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

Published

2 years ago

February 9, 2024

betmgm-fy23-update:-fy23-net-revenue-from-operations-of-$1.96-billion-at-top-end-of-guidance

BetMGM, LLC (“BetMGM”), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE: MGM) (“MGM Resorts”) and Entain plc (LSE: ENT) (“Entain”) is today providing an update on performance for FY 2023.

BetMGM delivered a strong FY 2023 financial performance (based on unaudited results)
- Net revenue from operations grew 36% year over year to $1.96 billion¹, at the upper-end of $1.8-$2.0 billion guidance range²
  - Same-state growth in net revenue from digital operations of 14%
  - Key metrics across both iGaming and Online Sports Betting improved year over year, including average monthly actives, FTDs, hold percentages, bonus levels, NGR per active, and CPAs³
- EBITDA positive in the second half of 2023 with expected FY 2023 EBITDA loss of approximately $67 million⁴
Established as a leading operator across North America, live in 28 markets with access to 49% of adult population⁵
- Four new markets launched during the year: Ohio (online and retail), Massachusetts (online and retail), Puerto Rico (online) and Kentucky (online and retail)
- 14% market share in Sports Betting and iGaming in the U.S. and 22% in Ontario⁶
- Secured market access with Charlotte Motor Speedway ahead of expected March 2024 launch of newly legalised sports betting market in North Carolina, pending regulatory approval
Further operational progress supported by technology, product and capability enhancements, positions BetMGM to drive growth going forward
- Seamless execution of single account single wallet across 21 markets ahead of the 2023 NFL season
- Enhanced sports betting experience with improved speed⁷, broader market coverage and new differentiated bet types
- New in-house and exclusive games, including Dual Play Roulette, as well as largest progressive jackpots underpinning market leading iGaming offering
December 4th BetMGM business update set out strategic roadmap to drive growth in 2024
- Expanding the depth and breadth of our sports offering by leveraging Angstrom’s sophisticated modelling to support innovative and original products, including player-popular Same Game Parlay (“SGP”), SGP+ and new LIVE SGP products
- Continue to deliver market-leading and engaging gaming experiences that are more personalized and differentiated, including exclusive and MGM-branded content
- Increasingly investing in marketing and player acquisition as sports product and player retention continue to improve
- Unlocking BetMGM’s unique omnichannel advantages, particularly in Las Vegas, Nevada
  - Launched new improved app in January with single wallet functionality expected later in 2024
  - Leveraging Las Vegas sports teams and tentpole events, for example BetMGM’s first Big Game commercial featuring Tom Brady, Wayne Gretzky and Vince Vaughn
Reiterating guidance from December 2023 business update of targeting approximately $500 million of EBITDA in 2026
Recognized as Digital Operator of the Year by Global Gaming Awards, Online Casino of the Year by American Gambling Awards, and Casino Operator of the Year by EGR North America and SBC Awards North America.
Ongoing commitment to industry leadership in player safety and responsible gaming
- Secured five-year extension with GameSense program, providing player tools and capabilities to play responsibly
- Partnered with nine NFL teams to promote responsible gambling in stadiums during games
- Piloted the first of its kind program with Kindbridge Health to evaluate efficacy of offering self-excluded individuals’ referrals for problem gambling treatments

Adam Greenblatt, CEO of BetMGM, commented:

“Our performance in 2023 demonstrates our commitment to delivering on our promises. We were able to achieve strong organic growth, while executing against key strategic initiatives that lay the foundation for 2024 and beyond. The attainment of EBITDA profitability over the last three quarters of 2023 validates the effectiveness of our business model and provides the basis from which to invest further in expanding our sports offering through the integration of Angstrom and leveraging our largely untapped Las Vegas omni-channel advantages. With this comprehensive roadmap in place, we can focus on driving accelerated player acquisition and retention and strengthening our current market position. This clear strategic direction underpins our confidence in achieving our targets and building long-term, sustainable value for shareholders.”

