Connect with us
Prague Gaming & TECH Summit 2024

Latest News

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

Published

on

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

Advertisement

(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)

Advertisement

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.

Advertisement

(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.

Advertisement

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.

Eastern Europe

Ukrainian National Lottery Unveils New Instant Lotteries with NeoGames Partnership

Published

on

ukrainian-national-lottery-unveils-new-instant-lotteries-with-neogames-partnership
Reading Time: < 1 minute

 

Ukrainian National Lottery has recently expanded its offerings, introducing new instant lotteries provided by NeoGames since the beginning of February. These lotteries are now exclusively available on the UNL website.

UNL’s collaboration with NeoGames SA has facilitated the introduction of premium-level online lotteries to Ukrainian players. The partnership aims to bring popular European and American lotteries to the Ukrainian audience, expanding the UNL’s offering.

The launch includes four new lotteries boasting top prizes of up to 2,000,000 hryvnias. Among these offerings is “VIP Ultra”, described as a blend of classic scratch lottery design and game mechanics with luxurious elements.

Advertisement

Additionally, the introduction of “Queen of Diamonds” marks another portfolio addition, historically attracting a large number of lottery ticket sales among instant online lotteries.

Continue Reading

Bragg

Bragg Gaming Continues U.S. Expansion with Golden Nugget in Michigan

Published

on

bragg-gaming-continues-us.-expansion-with-golden-nugget-in-michigan

 

Bragg Gaming Group proudly announces that it has gone live with its newest games and Remote Game Server (RGS) technology at Golden Nugget in Michigan. This milestone marks a significant step in Bragg’s ongoing commitment to delivering innovative and engaging content to players across North America.

Games now available to Golden Nugget’s players in Michigan include popular titles such as “Cai Fu Emperor Ways” and “Egyptian Magic” from Bragg’s Atomic Slot Lab, along with the thrilling “Devil’s Lock” from Bluberi.

All online casino games delivered on Bragg’s new RGS technology come with the Company’s Fuze™ promotional tools as standard which offer player engagement features on games such as free rounds, tournaments and quests.

H2 Gambling Capital projects an impressive Gross Win of over USD $2 billion for the regulated online casino market in Michigan in 2024, highlighting the tremendous growth potential in the region.

Kunal Mishra, Chief Operating Officer – Americas, at Bragg Gaming Group, said: “We continue to strengthen our relationships with key iGaming operators in North America, and the expansion with Golden Nugget in Michigan is a testament to our successful strategy. By offering our high-quality, engaging content, we aim to contribute to the long-term growth of our partners and provide an exceptional gaming experience for players.

Advertisement

“This achievement builds on Bragg’s existing collaboration with Golden Nugget, aligning with the company’s vision to deliver cutting-edge gaming solutions to players in the rapidly growing U.S. iGaming market.”

Continue Reading

Gambling in the USA

Fanatics Sportsbook Launches Today in Michigan

Published

on

fanatics-sportsbook-launches-today-in-michigan

 

Fanatics Betting and Gaming, a subsidiary of Fanatics Holdings Inc, a global digital sports platform, launched the Fanatics Sportsbook & Casino today in Michigan. Sports fans living in and visiting Michigan will be able to download the Fanatics Sportsbook on iOS and Android and begin their Fanatics Sportsbook and Casino experience. Michigan marks the thirteenth state for the Fanatics Sportsbook and third state for Fanatics Casino.

In August 2023, Fanatics Betting and Gaming began acquiring the U.S. businesses of PointsBet and planning the migration of PointsBet customers to the Fanatics Sportsbook app. Today in Michigan only, each PointsBet customer’s username, password, account balance, rewards points and responsible gaming settings will be automatically migrated to the Fanatics Sportsbook.

The Fanatics Sportsbook makes being a fan easy with fast signup, easy betting, transparent withdrawals and is disrupting the sports betting industry with the following new features:

  • Building a better sportsbook: The Fanatics Sportsbook app was built natively on iOS and Android. The design, speed and quality of the navigation experience rival the sports betting apps in the market today that were not built specifically for iOS and Android.
  • FanCash: The Fanatics Sportsbook is the only sportsbook that gives customers up to 5% of their wager back in FanCash. Every dollar of FanCash is a dollar to spend on bonus bets or at Fanatics.com.
  • Discover: Everything a customer cares about, including marquee games, key stats, trending bets, delivered straight to one location – the Discover feed.
  • Search: The Fanatics Sportsbook offers industry-leading search functionality, including a search bar, recent searches, autocomplete, synonym/alias and deep linking. Customers can search easily for the bet they want and bet directly right from the search results.

As part of the launch in Michigan, Fanatics Betting and Gaming will also launch its new online casino, embedded in the Fanatics Sportsbook app. The newly designed Fanatics Casino will feature a range of classic and popular casino favorites like roulette, slots and blackjack along with offering customers the following exciting new features:

  • Play with IGT Play Digital: Fanatics Casino players can enjoy a range of highly engaging IGT PlayDigital games including many of the classic titles that iGaming players love including Cash Eruption™, Fortune Coin™ and Cleopatra™, as well as a suite of MegaJackpots™ titles, proprietary table games and video poker content.
  • Evolved Live Casino Games: Fanatics Casino has partnered with Evolution to provide customers with world-leading live casino games including Blackjack, Roulette, Craps, Baccarat and Poker variants. In addition, Evolution will provide Fanatics Casino with an exciting lineup of online slots, the award-winning Lightning Roulette, and many more games to come.
  • Wonderful New Games: Light & Wonder will provide Fanatics Casino with a wide range of the company’s first party titles, including top-performing games 88 FORTUNES™, JIN JI BAO™ ENDLESS TREASURES™, DANCING DRUMS EXPLOSION™, and ULTIMATE FIRE LINK™ CHINA STREET™. In addition, Light & Wonder will offer Fanatics Casino customers access to third party aggregated content from some of the world’s biggest studios such as Big Time Gaming, Reel Play, Gaming Realms and Hacksaw.
  • Rewards: Casino customers can earn FanCash back on bets, spins and hands and convert FanCash to bonus bets on Fanatics Sportsbook or to purchase team merchandise at Fanatics.com.
  • Fanatics Game Studios: Fanatics Betting and Gaming has produced exclusive content including the new Fanatics Blackjack game developed in partnership with Boom Entertainment. More games are scheduled for later this year.

Fanatics Betting and Gaming believes that responsible gaming is a core tenet and a part of the organization’s DNA. Online customers will have access to Responsible Gaming tools to manage their time and money alongside a best in class Help Center, chat experience and knowledgeable agents with 24/7 coverage.

To download images and videos of the Fanatics Sportsbook and Casino, visit the Fanatics Media Center and for more news and information, follow us on the Fanatics Sportsbook social channels on X @FanaticsBook_PB and on Instagram @FanaticsBook_PB.

Advertisement

Must be 21+. Gambling Problem? Call 1-800-GAMBLER

 

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania