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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.
Jack Watson Brand Manager at Zingo Bingo
Zingo Bingo pushes “community, accessibility” message for National Bingo Week
Brand manager Jack Watson argues bingo’s growth should focus on social play and cultural moments, as the operator plans a free-to-play day on 27 June.
Zingo Bingo is using National Bingo Week to argue that bingo’s next phase should prioritise “community, accessibility and shared cultural experiences” over “innovation for innovation’s sake,” according to Jack Watson, Brand Manager at Zingo Bingo.
In the statement, Watson says technology is reshaping gaming, but that bingo’s core appeal remains social interaction and shared entertainment. He points to sector shifts including mobile-first experiences, personalised content and themed gameplay, while claiming players still want “the shared excitement that comes from participating alongside others.”
Watson also flags nostalgia as a product and marketing lever, describing it as an “instant emotional connection” that can help online bingo feel “both fresh and recognisable.” He adds that operators should focus on presentation—such as “mobile optimisation, themed rooms, contemporary branding and strong community experiences”—rather than changing the fundamentals of the game.
Zingo Bingo said it will mark National Bingo Day with “a full day of free bingo, running from 12pm to 8pm on Saturday 27 June,” allowing players to participate without purchasing tickets. Watson positions free-to-play events as a way to reduce friction for first-time players who may hold outdated views of online bingo.
The company also highlights responsible gambling measures, stating it offers tools including deposit limits, session reminders and self-exclusion.
The post Zingo Bingo pushes “community, accessibility” message for National Bingo Week appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Boomerang Partners
Boomerang Partners’ case study: how affiliates prepare traffic campaigns around major sports events
On June 11, the FIFA World Cup 2026 starts in North America. It will be the biggest sports event of the year, but the real challenge for affiliates is the rest of the schedule. Throughout 2026, dozens of major tournaments – from football and tennis to Formula 1 – are running almost back-to-back across the sports calendar. This creates one of the most overloaded sports calendars affiliates have worked with in recent years.
Periods like these usually bring some of the highest traffic volumes and strongest audience engagement of the year for affiliate teams.
But data from Boomerang Partners shows that old tactics no longer work. You cannot just launch a campaign on match day and expect good results. Today, teams have to plan their traffic and content weeks before the first game begins.
Regular leagues create more stable traffic
The pressure of this busy schedule became clear during the recent TIME TO WIN affiliate tournament, organized by Boomerang Partners. The project became a live test for different traffic strategies during major events.
The tournament highlighted one clear pattern. Teams like Fumma LTD pointed to the UEFA Champions League and the English Premier League as some of the most reliable traffic drivers. This approach gives affiliates several advantages:
- Fixed schedules make it easier to prepare content and distribute traffic across several tournament stages.
- Recurring match cycles help teams plan campaign timing and prioritize key fixtures well before kick-off.
The real problem in sports is overlapping events. Several big tournaments now run simultaneously across different regions and time zones.
For sports-focused affiliates, this means competing for the same audience attention at the same time. In many cases, the audiences overlap as well. If two major match cycles collide, teams have to choose quickly where to push traffic. Otherwise, they will lose their visibility entirely.
Campaigns must start before kick-off
The timeline for traffic preparation has completely changed. Affiliate teams increasingly start campaign preparation long before the opening match. By the time the live event starts, much of the preparation work is already done.
Preparation now involves several steps. Content teams need to prepare match materials in advance, and media buyers must schedule traffic around the most important fixtures and play-offs.
During the live match, there is no time to fix mistakes. Audiences move too fast between different games. This is especially true when several big matches happen on the same day. If a campaign fails at kick-off, fixing it on the fly is almost impossible.
This is why arbitrage remains one of the strongest sources for sports campaigns. As Sanan Kamilli, CBO at Fumma LTD, noted during TIME TO WIN: “Google PPC works best for sports-focused campaigns because it captures high-intent users actively searching for event-related queries, allowing precise targeting, scalable volume, and strong conversion rates compared to other channels.”
