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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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Incentive Games and bet365 refresh Tournament Challenge for the 2026 World Cup

Published

4 hours ago

June 3, 2026

Wladimir P.

incentive-games-and-bet365-refresh-tournament-challenge-for-the-2026-world-cup

Incentive Games has refreshed its Tournament Challenge free-to-play football predictor in partnership with bet365 ahead of the 2026 World Cup. The game sits in bet365’s free games portfolio and will be accessible via the operator’s website and app.

Tournament Challenge lets players predict match outcomes (win, lose or draw) across Group Stage match days and the Knockout Rounds. Players allocate a 10-point stake to each prediction, with returns based on the odds of the selected outcome, and can double points on one prediction per round. Match days and rounds are released individually during the tournament.

New for 2026, the product adds “Your Leagues”, a private league feature that lets players create and join groups using league codes, compare predictions and track performance. Incentive Games said further updates are planned during the tournament.

Ahmed Baker, Chief Commercial Officer at Incentive Games said, “The World Cup is one of the biggest sporting moments on the planet, and Tournament Challenge is designed to bring fans even closer to it. We wanted to create something competitive, social and easy to jump into throughout the tournament. The addition of ‘Your Leagues’ adds a whole new dimension this year, giving players the chance to compete directly with friends and share the experience together. We’re incredibly proud to continue working alongside the fantastic team at bet365 to bring this to life.”

Rhead Hilton, bet365 Software Product Development Manager said, “With the World Cup bringing together fans from all over the world, Tournament Challenge gives bet365 customers a valuable opportunity to get closer to the action.

We are pleased to offer a free-to-play experience that is straightforward, engaging and built around competition, with our Your Leagues feature adding a social dimension that allows players to challenge one another directly and compare predictions. We are also proud to continue our partnership with Incentive Games and deliver another strong product for our customers.”

According to the companies, Tournament Challenge will be available across key global territories, alongside dedicated standalone versions for Brazil, Spain, Italy and Greece. bet365’s terms state the promotion is “only available to new and eligible bet365 customers”, is limited to one entry per person, and closes “at kick-off of the last scheduled tournament game on 19th July 2026.”

The post Incentive Games and bet365 refresh Tournament Challenge for the 2026 World Cup appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

EGT Digital

EGT Digital Brings Operators the Ultimate Advantage Ahead of the World Cup

Published

5 hours ago

June 3, 2026

Wladimir P.

egt-digital-brings-operators-the-ultimate-advantage-ahead-of-the-world-cup

Having the World Cup on the horizon, sportsbook operators are once again preparing for the intense demands that come with peak sporting activity, including surging traffic, increased betting volume, and sustained operational pressure.

EGT Digital’s Sportsbook enables Operators to navigate high-demand periods with stability, flexibility, and control.

Major sports events do not introduce new challenges. They amplify existing ones. Platform performance is tested, trading teams operate under pressure, and retention becomes just as critical as acquisition.

Performance When It Matters Most

EGT Digital’s Sportsbook is designed to perform when expectations are the highest. Built on cloud-native best practices and out-of-the-box scalability, our solution empowers operators to manage peak traffic and continuous activity while ensuring stability and reliability.

Turning Traffic into Long-Term Value

While major events drive player acquisition, long-term value depends on retention. Sportsbook equips operators with a fully configurable set of promotional tools designed to sustain engagement during high-activity periods without adding operational complexity.

Features such as Adjustable Margins, Boosted Bet Builders, Dynamic Parlays, Progressive Jackpot, Early Payouts, Acca Insurance, Price Boosts, and Free Bets give operators the flexibility to tailor campaigns in real time according to player behavior and market dynamics.

Built with automation in mind, the system allows precise control across player segments, sports, and events – helping operators transform traffic spikes into sustained player loyalty.

Flexible Trading, Controlled Risk

High-volume events place trading operations under constant pressure. EGT Digital’s Sportsbook supports both managed and hybrid trading models, giving Operators the flexibility to choose the level of control and support that best fits their business.

Teams are able to manage risk effectively, protect margins, and stay focused without sacrificing the players experience and expectations even during the most demanding schedules and fixtures.

Your Brand, Your Rules.

With EGT Digital’s Next Gen AI CMS, operators can seamlessly manage every aspect of their Sportsbook’s look and behavior, tailoring the experience to specific markets without relying on one-size-fits-all solutions.

