Formats appeared first on Americas iGaming & Sports Betting News.
Lottomart has launched Dragon’s Rage, a new S Gaming slot available as a permanent exclusive to Lottomart players in the UK.
The release follows the partnership’s previous exclusive title, Fisherman’s Fortune, and adds another game to Lottomart’s exclusive-content portfolio.
Set in a dragon’s treasure lair, Dragon’s Rage uses a 1,024-ways-to-win format. Features include the Coil Collect mechanic, choice-led Free Spins, and Rage Spins. The game also includes three fixed-level jackpots: Inferno, Flame and Ember.
Chris Ruddock, Commercial Director at Lottomart, commented: “We’re delighted to launch Dragon’s Rage as a permanent UK exclusive. Developed in close collaboration with S Gaming, the game combines a strong fantasy theme with engaging features designed with our players in mind. We’re looking forward to seeing how our customers respond to the launch.”
Charles Mott, CEO of S Gaming, added: “Dragon’s Rage is the latest title developed through our close collaboration with Lottomart. It has been a pleasure working together on the concept and development of the game, and we’re proud to bring this new fantasy adventure exclusively to Lottomart players in the UK.”
The post Lottomart launches S Gaming slot Dragon’s Rage as permanent UK exclusive appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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