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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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Operational Friction at Scale: Infrastructure Risks in Online Casinos

Published

33 minutes ago

March 12, 2026

Wladimir P.

operational-friction-at-scale:-infrastructure-risks-in-online-casinos

This article is part of Atlaslive’s series examining vulnerabilities in online casino operations and how established operators can address them proactively.

The series highlights critical exposure areas, including cybersecurity threats, KPI red flags, financial leakage, platform and infrastructure weaknesses, and compliance challenges. The final article will present mitigation principles recommended by Atlaslive specialists.

Focusing on Infrastructure and Platform-Level Risks

As online casinos scale, structural vulnerabilities often emerge, revealing weaknesses in technical architecture. These issues typically remain hidden during early development and only appear under stress—such as peak traffic, new market launches, major campaigns, or rapid product expansion.

Common Structural Risks Include:

System latency during high-load periods
Gaps in integration between payments, CRM, and other platforms
Delays in reporting pipelines
Limited real-time data visibility
Fragmented architecture requiring manual intervention in risk, bonus, or payment processes

Beyond Uptime: Performance Quality Matters

Infrastructure issues affect more than system stability. Latency disrupts in-play sessions, reporting delays slow decision-making, and poor integrations increase manual workloads while reducing responsiveness to fraud or behavioral anomalies.

For mature operators, resilience is measured not just by uptime but by seamless communication across verticals—sportsbook, casino, payments, CRM, and risk management—without friction. True scalability maintains performance quality even as operational complexity grows.

Reducing Operational Friction

As scale outpaces architecture readiness, operational friction rises: manual interventions increase, visibility decreases, and response times to emerging risks slow. Atlaslive experts emphasize the importance of structured system communication, real-time data access, and integrated workflows to sustain stability under growth.

Infrastructure vulnerabilities rarely appear overnight; they evolve gradually as operations expand.

To explore Atlaslive’s insights on cybersecurity threats, KPI red flags, financial leakage, regulatory exposure, and recommended mitigation strategies, visit the full article on the Atlaslive blog.

About Atlaslive

Atlaslive is a B2B software developer delivering a multifunctional, automated platform for sports betting and casino operators. Core components include Sportsbook, Casino, Risk Management & Anti-Fraud Tools, CRM, Bonus Engine, Business Analytics, Payment Systems, and a Retail Module. Follow Atlaslive on LinkedIn for the latest iGaming technology updates.

The post Operational Friction at Scale: Infrastructure Risks in Online Casinos appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Fanatics Casino

RLX Gaming expands US reach through Fanatics Casino launch

Published

33 minutes ago

March 12, 2026

Wladimir P.

rlx-gaming-expands-us-reach-through-fanatics-casino-launch

RLX Gaming, the innovative iGaming aggregator and content supplier, has officially launched its full portfolio with Fanatics Casino in the United States.

Players in New Jersey and Pennsylvania can now access RLX Gaming’s extensive library of in-house and third-party titles, following a soft launch in Pennsylvania. Leading slot hits like Temple Tumble, Bonsai Dragon Blitz, and The Great Pigsby are now live, alongside a broad selection of releases from some of the most creative studios in the industry.

Fanatics Casino, available in Michigan, New Jersey, Pennsylvania, and West Virginia on iOS and Android, offers a wide variety of classic and modern casino experiences, including slots, blackjack, roulette, progressive jackpots, and video poker. Each game is designed to deliver authentic casino action, ensuring endless entertainment for players.

This partnership marks a significant step in RLX Gaming’s mission to deliver dynamic, globally-ready content that drives innovation and engagement in the online casino space.

Matthew Hockenjos, Commercial Account Manager for North America at RLX Gaming, said:

“Our collaboration with Fanatics Casino represents a major milestone for RLX Gaming as we strategically broaden our footprint across North America. Fanatics Casino’s commitment to delivering top-tier entertainment aligns perfectly with our mission, and we’re thrilled to bring our engaging slot experiences to players in New Jersey and Pennsylvania.”

Kieron Shaw from Fanatics Casino added:

“We are delighted to integrate RLX Gaming’s captivating portfolio into our platform. This partnership reinforces our dedication to offering a premier online casino experience, giving players access to high-quality titles with proven appeal across New Jersey and Pennsylvania.”

The post RLX Gaming expands US reach through Fanatics Casino launch appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Gen Z

Traffic and Gen Z: What actually works?

Published

33 minutes ago

March 12, 2026

Wladimir P.

O brave new world… Greetings to everyone who keeps running traffic in these turbulent times, where the rules of the game change faster than we can update our creatives. Regulations are tightening, social platforms constantly rewrite their policies, and search engines keep updating their algorithms, that’s already the new normal. But there is another factor influencing the market just as much. A new generation has grown up, reached adulthood, and is entering categories that were dominated by millennials just yesterday. We’re talking about Gen Z and those coming right after them, generation Alpha.

There’s a lot of discussion about them. But the team at Moon Partners wants to look at this topic from a more practical angle, not through the lens of generational theory, but through traffic performance.

Who are Gen Z as an audience?

This is the first fully digital-native generation. They don’t just use smartphones, they’ve never known life without them. They grew up inside social media algorithms, and by the age of 18 they’ve seen more advertising than previous generations did in their entire lives. And because of that, they’ve learned to filter it. They almost never click “just because”. If content doesn’t build trust within the first few seconds, for them it simply doesn’t exist.

Another important factor is gamification and convenience. The more dynamic and engaging the experience is, the better. At the same time, everything must be comfortable and fast. Responses to user actions should be immediate, because patience is limited and people expect results right away.

Sounds like a challenge. Let’s look at what kind of strategy can work with this audience.

Creative preparation

At this stage, we recommend not treating Gen Z as a single segment. The 21–26 age range is only a demographic label. In reality, this audience is made up of many different micro-communities. These may include gamers, crypto enthusiasts, sports fans, self-improvement communities, streamer audiences, Discord communities, and many other niche groups with their own interests and communication styles. So the first step is deciding which context you want to enter. Approaching this audience without segmentation often leads to wasted budget. Gen Z responds strongly to personalization. Content should feel aligned with their interests, almost as if you already understand the environment they live in. Of course, this requires some research. But we never said this would be easy.

Platform choice

When working with Gen Z, choosing a platform is not just a technical decision, it’s a strategic one. They perceive each platform as its own culture, with its own language, pace, and level of trust. Our goal is to speak their language and appear naturally in their environment. Not as someone trying to interrupt their world, but as something interesting that appears organically in their feed. Remember those early-2000s movies with model castings where judges would say “Thank you, next” the moment something didn’t fit? Gen Z treats their feeds exactly the same way.
They will scroll past almost everything, but they will choose only a few pieces of content to engage with.That’s why creatives on social platforms must look like a natural part of the feed. The first seconds decide everything. If content feels out of place, it simply gets skipped.
For push and pop traffic, aggressive clickbait usually doesn’t work well. For native and search traffic, users often double-check information about projects, read reviews, and research products before engaging. This is why it’s important to work with clean products that have a solid reputation.
So the strategy is simple: choose the right platform and adapt your content specifically for it.

A small case study

At Moon Partners, we’ve seen how the behavior of younger audiences changes in practice. One of our affiliates tested an iGaming offer targeting users aged 21–26. The initial creatives were standard for the vertical, banner ads with a bonus offer and a direct registration CTA. However, CTR stayed around 0.4%, and most users simply scrolled past the ads.
After analyzing the audience, it became clear that a large portion of the traffic overlapped with gamer and streamer culture. The creatives were redesigned. Instead of banner ads, the affiliate launched short videos styled as clips from a live stream, where the character “tested their luck” and commented on the gameplay in a familiar, entertaining style.
The content looked like a natural part of the feed rather than a typical advertisement. As a result, CTR almost tripled, and landing page conversions improved noticeably.

For us, this once again confirmed a simple insight: Gen Z reacts far better to content that feels like part of their environment rather than direct advertising.

The takeaway

At this point it becomes clear that what works best with this audience is subtlety and context. The era of simple, straightforward creatives is gradually fading. Marketers need to adapt to new realities, create more native experiences, integrate with audience interests, do deeper research, and stay aware of current trends. This doesn’t mean that traditional approaches no longer work at all. But we are clearly in a transition period, and those who fail to adapt may quickly lose relevance.

If you are exploring traffic opportunities with younger audiences, the Moon Partners team is always open to communication. We’re happy to share our experience, insights, and discuss collaboration formats that work for everyone. Because for us, affiliate marketing is about more than numbers, it’s about honest partnerships, real conversations, and win-win collaborations.

The post Traffic and Gen Z: What actually works? appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.