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

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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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From Vision to Execution. Inside Game Creation: Interview with Will and Ray at DreamPlay

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In recent years, the iGaming industry has been evolving at an exceptional pace, driven by technological advancements, innovative mechanics, and a deeper understanding of player psychology. Behind every successful slot or casual title stands a team of specialists who transform concepts into polished, engaging experiences enjoyed by players worldwide.

To shed light on how this creative and highly technical process unfolds within DreamPlay, we spoke with Game Producer Ray and Game Designer Will. They shared their insights into modern game development, the principles that guide their decisions, and the factors that shape the creation of new titles in a rapidly changing market.

Q1. Core Elements of Player Perception

Which elements of game design — from mathematical logic to gameplay pace — most often have a decisive influence on a player’s perception of the game?

Will:

It’s all important. The rhythm and potential in the Math balance, the way mechanics are designed and interact with each other, symbols looking and animating in an appealing way, to both avoiding there being repetitive sounds that annoy Players and sounds that celebrate their highs. They all contribute to the overall Player experience.

As a Game Designer, the biggest priority I have is the Player experience, and to achieve that we make sure everyone who contributes to the game is working toward the same goal and supporting every element regardless of the department; for example, ensuring the sound design hypes up the big moments in the Math model or making sure the art and animation properly communicate how the mechanics function.

Q2. Differentiating Similar Slots

In your experience, what makes the difference in production dynamics between slots with similar mechanics? Which development parameters are most critical for the final result?

Ray:

Even when two slots share similar features or math models, the theme, the way the gameplay is presented, and the pacing make a huge difference in how the final product feels. Players can sense a well-balanced math model without needing to understand the technical details — they just feel rewarded for playing, and they understand what the game is trying to offer them.

For us, creating a great player experience is the real differentiator. It’s what separates our games from competitors, even when the mechanics look similar on paper.

Q3. Emotional Triggers in Game Design

In your experience, what design choices have the strongest impact on players’ emotional responses, and how do you approach creating them?

Will:

Some of the strongest emotional responses come from when the Player makes an assumption about the way a feature works, then gets that confirmed with a big win or progression towards something big — the whole potential of the game opens up to them. That’s when the imagination takes over with questions like “What if this mechanic works with that one? That could be huge.” It cements that desire to fully explore the game and everything it has to offer.

Q4. Late-Stage Adjustments in Development

When you have to tweak a game in the later stages of development, what factors usually cause the changes?

Will:

Usually, it’s a complex UI element for an equally complex mechanic; elements like that often need many iterations to make sure we’re communicating to the Player in a way that makes sense to them. One of the biggest barriers preventing Players from enjoying the game is their understanding of it, so effective communication is incredibly important.

It’s never a waste of time to break down that barrier as much as possible so the games can be experienced in their full form.

Q5. Underrated Stages of Slot Development

In your opinion, which stage of slot creation is most often underestimated, even though it affects the integrity of the final product?

Ray:

I think the most underestimated stage is actually the final stretch — the polish and QA phase. This is where we identify small improvements that make the game feel tight, consistent, and enjoyable, and it’s also where we make sure everything meets our quality standards and jurisdictional requirements.

It’s easy to overlook how important this stage is, but it’s often what determines whether the final product feels truly finished.

Q6. A Benchmark Project for the Team

Which project in your practice has become a benchmark for you in production, and what has it taught the team in terms of development efficiency and quality?

Ray:

DreamPlay is still a new company, and we’re all learning how to work together and build our own production rhythm. One project that really stands out for us is Moon Joker. It came together in a way that showed what we’re capable of when every department is aligned.

We had a strong concept; we kept things simple and classic, but we still found room to innovate. Art, design, math, audio, and engineering all pushed in the same direction, and you’ll be able to see that in the final product. It’s a great example of what our team can achieve when everything clicks.