Notes
(1)	FY2023 net revenue for BetMGM on a GAAP basis is expected to be approximately $1,920 million, which includes approximately $64 million related to Nevada MGM operations for which BetMGM records on a net basis as BetMGM is considered to be the agent in the Nevada transactions for GAAP purposes
(2)	FY2023 non-GAAP net revenue guidance established in January 2023
(3)	Key metrics include average monthly actives, first time depositors (“FTDs”), hold percentages, bonus levels, net gaming revenue per active (“NGR per active”), and cost per acquisition (“CPAs”)
(4)	BetMGM has not completed its financial closing procedures for the three months and year ended December 31, 2023 and actual results can differ materially from these estimates. In addition, BetMGM’s independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these preliminary estimates. During the course of the preparation of BetMGM’s audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.
(5)	BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 23 markets.
(6)	Market share for last three months ending November 2023 by GGR including only U.S. markets where BetMGM was active; internal estimates used where operator-specific results are unavailable. Ontario market share reflects the three-month period through December 2023.
(7)	Google Core Web Vitals validate that BetMGM in now one of the fastest apps in the U.S.

Forward-looking statements:

This document contains certain statements that are forward-looking statements. They appear in a number of places throughout this document and include statements regarding our intentions, beliefs or current expectations and those of our officers, directors and employees concerning, amongst other things, results of our operations, financial condition, liquidity, prospects, growth, strategies and the business we operate. Examples of these statements include, but are not limited to, BetMGM’s expectations regarding its financial outlook (including EBITDA guidance). These forward-looking statements include all matters that are not historical facts. By their nature, these statements involve risks and uncertainties since future events and circumstances can cause results and developments to differ materially from those anticipated. Any such forward-looking statements reflect knowledge and information available at the date of preparation of this document. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include the significant competition within the gaming and entertainment industry; BetMGM’s ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM’s ability to manage growth and access the capital needed to support its growth plans; and BetMGM’s ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, Entain is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation (596/2014), the Listing Rules, the Disclosure Guidance and Transparency Rules and the Prospectus Rules), Entain undertakes no obligation to update or revise any such forward-looking statements. Nothing in this document should be construed as a profit forecast. Entain and its directors accept no liability to third parties in respect of this document save as would arise under English law.

Non-GAAP Financial Information:

This press release includes net revenue from operations and estimated EBITDA, which have not been prepared in accordance with GAAP. BetMGM believes this presentation, which it uses for its own analysis of operations, is useful in that it reflects the true economic performance of the business. If BetMGM presented net revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations different, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with Net Income remaining the same.

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AC Sparta Praha

AC Sparta Praha Becomes the Second Club Globally to Receive the Access Champions Certificate

Published

34 minutes ago

November 11, 2025

George Miller

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Reading Time: 3 minutes

The certification recognises AC Sparta Praha and Betano’s joint efforts in turning the epet ARENA into a more accessible stadium and creating inclusive matchday experiences for all fans.

AC Sparta Praha has received the Access Champions certificate from AccessibAll, the international organisation that evaluates accessibility standards in football stadiums. Betano, AC Sparta Praha’s main sponsor, played a key role in this distinction by funding the initial accessibility report that guided the club’s improvements and helped shape its long-term inclusion strategy. This recognition makes AC Sparta Praha one of only two clubs in the world that have earned this award, following Atlético Madrid.

Before the match against Teplice, AC Sparta Praha and Betano representatives received the Access Champions certificate from the international organisation AccessibAll. The certificate recognises excellence in accessibility for fans with disabilities.

As part of the event, AC Sparta Praha and Betano presented a cheque for 500.000 CK to the non-profit organisation Znakovárna z. s., which provides Czech Sign Language interpreting for the club. Starting with the match against Teplice, AC Sparta Praha, Betano and Znakovárna will begin a long-term cooperation on creating and regularly publishing pre-match programme videos interpreted into Czech Sign Language for every home game of the first team.