Users searching for specific matches, teams, or betting odds usually show much stronger intent than broader tournament audiences. This makes search traffic particularly valuable during major sports events.
Sports traffic extends beyond the final match
Many affiliates think that sports traffic disappears once the final whistle blows. This is a mistake.
As Fumma LTD noted during TIME TO WIN, sports-driven audiences typically remain valuable for several weeks after the event. The company continues working with these users through retargeting, promoting upcoming matches, and using CRM campaigns to drive repeat engagement and increase lifetime value.
Fumma LTD also highlighted conversion rate (CR), earnings per click (EPC), and player lifetime value (LTV) as some of the key metrics for evaluating traffic quality and long-term profitability in sports-focused campaigns.
For affiliate teams, this creates opportunities beyond a single tournament window. Large finals still generate the biggest traffic peaks, but audience activity often continues into the following match cycles as well.
Using the 2026 Calendar to manage niche traffic
With so many tournaments running back-to-back in 2026, the main difficulty is managing multiple campaigns at once. Content creation, publishing, and ad buying must happen simultaneously.
To help with this, Boomerang Partners launched the Sports Marketing & Betting Calendar 2026. This tool gathers major leagues, global tournaments, and niche events in one place.
For teams like Paradise Media, this centralized schedule solved a major workflow problem. As the company noted during TIME TO WIN, football still accounts for more than 80% of online sports betting activity, so having all World Cup match days, groups, and teams in one place helps speed up research and campaign preparation. To make their workflow faster, the team also combines the calendar with different AI and LLM tools to gather information and cross-check with the calendar to enrich their content, said Mehdi, Director of Affiliates at Paradise Media.
Niche sports also play an important role during quieter periods between major football tournaments. They may not generate the same traffic volume as top leagues, but they help affiliates maintain publishing activity and keep audiences engaged throughout the year.
For many teams, this is no longer just about traffic volume. Covering niche events also helps build authority and positions affiliate platforms as more consistent sports sources outside the biggest football peaks.
A structured calendar always beats reaction
The main takeaway from the market is simple: sports marketing is no longer about quick reactions. 2026 requires good coordination, pre-made content, and smart scheduling across overlapping tournament cycles.
The strongest affiliate teams are already moving toward structured, calendar-based strategies where preparation starts weeks before kick-off and continues well beyond the final match.
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 clients’ portfolio contains 10+ brands offering affiliate and entertainment services across multiple markets in compliance with local regulations. These products provide incentive programs and 24/7 multilingual support.
FIFA World Cup and other third companies are made for descriptive purposes only. Boomerang Partners is not affiliated with, endorsed by, or officially connected to these entities in any way.
The post Boomerang Partners’ case study: how affiliates prepare traffic campaigns around major sports events appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Boomerang Partners
Boomerang Partners’ case study: how affiliates prepare traffic campaigns around major sports events
On June 11, the FIFA World Cup 2026 starts in North America. It will be the biggest sports event of the year, but the real challenge for affiliates is the rest of the schedule. Throughout 2026, dozens of major tournaments – from football and tennis to Formula 1 – are running almost back-to-back across the sports calendar. This creates one of the most overloaded sports calendars affiliates have worked with in recent years.
Periods like these usually bring some of the highest traffic volumes and strongest audience engagement of the year for affiliate teams.
But data from Boomerang Partners shows that old tactics no longer work. You cannot just launch a campaign on match day and expect good results. Today, teams have to plan their traffic and content weeks before the first game begins.
Regular leagues create more stable traffic
The pressure of this busy schedule became clear during the recent TIME TO WIN affiliate tournament, organized by Boomerang Partners. The project became a live test for different traffic strategies during major events.
The tournament highlighted one clear pattern. Teams like Fumma LTD pointed to the UEFA Champions League and the English Premier League as some of the most reliable traffic drivers. This approach gives affiliates several advantages:
- Fixed schedules make it easier to prepare content and distribute traffic across several tournament stages.
- Recurring match cycles help teams plan campaign timing and prioritize key fixtures well before kick-off.
