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BETMGM FY23 UPDATE: FY23 NET REVENUE FROM OPERATIONS OF $1.96 BILLION AT TOP END OF GUIDANCE

Published

2 years ago

February 9, 2024

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
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.

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Join N1 SEO Traffic Cup by N1 Partners: Only Performance Wins the Game

Published

25 minutes ago

March 11, 2026

Master Editor

N1 SEO Traffic Cup – the first tournament in the N1 Traffic Cups series by N1 Partners is gaining momentum. Throughout 2026, N1 Partners’ affiliates can expect a full-scale competitive roadmap: from individual cups to a global championship. The traffic tournament series will expand opportunities for teams focused on systematic performance growth and scaling their results.

The season kicks off with the N1 SEO Traffic Cup is an exclusive tournament for SEO teams featuring a level-based system and brand coefficients. Drive SEO traffic to N1 Partners’ casino and betting brands, earn points, and level up in the tournament – because the higher your Level, the better the prizes!

Current N1 Partners affiliates already driving SEO traffic to brands within the portfolio are automatically enrolled and registered in the tournament – for full registration details, please contact your account manager.

New partners should register via the following link: https://n1.partners/traffic-cups

Tournament period: March 1 – April 30, 2026
Results: May 10, 2026
Participation requirement: generate at least 20 FTDs per product during the tournament period to be included in the list of participants.

Tournament Mechanics 👇🏼

The N1 SEO Traffic Cup features a level-based system where rewards depend on your N1 Cup Score – the total number of points earned.
The more brands you work with, the higher the coefficient – and the higher your final N1 Cup Score.
N1 Cup Score = FTD × Brand Coefficient
1 point = 1 FTD

More brands – higher results 👇🏼

The number of brands affects the coefficient as follows: https://bit.ly/n1seotrafficcup_launch_europeangaming

1 active brand: coefficient 1x
2–3 brands: coefficient 2x
4–5 or more brands: coefficient 5x

Prizes & Rewards 👇🏼

There are 4 prize levels in total. Each team that earns the required number of points and reaches Level 1, 2, 3, or 4 will be able to choose a prize from the corresponding prize pool or receive its cash equivalent:

Level 1: 7,000+ points – €25,000 per team

Level 2: 3,500–6,999 points – €15,000 per team

Level 3: 1,500–3,499 points – €7,000 per team

Level 4: 500–1,499 points – €5,000 per team

Among the prizes: trips to the world’s top sporting events – from Formula 1 in Monaco to the 2026 FIFA World Cup matches in the USA, a zero-gravity flight experience, an all-inclusive dream vacation in the Maldives, BMW and Ducati bikes, Apple gadgets, Cartier jewelry, Rolex watches, and much more.

Attention: multiple teams can qualify within each level. This means your final result depends solely on your own performance – the volume of traffic generated and the number of brands you work with. Each team receives the reward assigned to its respective prize level.

Even if you don’t hit a prize level, you’re still in the game – three bonus prizes will be raffled: an iPhone, a PlayStation 5 Pro, and exclusive merch.

“N1 SEO Traffic Cup is not just a tournament, but a systematic growth tool for SEO teams. We set out to create a mechanic that rewards not only volume, but also a strategic approach to working with brands. The level-based system and brand coefficients allow partners to directly influence their results and scale them consciously. In 2026, we are focusing on performance, transparency, and long-term partnerships – and this tournament marks a new chapter in N1 Partners’ large-scale promotional strategy,” – Alexa Bond, Head of Affiliates at N1 Partners.

Tournament details and registration are available via the link: https://bit.ly/n1seotrafficcup_launch_europeangaming

N1 SEO Traffic Cup – only performance wins the game!

Latest News

Feel the Thunder: Thor’s Hammer Time Brings Colossal Wins at Reflex Gaming

Published

48 minutes ago

March 11, 2026

Wladimir P.

feel-the-thunder:-thor’s-hammer-time-brings-colossal-wins-at-reflex-gaming

Reflex Gaming, the largest independently owned omni-channel game supplier in the UK, is invoking the might of the gods with the release of Thor’s Hammer Time Thunder Zone, the thrilling sequel to its well-received Thor’s Hammer Time game.

Fueled by Yggdrasil, this high-volatility 6×3, 20-payline video slot harnesses the powerful essence of Asgard, delivering a storm-laden gaming experience filled with progressive jackpots, rising multipliers, and impactful bonus features.

