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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.
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A large-scale $1 billion online casino shady scheme involving Ukrainian fraudsters Vadim Gordievsky and Alyona Suvorova has been discovered in Kazakhstan.
The Kazakhstan Financial Monitoring Agency has revealed a large-scale shady scheme with a whole layer of cross-border transfers. While referring to the press service of the Agency, Elordainfo.kz informs that numerous bank employees and 120 people from several countries were involved in the operation of the shady scheme.
The money was sent to various payment organizations, disguised as legal transactions, and was later withdrawn to numerous online casinos.
At the same time, local authorities managed to eliminate the call center, which employed foreigners, which provided technical support for four online casinos as well as advice on money transactions. In addition, the organizers of the call center created a gambling partnership program that was used to accept payments and withdraw them in cryptocurrencies. The overall turnover exceeded 200 million USDT.
During the implementation of all these measures, over 70 searches were conducted. As a result of these activities, local authorities managed to gather physical evidence as well as to detain nine suspects.
According to law enforcement authorities in Kazakhstan, the key organizer of the shady miscoding scheme is Ukrainian Vadim Ivanovich Gordievsky, born in 1974. He led this organized crime group and used the local Marginplus company for these purposes (marginplus.kz). In addition to companies from Kazakhstan, Gordievsky also worked with illegal Russian online casinos while helping them to facilitate payments.
Already in 2008, Vadim Gordievsky served as deputy head of the Boryspil Regional State Administration and was in charge of land issues. Under Gordievsky, various lands of Boryspil were sold while the money was stolen. In the same 2008, he was dismissed from his position with a huge scandal, but his case never resulted in criminal proceedings. A lot of money and connections in government offices helped him avoid accountability.
In 2012, when Viktor Yanukovych came to power, Vadim Gordievsky took the chair of the head of the highway service in the Odessa region, where he managed to get access to millions of dollars, which he later invested in FC Alta Capital.
After the initiation of criminal cases for financial crimes, fraud, and the announcement of his wanted list by the Ministry of Internal Affairs, Vadim Gordievsky left Ukraine on forged documents.
According to investigators, Gordievsky’s partner, Mikhail Kovalev (Mykhaylo Kovalov), who has a number of companies in the EU, in particular, in Poland and a residence permit in Spain, was closely working with Gordievsky. By using numerous fictitious companies in Poland, in particular, STABLEX SOLUTION Sp. z o. o (solvexs.pl) he engaged in illegal payments and cash withdrawal in cryptocurrencies.
His partner, who is also his former Kyivstar employee, Alyona (Olena) Suvorova (born in 1983), who left Ukraine for Moscow after February 2022, and Ukrainian IT specialist Denis Andreevich Rykov (born in 1990), who currently lives in St. Petersburg, also participated in the shady scheme of illegal bookmakers and dubious payments.
Judging by her social media accounts, Alyona Suvorova is currently positioning herself “as an entrepreneur, investor, and crypto trader with 5+ years of experience.” According to Suvorova herself, she has been developing payment technologies in the field of FinTech for 10 years. In 2021, she opened her own business for international crypto transfers. In addition, she is the founder of the Lemoncoin Crypto Academy.
The law enforcement agencies of Kazakhstan are asking for information about the location and data of all these people. In the near future, Vadim Gordievsky, Alyona Suvorova, and other defendants will be put on the international wanted list. According to local laws, they face up to nine years in prison.
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El mundo de las apuestas deportivas y el gaming está a punto de experimentar una gran sacudida con el lanzamiento de Goal2Win, el innovador nuevo juego de números de GoldenRace, diseñado para cautivar a la masiva audiencia global del fútbol.
Goal2Win tiende un exitoso puente entre la pasión universal por el deporte rey y la probada emoción de las predicciones basadas en números, ofreciendo a los operadores un producto nuevo y de alto potencial para la monetización.
Goal2Win es una oferta de primer nivel que toma el formato familiar y clásico de los juegos de números y lo integra con una dinámica temática centrada en el fútbol. Esta combinación única hace que el juego sea instantáneamente reconocible, pero a la vez emocionante y nuevo, atrayendo tanto a apostadores deportivos experimentados como a recién llegados que buscan una experiencia atractiva y simplificada.
Goal2Win es la apuesta de GoldenRace entre la innovación y la tradición. Ofrece a los operadores un producto que aprovecha el inmenso alcance del fanatismo por el fútbol, a la vez que ofrece la jugabilidad sencilla y atractiva y el potencial de ganancias masivas que se espera de un juego de números de primer nivel. Es una mezcla convincente de emoción, simplicidad y un potencial de recompensa significativo.
Características clave que impulsan la fidelización y las ganancias potenciales
Goal2Win está diseñado para la máxima retención de jugadores y altas apuestas, con una jugabilidad dinámica y potentes características:
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Función multiplicadora: Los jugadores pueden realizar el mismo conjunto de apuestas en una impresionante cantidad de veintidós eventos consecutivos, lo que aumenta significativamente las ganancias potenciales y asegura una fidelización sostenida a lo largo del tiempo.
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Jackpots y Mega Jackpots: El juego incluye ganancias escalonadas con jackpots estándar y los codiciados Mega Jackpots, que prometen sumas que pueden cambiar la vida y actúan como un poderoso motivador para el jugador.
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Selecciones rápidas: Para un acceso rápido a la acción, la opción de Selecciones rápidas permite al sistema elegir números al azar, agilizando el proceso de apuesta para los jugadores.
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Selector de Fila/Columna: Mejorando la experiencia del usuario, los botones selectores permiten a los jugadores elegir fácilmente una fila o columna completa de números, simplificando las apuestas sofisticadas.
Goal2Win representa una oportunidad única para que los operadores aprovechen la inmensa base de aficionados al fútbol global con un producto que es a la vez innovador y reconocible al instante. Está listo para convertirse en una oferta básica, impulsando apuestas más altas y atrayendo a una demografía más amplia a la cartera de los operadores.
The post GoldenRace lanza Goal2Win, una fusión entre el fútbol y los juegos de números appeared first on European Gaming Industry News.
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Wrap up warm this festive season with some retro-inspired slot action
Popular iGaming content provider BGaming invites you to cosy up to the fire and hit spin with the release of Totally Hot. This dynamic new title combines classic slot elements with modern gameplay mechanics.
Taking into account its December launch, BGaming dressed up the game for the season: the action is brought to life with bold visuals and festive animations, with roaring hot flames filling the background and Christmas candy canes bordering the reels. Totally Hot will revert to its original version when the holiday season is over.
It is not only the game’s visuals that have been given a modern makeover. Totally Hot deploys a pay-both-ways payment mechanic across its 5×3 game grid, giving players the chance to win with matching combinations in both directions across the reels. Wins go from left-to-right, right-to-left, and even begin in the middle of the reels.
There is also the potential for a festive treat to drop in the middle of the grid in the form of an Expanding Wild, holding players’ attention with the action on every spin.
Totally Hot keeps the good times rolling thanks to a low-volatility maths model that entertains players with frequent wins. This is complemented by an extremely attractive RTP of 97.21%.
Vasili Pauliuchenko, Game Producer at BGaming, said, “The holidays are here, and we wanted to provide our players with the bright and warm gift of nostalgia this Christmas. Totally Hot has been designed to captivate new players and seasoned classic slot lovers alike, keeping them engaged with wins coming from literally every direction.
The game’s blazing vibes and low volatility serve up plenty of laid-back fun.”
The post Experience Classic Slot Thrills this Christmas With BGaming’s Totally Hot appeared first on European Gaming Industry News.
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