“The AccessibAll award confirms that we are on the right path. We focus on concrete steps that bring immediate benefits to our fans. We thank Betano for their support and cooperation — without it, many of these measures would not have been implemented to the extent and quality they are today. Our vision is for every fan, regardless of their needs, to feel comfortable and safe at our stadium,” said AC Sparta Praha’s CSR Manager, Irena Smetanová.

“We are glad that, together with AC Sparta Praha, we are making the football experience accessible to all fans with disabilities. We rely on practical solutions that truly make a difference in the stadium — from navigation beacons to expanded barrier-free areas and enhanced matchday services. Our ambition is for every fan to fully enjoy the game,” added Adam Srb, Marketing Manager for Betano in the Czech Republic.

In recent seasons, AC Sparta Praha, together with Betano, has implemented a number of improvements to enhance accessibility at the epet ARENA for fans with disabilities. The stadium has been equipped with audio navigation beacons for visually impaired fans. Wheelchair platforms have been expanded, with increased capacity for visiting wheelchair-using fans. The club has also adapted its digital environment to be clear and user-friendly for fans with specific needs. Since autumn, regular stadium tours have been held — for blind and visually impaired fans in odd months, and for deaf fans in even months. For blind supporters, the club provides audio descriptive commentary through individual receivers in cooperation with Livesport. The pre-match programme on the big screens now includes subtitles, and a summary of the programme is interpreted into sign language.

The Access Champions programme comprehensively assesses clubs. It covers stadium infrastructure, fan and community engagement, digital accessibility, matchday services for home and away fans with disabilities, as well as leadership and awareness in the field of inclusion.

“Access Champions certification was created with the real needs of fans in mind. We evaluate how a club thinks about accessibility, how it implements it in practice, and how it maintains high standards throughout the season. AC Sparta Praha has demonstrated a systematic and consistent approach across all areas — from infrastructure to matchday services and community engagement. This award confirms that accessibility is part of the club’s culture,” said AccessibAll CEO Olivier Jarosz.

AC Sparta Praha and Betano will continue to develop their cooperation with community organisations and international partners, expand the use of sign-language interpreting and closed captioning, continuously improve the digital environment, and strengthen matchday services. The goal is to make accessibility a permanent standard of the club environment.

The post AC Sparta Praha Becomes the Second Club Globally to Receive the Access Champions Certificate appeared first on European Gaming Industry News.

American gambling industry

Gaming Americas Weekly Roundup – November 3-9

Published

35 minutes ago

November 11, 2025

Niji Narayan

gaming-americas-weekly-roundup-–-november-3-9

Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

Petroglyph Development Group (PDG), a wholly owned corporation of Snuneymuxw First Nation (Snuneymuxw), and Great Canadian Entertainment announced that they have entered into definitive agreements for the purchase by PDG from Great Canadian Entertainment of two casino businesses, River Rock Casino Resort and Chances Maple Ridge. Upon closing and subject to regulatory and other approvals, PDG is expected to become one of the largest casino operators by revenue in British Columbia, and anticipates being the largest Canadian Indigenous owned gaming operator by revenue in Canada, cementing Snuneymuxw as a leading force in the province’s gaming industry. Building on PDG’s recent acquisitions of Casino Nanaimo and Elements Casino Victoria earlier this year, these transactions demonstrate the strength of the collaboration between PDG and Great Canadian Entertainment and the momentum of PDG’s growing gaming platform.

Churchill Downs Incorporated (CDI) has announced the promotion of Michael Meagher to Senior Vice President of Gaming Operations, effective November 3, 2025. Meagher succeeds Maureen Adams, whose retirement was announced earlier this year. He will oversee operations at all gaming and HRM locations throughout the CDI portfolio, along with corporate gaming functions, including analytics, marketing and product performance. Meagher will report directly to Bill Mudd, President and Chief Operating Officer of CDI. Meagher has served as Vice President of Gaming Operations since 2022, where he oversaw nine gaming properties across CDI’s portfolio, including the development and successful grand opening of Terre Haute Casino Resort. In this role, he was instrumental in driving operational performance, enhancing guest experiences and supporting the Company’s continued growth in regional gaming markets.