The real problem in sports is overlapping events. Several big tournaments now run simultaneously across different regions and time zones.
For sports-focused affiliates, this means competing for the same audience attention at the same time. In many cases, the audiences overlap as well. If two major match cycles collide, teams have to choose quickly where to push traffic. Otherwise, they will lose their visibility entirely.
Campaigns must start before kick-off
The timeline for traffic preparation has completely changed. Affiliate teams increasingly start campaign preparation long before the opening match. By the time the live event starts, much of the preparation work is already done.
Preparation now involves several steps. Content teams need to prepare match materials in advance, and media buyers must schedule traffic around the most important fixtures and play-offs.
During the live match, there is no time to fix mistakes. Audiences move too fast between different games. This is especially true when several big matches happen on the same day. If a campaign fails at kick-off, fixing it on the fly is almost impossible.
This is why arbitrage remains one of the strongest sources for sports campaigns. As Sanan Kamilli, CBO at Fumma LTD, noted during TIME TO WIN: “Google PPC works best for sports-focused campaigns because it captures high-intent users actively searching for event-related queries, allowing precise targeting, scalable volume, and strong conversion rates compared to other channels.”
Users searching for specific matches, teams, or betting odds usually show much stronger intent than broader tournament audiences. This makes search traffic particularly valuable during major sports events.
Sports traffic extends beyond the final match
Many affiliates think that sports traffic disappears once the final whistle blows. This is a mistake.
As Fumma LTD noted during TIME TO WIN, sports-driven audiences typically remain valuable for several weeks after the event. The company continues working with these users through retargeting, promoting upcoming matches, and using CRM campaigns to drive repeat engagement and increase lifetime value.
Fumma LTD also highlighted conversion rate (CR), earnings per click (EPC), and player lifetime value (LTV) as some of the key metrics for evaluating traffic quality and long-term profitability in sports-focused campaigns.
For affiliate teams, this creates opportunities beyond a single tournament window. Large finals still generate the biggest traffic peaks, but audience activity often continues into the following match cycles as well.
Using the 2026 Calendar to manage niche traffic
With so many tournaments running back-to-back in 2026, the main difficulty is managing multiple campaigns at once. Content creation, publishing, and ad buying must happen simultaneously.
To help with this, Boomerang Partners launched the Sports Marketing & Betting Calendar 2026. This tool gathers major leagues, global tournaments, and niche events in one place.
For teams like Paradise Media, this centralized schedule solved a major workflow problem. As the company noted during TIME TO WIN, football still accounts for more than 80% of online sports betting activity, so having all World Cup match days, groups, and teams in one place helps speed up research and campaign preparation. To make their workflow faster, the team also combines the calendar with different AI and LLM tools to gather information and cross-check with the calendar to enrich their content, said Mehdi, Director of Affiliates at Paradise Media.
Niche sports also play an important role during quieter periods between major football tournaments. They may not generate the same traffic volume as top leagues, but they help affiliates maintain publishing activity and keep audiences engaged throughout the year.
For many teams, this is no longer just about traffic volume. Covering niche events also helps build authority and positions affiliate platforms as more consistent sports sources outside the biggest football peaks.
A structured calendar always beats reaction
The main takeaway from the market is simple: sports marketing is no longer about quick reactions. 2026 requires good coordination, pre-made content, and smart scheduling across overlapping tournament cycles.
The strongest affiliate teams are already moving toward structured, calendar-based strategies where preparation starts weeks before kick-off and continues well beyond the final match.
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 clients’ portfolio contains 10+ brands offering affiliate and entertainment services across multiple markets in compliance with local regulations. These products provide incentive programs and 24/7 multilingual support.
FIFA World Cup and other third companies are made for descriptive purposes only. Boomerang Partners is not affiliated with, endorsed by, or officially connected to these entities in any way.
The post Boomerang Partners’ case study: how affiliates prepare traffic campaigns around major sports events appeared first on Americas iGaming & Sports Betting News.
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