Discover more from DreamPlay:

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Danny Gordon Director of Games at DEGEN Studios

DEGEN’s Creative Charge: Danny Gordon on Disruption, Player-First Design and the Future of High-Voltage iGaming Content

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Introduction

DEGEN Studios has quickly carved out a reputation as one of the sector’s boldest emerging forces, delivering high-volatility content designed for players who want every spin to feel alive. As the studio prepares for its next phase of accelerated growth, European Gaming sat down with newly appointed Director of Games, Danny Gordon, to explore his journey through some of the industry’s most influential creative environments and understand why DEGEN’s vision resonates so strongly with him.

With close to ten years across Microgaming, Entain and Four Leaf Gaming, Danny brings a rare blend of analytical expertise, product design insight, and a creative instinct shaped by building successful in-house studios from the ground up. In this exclusive interview, he shares what drew him to DEGEN, how he defines player-first development in a crowded market, and why the biggest opportunities now lie in high-energy content that is unafraid to take risks.

First of all, can you introduce yourself and tell us about your background?

Danny Gordon, and I’ve been working in iGaming for the best part of a decade now. I started my career at Microgaming, working as a publisher and moved onto a business analyst.

In 2020, I made the move to Entain, where I initially worked as a Games Designer. This really allowed me to explore the creative side to slot games. I then created the newest in-house studio Vertical Games in 2022 initially as a label to break the mould of in house content, which evolved to a fully funded in house studio.

There, I worked alongside an amazing team and created a range of innovative slot games that I’m really proud of. After two years in the role, I became Director of Games at Four Leaf Gaming, further mastering my craft before joining DEGEN.

What was it that attracted you to DEGEN Studios?

The energy. DEGEN is a brand with a clear mission: disruption. The company’s approach to gaming is bold and innovative, and I can’t wait to start bouncing ideas off with the team.

I believe the company want to do something totally different, and on a professional level, this presents an exciting challenge for me. Creative freedom is essential in my role, and DEGEN is a brand that will allow my creativity to flourish.

How would you describe your approach to game development?

Player-first.

My approach to game development has always been player-first and DEGEN’s for players, by players philosophy really resonated with me, it was created by gamers who live and breathe this world, and that perspective shapes every slot we make. We design from the inside out, asking: how does it feel, how does it hit, what makes it unforgettable?

I also believe collaboration is key. The best ideas can come from anywhere, and my job is to create a space where those ideas can grow and evolve into something special. There’s no hierarchy at DEGEN, we’re a team with a shared vision and a shared passion for making games that genuinely excite people.

What’s your take on the current state of iGaming, and where do you see the biggest opportunities for innovation?

There’s a lot of great work happening across iGaming, but I think there’s still a real gap when it comes to truly high-volatility, high-energy content. Many studios are focusing on what’s proven to work, which makes sense commercially, but it leaves room for innovation. Players today want experiences that feel different, games that take risks and deliver real adrenaline.

That’s where DEGEN stands out. We’re focused on exploring mechanics and themes that break routine. For us, innovation means making every spin feel alive – unpredictable, bold, and built around the player’s excitement. That’s the space I see as the biggest opportunity right now.

What can we expect from DEGEN in the coming months?

While I can’t reveal any specific details, let me just say that you can expect DEGEN to turn up the volume even louder with their next few releases. DEGEN’s original slate of titles has already been a huge hit, but these are only a taste of what the studio is capable of.

Our focus is on continuing to evolve and deliver experiences that truly engage players. The next wave of games builds on everything we’ve learned so far – deeper concepts, bolder ideas, and afresh energy running through each release. For DEGEN Studios, this is only the start.

I’m equally as excited about what we can deliver from a product roadmap POV as much as the content roadmap and all I can say is watch this space!

Looking further ahead, where do you see DEGEN Studios positioned in the market five years from now?

I want DEGEN to be a name people instantly associate with innovation, disruption, and quality. We have a clear roadmap to success, and we are not wasting any time in implementing it.  Whenever a new DEGEN game is released, it should feel like an event.