Partnerships

Zoomd Technologies Ltd has announced that it has entered into a strategic partnership with E2-Quadrat communications GMBH (E2), a global leader in digital marketing and technology solutions for the sports and betting industry. With over two decades of experience in the industry, E2 has established itself as a trusted partner to some of the most prominent names in the sector. The privately owned company operates a broad international network of offices enabling it to serve clients on a truly global scale. This partnership is expected to enable E2’s current and future clients worldwide to benefit from Zoomd’s advanced user acquisition (UA) technologies and performance marketing expertise and aligns with Zoomd’s strategic focus on expanding its impact across high-growth verticals.

MyPrize, the fastest growing social gaming business in the US, has announced a strategic partnership with Crypto.com | Derivatives North America (CDNA), a CFTC-registered exchange and clearinghouse and an affiliate of Crypto.com, to launch MyPrize Markets, a first of its kind product allowing users to access social gaming and prediction markets for the first time in one unified platform. As Crypto.com’s first social gaming partner, MyPrize will leverage the company’s enterprise-grade infrastructure to deliver an engaging and intuitive prediction market experience to its massive global user base, now numbering over 1 million+. This strategic partnership continues MyPrize’s explosive growth in 2025 and further cements its market position as the leading social gaming and entertainment platform.

The post Gaming Americas Weekly Roundup – November 3-9 appeared first on European Gaming Industry News.

Behind the Gloves

GR8 Tech Delivers Heavyweight Performance at SiGMA Central Europe 2025

Published

3 hours ago

November 11, 2025

George Miller

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Reading Time: 2 minutes

GR8 Tech stepped into SiGMA Central Europe (November 3–6, Rome) and left the ring with the strongest sales performance on record. Fueled by the boxing-themed Platform for Champions experience, the collaboration with Behind The Gloves, and demos of ULTIM8 Sportsbook, the Heavyweight Club energy translated directly into standout sales performance.

Platform for Champions, Proven in the Arena

Over three days, GR8 Tech logged 140 qualified meetings, which included sessions with existing clients that opened new opportunities and first-time conversations with operators and potential clients. The team also closed a deal on day 3 and advanced a high-potential MENA operator to late-stage discussions.

“SiGMA was incredibly successful for GR8 Tech, which confirms we’re on the right track and proves how our Platform for Champions stands out in a crowded field. Our Heavyweight Lounge became the meeting place for operators who want to go deep on strategy, margins, and market moves with purposeful, energetic, outcome-focused conversations,” said Sergey Ghazaryan, Chief Revenue Officer at GR8 Tech.

SiGMA Central Europe showcased the Heavyweight Club philosophy, inspired by GR8 Tech’s partnership with Ready To Fight by Oleksandr Usyk: champions create champions. By pairing athlete-grade preparation with operator-grade technology, GR8 Tech has grown a community of operators aligned by a code: launch first, perform under pressure, and compound advantage through the right partner.

Big Stage Energy from Behind The Gloves Experience

During the three-day conference, over 50 visitors participated in 15-minute pad-work sessions led by Lee McFarland, a British military veteran and iGaming consultant. The short power workouts transformed the GR8 Tech stand into a hub of energy that converted into productive business conversations.

“Performance is something you live, so we built an environment where attendees could experience it. Bringing Behind The Gloves to our booth embodied the discipline and drive we build into our technology,” said Yevhen Krazhan, Chief Sales Officer at GR8 Tech.

GR8 Tech’s team left Rome with disciplined follow-through and a full calendar of next steps. The Lounge and “Behind The Gloves” drove high-quality conversations, and the company will continue to improve the experience for champions at future events.

Ready to fight for greatness? Connect with GR8 Tech and step into the ring.

The post GR8 Tech Delivers Heavyweight Performance at SiGMA Central Europe 2025 appeared first on European Gaming Industry News.