Connect with us

Latest News

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

Published

on

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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(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)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.

Latest News

Play’n GO’ electrifies iGaming with Lab of Madness It’s a Wild!

Published

on

play’n-go’-electrifies-igaming-with-lab-of-madness-it’s-a-wild!
Reading Time: < 1 minute

 

Play’n GO throws the switch on Lab of Madness It’s a Wild!, a gothic comic-inspired slot that surges with strange science and surprise. Players join the unconventional Dr Frankenstein as she attempts to jolt her patchwork Monster to life in a lab where every pull of the lever sparks new possibilities.

Inside her shadowy castle laboratory, the eccentric doctor – equal parts brilliant and bizarre – is moments away from success. Lightning dances across Tesla coils, strange bulbs flicker with colour, and each spin builds towards a shocking breakthrough.

At the centre of the chaos is the Monster Wild. It’s not just a symbol – it’s a scene-stealer, shifting positions, stretching across reels, and multiplying wins with raw energy. These Wilds can even combine their powers, filling the screen with movement and mayhem. Add to that a Power Up feature that delivers sudden prizes, and a Free Spins mode where stacked effects can keep the game alive with electricity – and the result is a slot packed with spark.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The visual style draws inspiration from retro horror comics, fusing dramatic shadows and hand-drawn details with neon bursts. The monochrome lab, oversized coils, and lively symbols create a world that’s both eerie and entertaining.

Magnus Wallentin, Games Ambassador at Play’n GO, said: “Lab of Madness It’s a Wild! gave us a chance to mix sharp design with surprising features. It’s got humour, heart, and just enough madness to keep players coming back for more.”

Between quirky characters, energetic gameplay, and a fresh twist on a classic tale, this is one experiment you’ll want to see through to the end.

The post Play’n GO’ electrifies iGaming with Lab of Madness It’s a Wild! appeared first on European Gaming Industry News.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Latest News

SOFTSWISS Game Aggregator Adds Five New Studios to Its Global Portfolio

Published

on

softswiss-game-aggregator-adds-five-new-studios-to-its-global-portfolio
Reading Time: 2 minutes

 

The SOFTSWISS Game Aggregator continues to expand its industry-leading portfolio, which now features over 35,000 active games from both established and emerging providers. The company has announced new partnerships with Peter & Sons, Just Slots, BlueJack Gaming, FA CHAI Gaming, and TokaCity – five studios bringing original content and strong regional expertise.

The SOFTSWISS Game Aggregator connects operators to the widest and most diverse range of games through a single seamless integration. A recent Kantar study revealed that operators select software providers based on security, reliability, revenue-growth potential, stable infrastructure, and high-quality client service. SOFTSWISS is fully committed to these priorities, consistently delivering robust security, proven stability, and responsive support, while enabling operators to unlock new business opportunities.

Through its Game Aggregator, SOFTSWISS not only ensures operational excellence with 99.999% uptime but also provides the industry’s largest content hub with over 35,000 active games, helping partners drive engagement and retention. This commitment to quality and growth has earned SOFTSWISS the highest Net Promoter Score (NPS), reinforcing its position as the most trusted and reliable partner in the industry.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Nikita Keino, Head of Partnerships at SOFTSWISS Game Aggregator, comments: “Expanding our portfolio with five new studios strengthens the value we deliver to operators. Each partner adds unique mechanics, themes, and market perspectives, ensuring our clients can keep their offerings fresh and competitive. At the same time, we provide the reliability and tools that help operators maximise the impact of this content across multiple markets.”

The Game Aggregator has just welcomed newly added game providers to its portfolio:

  • Peter & Sons stands out for its distinctive design, sound, and mechanics, with popular titles like Barbarossa, Barbarossa Revenge, and Ghostfather.
  • Just Slots released its first game in 2024 and aims to launch 10 titles by the end of 2025. Now its portfolio includes Book of Arcane 100 and Shogun Skylord.
  • BlueJack Gaming offers more than 40 slots and table games, including King’s Crown, Macao Ladder, and Quick Blackjack. 
  • FA CHAI Gaming specialises in slots and arcade-style content, including the popular 3D Fishing series and Coin Dozer. 
  • TokaCity combines modern slot design and crash-game PVP elements with immersive storytelling, developing visually engaging titles with broad appeal.

With the addition of these five studios, alongside recent integrations of CG Games, Champion, and Formula Spin, the SOFTSWISS Game Aggregator further strengthens its position as the industry’s largest content hub, ensuring that operators can deliver tailored, competitive portfolios to meet diverse player demands.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Casino Platform, the Game Aggregator with over 35,000 casino games, Affilka Affiliate Platform, the Sportsbook Platform and the Jackpot Aggregator. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post SOFTSWISS Game Aggregator Adds Five New Studios to Its Global Portfolio appeared first on European Gaming Industry News.

Continue Reading

Centennial Gaming

Truckee Gaming selects MOCHA for enterprise-wide Hospitality Upgrade

Published

on

truckee-gaming-selects-mocha-for-enterprise-wide-hospitality-upgrade

 

Truckee Gaming has selected Centennial Gaming’s MOCHA suite to enhance Loyalty, Slot Operations, and the overall Customer Experience across their gaming enterprise of ten casinos throughout the state of Nevada.

Centennial Gaming Systems today announced Truckee Gaming has selected MOCHA® for its burgeoning gaming enterprise. MOCHA (MObile Customer Hospitality Assistance) is Centennial’s native, industry-leading operations enhancement application. The initial installation was completed at Rail City Casino in Sparks, Nevada, and will soon begin rolling out across all Truckee-managed locations. Together, the companies will roll out MOCHA’s powerful club enhancement capabilities, newly released slot dispatch, slot maintenance tracking, and jackpot celebration features.

“We’ve chosen Centennial Gaming and MOCHA because of their cutting-edge technologies, driving efficient operations and great player service experiences within our operations. We look forward to a long and fruitful relationship with the Centennial Gaming team,” said Szymon Padkowski, Director of Marketing for Truckee Gaming LLC.

“We are thrilled to engage with Truckee Gaming,” said Darryll Pleasant, Owner of Centennial Gaming Systems. “Szymon and the Truckee team are innovative and forward-thinking. We are excited to work together and create new and exciting features and capabilities.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The post Truckee Gaming selects MOCHA for enterprise-wide Hospitality Upgrade appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania