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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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March sports calendar 2026: use Boomerang Partners’ schedule to win in the TIME TO WIN tournament

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The halfway point of the TIME TO WIN affiliate tournament, organized by Boomerang Partners, is approaching. Until March 31st, participating teams can complete five types of tasks and accumulate points to gain access to five draws for valuable prizes. The company is offering unique experiences and rewards, thanks to its status as an Official Regional Partner of AC Milan: ranging from a trip to Milan for a top-tier Serie A match against FC Juventus to an exclusive visit to Milanello powered by Clivet, AC Milan’s training ground.

The perfect time to join the TIME TO WIN tournament

Affiliate teams that haven’t yet joined the TIME TO WIN tournament can do so at any time. And right now is the perfect moment to jump in – the March sports calendar is packed with top-tier tournaments. Sports-focused affiliates can leverage this by tackling the task of driving new sports users for brands in Boomerang Partners’ client portfolio. The more points they earn, the higher their chances of qualifying for the prize draws. These prizes include exclusive TIME TO WIN merch packs, official AC Milan jerseys signed by players, a trip to the AC Milan v Cagliari home match, a trip to the AC Milan v Juventus home match complete with exclusive behind-the-scenes access, and an exclusive trip to AC Milan’s legendary Milanello powered by Clivet training base.

Here are just a few examples of promising tournaments for participants in the TIME TO WIN competition:

  • March 10-12 and 17-19: UEFA Champions League Round of 16 matches
  • March 12-13 and 19-20: UEFA Europa League and Conference League Round of 16 matches
  • March 25: The MLB season kicks off with San Francisco Giants v New York Yankees at Oracle Park, the world’s premier baseball league
  • March 15-29: The Miami Open, one of tennis’s elite events, takes place
  • The NHL and NBA regular seasons are approaching their decisive phases – by the end of March, the playoff picture for many teams should become clearer.

Given that March is packed with sports tournaments, affiliate teams can avoid traffic drops by effectively switching their audience from one competition to another. To do this, they need to encourage migration, for example, from football to tennis by highlighting major tournaments, daily express bets, and simple markets. Successfully managing this helps affiliates reduce churn and retain traffic across sports.

Timing is key during a busy sports season. Therefore, preparation and attention to detail are essential for affiliates. Affiliates can benefit from using performance dashboards to track campaigns by geographical region, device, and traffic type, maintain a content calendar for Pre-, Live-, and Post-event pushes, and regularly review conversion and traffic data to refine audience targeting and offer selection. Interested affiliate teams (especially TIME TO WIN tournament participants) can find more useful tips in the Calendar.

Darina Sharban, Affiliate Team Lead at Boomerang Partners: “We expected a strong start to the tournament, but the level of participant activity has still impressed us. We’re seeing interest across all five task types and are confident the competition for the prizes will be fierce. It’s great that we can offer our affiliate partners such unique prizes, like the trip to Milanello. Good luck to everyone!”

Only ___ days remain until the end of the tournament – it concludes on March 31st. Every day, the participants are racking up more points. Now is the time to make your move.

About Boomerang

Boomerang Partners is a rapidly growing global marketing agency offering a wide range of services. Boomerang Partners is an Official Regional Partner of AC Milan. In 2024, it launched the inaugural Golden Boomerang Awards – a global tournament for affiliate teams. More than 400 affiliate teams participated in the second season of the tournament in 2025. Partners of the Agency launched six new products in 2024-2025, contributing to a nearly 1.5-fold increase in product users.

The agency’s client portfolio contains 10+ brands offering affiliate and entertainment services across 40+ markets in compliance with local regulations. These products provide personalized bonuses and 24/7 multilingual support.

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Tugi Tark and Narnium Solutions Announce Strategic Partnership to Strengthen Player Support Across Multiple iGaming Brands

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Tugi Tark has entered into a strategic partnership with Narnium Solutions, an operator managing multiple online casino brands, to deploy its customer service platform alongside AI-powered support agents across the operator’s portfolio.

Narnium Solutions brings over 15 years of experience spanning casino operations, compliance, payments, marketing, and platform management. As the company continues to expand across both emerging and established markets, delivering scalable and consistent player support has become a key operational priority.

Through this collaboration, Narnium Solutions is integrating Tugi Tark’s platform and AI agents—trained on more than 10 million real iGaming support interactions—to streamline player communication across all brands within a single, unified environment.

A company representative at Narnium Solutions said:

“Partnering with Tugi Tark marks an important step forward for us. We’re excited to introduce an AI-powered chat experience into our ecosystem, strengthening our modern iGaming stack and enhancing player communication across our brands.”

The platform is being used to centralise support operations across the NarniaSlots brand family. Tugi Tark’s AI-driven chat widget is embedded directly into each site, enabling automated handling of player queries while allowing support teams to focus on more complex cases within a shared workspace.

The solution is designed to scale alongside Narnium Solutions’ growing pipeline, which includes upcoming brands such as Lucky Mary and House of Slots, as the company continues to expand its footprint.

Harpo Lilja, CEO of Tugi Tark, said:

“Narnium Solutions operates on a global scale with the kind of multi-brand complexity our platform was built to support. We’re pleased to welcome them on board and to power player support across their entire portfolio.”

The partnership aligns with Narnium Solutions’ broader strategy of building compliant, scalable iGaming operations across international markets. With a centralised support infrastructure and AI-driven capabilities in place, the company is well positioned to deliver consistent, high-quality player experiences as it continues to grow.

The post Tugi Tark and Narnium Solutions Announce Strategic Partnership to Strengthen Player Support Across Multiple iGaming Brands appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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QTech Games recruits banking and AI leader Jonny Youssef as CTO to drive next phase of its growth journey

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QTech Games, the leading game aggregator for emerging markets, has appointed Jonny Youssef as Chief Technology Officer (CTO) to lead the next phase of the company’s technology organisation, innovation and technology strategy as QTech accelerates its global expansion. Jonny will lead the continued development of QTech’s platform architecture and engineering organisation, focusing on scalability, AI-driven capabilities and next-generation tools designed to support operators and content partners across fast-growing markets. Jonny brings more than 20 years of technology leadership experience across banking, fintech, SaaS platforms and AI-driven innovation. His background combines enterprise-scale infrastructure expertise with hands-on experience building and scaling digital platforms and emerging technology systems. Previously, Jonny served as Head of Innovation for Swedbank Group Lending & Payments, where he led digital initiatives across lending, payments, APIs and digital channels within one of the Nordic region’s largest banking groups. He has also held senior technology leadership roles at Entercard Group, overseeing technology infrastructure and mission-critical production environments supporting large-scale payment operations across Nordic markets. Alongside his enterprise leadership experience, Jonny has founded and scaled several technology ventures and digital platforms. As a technology founder and CTO, he has led the design and development of international platforms operating across Europe and Asia, building distributed engineering teams and scalable digital infrastructure.

In recent years, Jonny has contributed to the development of next-generation AI and sustainability technology initiatives, including work with Circular Living and Biotonomy, where advanced AI, IoT and Edge AI systems are used to power intelligent environments, autonomous infrastructure and real-time operational insights. Beyond his commercial initiatives, he is also a board member and early contributor to The AI Community of Sweden, a national innovation network connecting professionals, enterprises and academia to collaborate on AI innovation. At QTech Games, Jonny will focus on strengthening the company’s technology foundations as it continues to scale globally, enhancing AI-driven functionality, automation and analytics capabilities that enable partners to unlock greater value from the platform. He will also oversee QTech’s engineering and technology teams to ensure continued innovation while maintaining the speed, reliability and integration flexibility that have become hallmarks of QTech’s aggregation platform.

QTech Games’ CEO, Philip Doftvik, said: “We’re delighted to welcome Jonny to QTech at an important moment in our growth journey.

“He brings a rare combination of enterprise technology leadership, platform-building expertise and forward-looking innovation in AI and automation. His experience across banking infrastructure, global digital platforms and emerging technology ecosystems makes him uniquely positioned to guide us through its next phase of technological evolution.

“As we continue to expand across emerging markets, Jonny’s leadership will help ensure we remain at the forefront of innovation — delivering scalable infrastructure, AI-driven insights and powerful technology solutions that help our partners grow.”

Jonny Youssef added: “QTech Games has built a strong reputation as one of the most innovative and reliable aggregation platforms serving emerging markets.

“What impressed me most is the company’s focus on speed, simplicity and partner success — combined with a clear ambition to continue evolving the platform through technology. I’m excited to join the team at a time when AI, automation and data-driven capabilities are creating new opportunities to deliver even greater value to operators and game providers.

“My focus will be on strengthening the platform architecture, scaling our technology capabilities with AI and supporting the next phase of QTech’s growth.”

The post QTech Games recruits banking and AI leader Jonny Youssef as CTO to drive next phase of its growth journey appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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