One Platform Across Channels

Player behaviour during major events is fluid, with customers moving between Online and Retail environments. EGT Digital’s Sportsbook provides a unified experience across channels, delivering one platform and one operational view.

The post EGT Digital Brings Operators the Ultimate Advantage Ahead of the World Cup appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

FIRST.bet

FIRST.bet Launches UltraCup: A Player-Engagement Engine for the World Cup

Published

5 hours ago

June 3, 2026

Wladimir P.

first.bet-launches-ultracup:-a-player-engagement-engine-for-the-world-cup

FIRST.bet introduces UltraCup: a single destination that keeps players engaged across the entire World Cup – live group standings, knockout brackets, tournament Outrights, Blind Bets on matchups before they’re even drawn, and automatic Bet Builder boosts in the slip. Everything fans need to follow and bet the tournament in one place, from the first whistle to the last.

FIRST.bet, the Tier 1 sportsbook technology provider, today launched UltraCup, a World Cup-focused sportsbook engine built to help operators own the biggest betting event in football.

The next World Cup is not a short tournament spike. It is 48 teams, 104 matches and one continuous peak with no recovery window. UltraCup is built for that reality, giving operators a complete tournament destination that keeps players engaged from the opening group match through to the final.

UltraCup connects the full World Cup betting journey in one place: live group standings, tournament-context match listings, bracket navigation from R32 to the final, dynamic outrights, Blind Bets on future matchups and automatic Bet Builder boosts inside the bet slip.

Tom Light, Founder and CEO of FIRST.bet, said:
“The World Cup is the one moment when every football fan is watching, betting and hunting for somewhere to follow it all – and most sportsbooks lose that player to a dozen rival apps. UltraCup keeps the entire tournament in one place: live standings, knockout brackets, Outrights, automatic boosts and Blind Bets on matchups that haven’t even been drawn yet. Operators capture that attention from the opening whistle and hold it all the way to the final.”

At the heart of UltraCup is a dedicated World Cup hub that mirrors how fans follow the competition. Players can track group tables, move through the knockout bracket, bet on tournament-wide markets such as Champion and Top Scorer, and engage with odds that shift dynamically as the tournament unfolds.

The product also introduces Blind Bets, allowing players to bet on future World Cup matches before the final matchup is confirmed. This turns tournament progression into the betting mechanic itself, creating suspense and repeat engagement across every stage.

UltraCup also includes Auto Boost Builder, which applies automatic odds boosts to qualifying Bet Builders directly inside the bet slip. Operators can configure boosts by sport, tournament, or league, and customer segment, with instant enable or disable controls and boost tiers of any percentage desired.

UltraCup also introduces the Welcome Bonus Boost, a new feature that allows operators to create boosted odds promotions exclusively for new customers who have not yet placed a bet. The mechanic targets the critical first-bet moment, giving operators a targeted tool to convert new registrations into active players during the tournament.

While UltraCup is being launched with a clear World Cup focus, the framework is built to live beyond one tournament. FIRST will extend the same journey into major league and tournament formats across football and other sports, giving operators a reusable engagement engine for the biggest moments on the calendar.

FIRST.bet powers 75+ live operators, 100+ partners and millions of daily transactions across LatAm, Europe and Africa. The company was named ‘Sportsbook Supplier of the Year’ at the SBC Awards 2025 and EGR LATAM Awards 2025, and ‘Best Sportsbook Provider’ at BiS SiGMA South America 2026.

About FIRST.bet

FIRST – Best in Sports is a Tier 1 sportsbook technology provider powering 75+ operators globally, including leading brands among Brazil’s top 20 by GGR. Founded by former SBTech leaders, FIRST delivers a fully managed, high-performance sportsbook engineered for speed, scale and precision across LatAm, Europe and Africa. The company holds licences from the Malta Gaming Authority and the Swedish Gambling Authority, and is GLI-33 certified and ISO-audited. FIRST was named ‘Sportsbook Supplier of the Year’ at the SBC Awards 2025 and EGR LATAM Awards 2025, ‘Best Sportsbook Provider’ at BiS SiGMA South America 2026, and received the ‘Individual Achievement Award’ at the EGR Awards 2026.

The post FIRST.bet Launches UltraCup: A Player-Engagement Engine for the World Cup appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.