Situated under a sky brimming with storms, where Thor’s hammer thunders with relentless strength, the game presents the Storm Eye, an electrifying core of energy that gains intensity as Lightning Prize symbols appear on the reels. These rewards drive the gameplay and can activate the Jackpot Reels feature, a trio of reels providing the opportunity to access Mini, Minor, Major, Ultra, or Mega jackpots as participants advance along the jackpot pathways. One of the jackpots is assured!

The storm escalates when the storm link function is triggered by 8 or more Lightning Prize symbols appearing on the reels. When activated, the grid changes into 18 separate reels in an exciting hold-and-spin feature filled with Lightning Prizes, Lightning Bolts, +1 Respins, and X-HAMMER symbols. As reels accumulate prizes, they transform into thunder zones, securing values that are amplified by the progressive thunder multiplier upon feature completion. Lightning bolt symbols can gather and merge all values from active thunder areas, resulting in significant fluctuations in win potential as the feature progresses.

The main goal is to complete six fiery thunder zones, immediately granting the Mega jackpot. Golden Bet can be engaged to enhance the likelihood of activating Storm Link and other essential features, while Bonus Buy options, where allowed, enable players to jump directly into the Storm Link feature for instant high-energy gameplay.

Commenting on the launch, Mat Ingram, CPO at Reflex Gaming, said: “Thor’s Hammer Time Thunder Zone takes everything players loved about the original Thor’s Hammer Time and turns the dial up even further.

“The Storm Link feature creates incredible tension, thunder zones keep building the potential, and the progressive jackpots add that extra level of excitement. It’s bold, cinematic and packed with energy, exactly the kind of high-impact experience players expect from Reflex games.”

The post Feel the Thunder: Thor’s Hammer Time Brings Colossal Wins at Reflex Gaming appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Infingame

Infingame set to “Unleash Your Beast Mode” at SiGMA São Paulo

Published

2 hours ago

March 11, 2026

Wladimir P.

infingame-set-to-“unleash-your-beast-mode”-at-sigma-sao-paulo

Infingame, one of the iGaming industry’s fastest-growing aggregators, is set to return to Brazil this April for SiGMA São Paulo, launching its bold “UNLEASH YOUR BEAST MODE” campaign at the heart of the Latin American market. Inspired by the jaguar, a symbol of speed, power, and dominance across Brazil and LatAm, the campaign underscores Infingame’s focus on scalable, reliable technology, rapid integrations, and a curated ecosystem of top-tier providers.

Representing Infingame at the event will be Jana Filagina, Head of Commercial, and Yerassyl Yelemessov, Senior Partner Success Manager, who will meet with operators seeking a performance-driven, stable aggregation partner in the region.

Reinforcing a Leading Position in Latin America

At SiGMA São Paulo, Infingame will spotlight its position as a leading aggregation provider in Latin America. With over 16,000 games from more than 150 providers, the aggregator will demonstrate the platform’s technical strength and the depth of its provider network.

A particular focus will be on Infingame’s tournaments and challenges, engagement tools built to help operators drive structured and repeatable player activity. Fully integrated into the aggregation layer, these tools allow operators to launch campaigns quickly while maintaining full control over performance, localisation, and player experience.

Supporting Growth in a Competitive Market

As Brazil continues to develop as a regulated and highly competitive iGaming market, Infingame’s aggregation platform has been designed to support operators in building sustainable growth across Latin America.

Jana Filagina, Head of Commercial at Infingame, said:

“Brazil is one of the most exciting iGaming markets today, but it’s also one of the most demanding. Operators need infrastructure that performs consistently—not just at launch, but over the long term.
“At Infingame, we provide more than content. Our platform includes tools such as tournaments and challenges that can be implemented quickly and managed efficiently. SiGMA São Paulo is an ideal opportunity to connect with partners who are serious about long-term performance and growth in LatAm.”

Infingame will also use the event to strengthen its network across the wider Latin American region, supporting operators as they navigate regulatory developments, increasing competition, and evolving market dynamics.

About Infingame

With a portfolio of more than 16,000 games from over 150 providers, Infingame has firmly established itself as one of the world’s fastest-growing iGaming aggregators and a market-leading sweepstakes provider.

Delivered via a single API, the platform offers technical excellence, some of the fastest spin times in the industry, exclusive tournaments, and strategic partnerships with top-tier operators across North America, LatAm, and beyond.

Infingame’s offering spans slots, crash games, sweepstakes, and live casino content. To book a demo or learn more, contact the team via LinkedIn, the company website, or [email protected].

The post Infingame set to “Unleash Your Beast Mode” at SiGMA São Paulo appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.