We are already building a loyal player base that will undoubtedly play its part in helping us build our future, and we cannot wait to see what the coming years bring.

The post DEGEN’s Creative Charge: Danny Gordon on Disruption, Player-First Design and the Future of High-Voltage iGaming Content appeared first on European Gaming Industry News.

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B2B Marketing Team of the Year

Inside the Mind of an Industry Leader: SOFTSWISS CMO Valentina Bagniya on Team Building, Creativity, and Global Growth

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This year marked significant progress for the SOFTSWISS marketing function new initiatives, new markets, and recognition through four major marketing awards, including Marketer of the Year and B2B Marketing Team of the Year. To better understand your path as a leader, let’s go back to where it all began. What brought you into marketing, and what ultimately inspired your move into iGaming?

Oh, this question takes me way back. I grew up in a family where both of my parents studied in the Faculty of Philosophy. So, when it came time for me to choose a university and a field of study, their academic background definitely played a role – it stayed with me and influenced my thinking. That’s why I also decided to apply to the Faculty of Philosophy.

But I never really saw myself as a philosopher. One of the departments within the faculty was quite new – it had only been established a few years earlier. It was called ‘Information and Communication’. When I read the programme description and visited the university for the open day, I realised that the department was closely connected to advertising, marketing, and PR. And that sparked a huge interest in me. I thought, “This is great – I should give it a try!” Back then, I honestly thought marketing was mostly about creating commercials. That was the image I had.

So that’s how I ended up studying at the Faculty of Philosophy, in the Information and Communication department – and that’s where I got my first real introduction to marketing. Though in reality, I didn’t go into pure marketing right after graduation. My first job was actually in analytics. I worked as an analyst first in a consulting company, and then at British American Tobacco. 

To be honest, I think that was probably the best possible starting point for someone entering the marketing field. Understanding the value of data and analytics is absolutely critical and fosters strategic thinking. Many people, even those working in the industry, still see marketing primarily as something purely creative and imaginative. But to create truly impactful campaigns, you have to work precisely with numbers, data, and research. You must think about the strategy based on the data first, and only after that, think about the bright execution.

So,I could say my parents led me into marketing.

Leading a marketing team of more than 70 people at SOFTSWISS requires a thoughtful approach to talent management. What qualities do you prioritise when shaping a team of this scale?

Let’s probably start with the basics.  

At the foundation of any strong team are professionals who are capable of doing their jobs well. That’s why it’s important for me to make sure that the people I bring onto the team possess the necessary hard skills in their respective fields.

However, even more important to me are personal traits and qualities. There are a few things I pay particular attention to.  

First and foremost – responsibility: the ability to take ownership of one’s actions, decisions, and their consequences, and to understand how those decisions affect the company, our clients, and the team as a whole. 

Second – ambition. To me, being ambitious means not settling for the safe or easy route. It’s about setting bold goals and having the drive to achieve them. I truly believe that ambitious people drive progress – they push themselves and others forward, helping the company grow and achieve meaningful results.  

Closely related to this is a results-oriented mindset. It’s easy to fall into a routine of just completing tasks, forgetting that each task exists to serve a bigger purpose: to create an impact for the business. A bold, creative campaign might look great on the surface, but what really matters is whether it delivered business results and made a tangible difference. So I would even rephrase that: it’s not just about focusing on results – it’s about understanding what those results mean for the business and aligning your actions with that. 

When we talk about building a team, I also consider collaboration and team cohesion. In a large team, it’s critical to understand that there aren’t just “my” goals or “someone else’s” goals – there are our goals. Supporting one another and working as a unified whole is essential. Team members who are engaged and involved contribute to high performance and shared success.

I also value qualities like curiosity, because without the desire to learn, ask questions, and explore new ideas, it’s hard to grow. I look for creativity, the ability to go beyond the obvious, to bring fresh perspectives and non-standard solutions. And finally, I’d add proactiveness and courage, which in many ways go hand in hand with ambition.  These are the key qualities I look for when I’m building a team.

What inspires you?

What inspires me?  

I’d probably name two things. The first is the people I work with. This includes my leaders, those who set ambitious goals, grant their trust and support in the process of achieving them, and give me space to evolve. And of course, it’s my team, the people I work with every single day. Watching how they overcome challenges and grow beyond what they thought was possible is incredibly energising. Sometimes they don’t even believe they can do something – and then they face their fears, push through, and deliver amazing results. That kind of transformation truly inspires me.

Second – I’m naturally a goal-driven person. I’m deeply inspired by achievement – both my team’s and my own. iGaming is an industry where you see the impact almost immediately – the feedback loop is fast, the competition strong, and the bar always rising. That energy is inspiring.

So yes – it’s the people and the results we achieve together that inspire me the most.

Let’s talk about a couple of projects/work you are proud of. What makes them special to you?

Well, I’d say the one I’m most proud of is the team I’ve built from scratch at the company where I currently work. This team played a key role in helping me elevate SOFTSWISS from a local brand to the international stage, turning it into one of the most respected and influential names in the iGaming industry. 

When it comes to marketing campaigns that stand out and make me proud, one in particular comes to mind: our “Bringing the Heat” campaign. It was a game-changer – it challenged the more traditional approach in B2B iGaming marketing and helped SOFTSWISS take the lead.

The campaign received multiple awards, and its strength came from two factors. First, we used an unconventional creative approach – something you’d typically see in FMCG or emotional consumer brands, not in B2B tech. It was bold, vivid, and emotionally engaging.

Second, the channel mix we used was truly unique for the B2B space. Instead of relying solely on traditional digital channels, direct mail, and sales outreach, we took into account the unique character of the Maltese market, where the campaign was launched. Given that a significant portion of the population in Malta works in iGaming, we decided to go much broader – incorporating out-of-home advertising, radio, and even BTL activations.

The result? A significant boost in brand awareness and – just as importantly – in actual business results. Today, this campaign is seen as a benchmark in B2B marketing within iGaming, and we’ve already noticed other companies following the same path.

What advice would you give to people starting out in the industry today?

I have a pretty long list, but it’s doable, believe me.

  • Develop strategic thinking and the ability to think big.
  • Enhance your emotional intelligence to establish effective relationships with key stakeholders and empower your team. 
  • Be proactive and persistent – this will help you achieve the hardest goals.
  • Develop adaptability and the ability to pivot and navigate uncertainty when the context changes.  
  • Be technology and analytics-savvy. 
  • Learn from everything and everywhere, especially from mistakes, whether your own or others’, as this is about creating and cultivating a growth mindset. 
  • Attend industry events, learn how different markets work. 
  • And don’t underestimate the importance of understanding compliance and regulations. They shape how marketing can and should function in iGaming.

What challenges and opportunities do you see for marketing teams in iGaming going forward?

Marketing today faces a paradoxical situation: we’ve never had more tools, channels, and data – and yet never faced more complexity in connecting meaningfully with people.

The biggest challenge? Consistency.

The pace of change tempts teams to chase everything – every trend, every new platform, every buzzword. 

But the brands that win will be the ones that simplify. That stands for something clear, consistent, and relevant across markets and generations. Focus and consistency are the new superpowers.

Another challenge is trust.

Consumers and customers are more sceptical than ever, especially in iGaming. One misstep can become global in minutes. So building brand trust is not a campaign – it’s a discipline. And it must be rooted in real action: in how we show up, the values we live by, and the impact we create.

The opportunity? 

To continue with the classic way of marketing, where strategy comes first. Marketing teams that combine creativity, empathy, and strategic focus with smart use of technology won’t just adapt – they’ll lead. 

The post Inside the Mind of an Industry Leader: SOFTSWISS CMO Valentina Bagniya on Team Building, Creativity, and Global Growth appeared first on European Gaming Industry News.

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