Press Releases
PlayTenn.com: Sportsbooks continue roll with $180 million in December

Tennessee’s online sportsbooks continued to gain momentum, reaching $180 million in wagers in December to close 2020 with the best two-month debut in U.S. sports betting history. An untested market before launching in November, Tennessee is off to the kind of start that almost no one could have predicted, according to analysts from PlayTenn, which offers news and analysis of the fledgling Tennessee gaming market.
“Tennessee launched with what many thought were a lot of question marks, but it is proving to be The Little Engine that Could,” said Jessica Welman, analyst for PlayTenn.com. “It seemed operators were slow to get to the state, many were concerned the 10% hold mandate would tamp down demand, and there were questions on whether or not the Tennessee Education Lottery was up to the task of regulating the industry. Those concerns seem like a distant memory now as Tennessee has catapulted itself into becoming a major player in the U.S. industry in just two months.”
In a December that featured four NFL Sundays, down from five in November, bettors placed $180.9 million in wagers, according to official data released Tuesday evening by The Tennessee Education Lottery. That topped November’s $131.4 million handle by 37.6%. December’s wagers produced a “win” of $13.9 million for the operators, up from $13.2 million in November. And the month’s win injected $3.1 million into state coffers.
Through the market’s first two months, Tennessee has:
- Generated $312.3 million in bets, by far the most of any legal sports betting jurisdiction in U.S. history. The next closest was Indiana, which produced $126.9 million in its first two months in 2019.
- Shattered the records for the best first month and the best second month. Indiana held both records, hitting $35.2 million in September 2019 before reaching $91.7 million in October 2019.
- Set a new standard for operator revenue with $27.1 million. Indiana generated $20.1 million in its first two months, including $11.5 million in its second month.
Tennessee’s hot start can be attributed to several major factors. First, the state launched its sports betting industry with online sports betting, which attracts vastly more in bets than retail sports betting in every state that has both. Secondly, with no retail component in the state, there was no in-person registration requirement for online sports betting, which can artificially depress a market. None of Tennessee’s seven neighboring states offered online sports betting during the Volunteer State’s first two months, and only two, Arkansas and Mississippi, are home to any retail betting. And the Tennessee Titans’ playoff run undeniably spurred local interest.
“Tennessee launched under near-perfect conditions and that can be seen in the early results,” said Dustin Gouker, analyst for PlayTenn.com. “Even with added competition from Virginia now going live, Tennessee’s start has established the state as a significant player in the U.S. And I don’t see anything that will stop the market’s momentum in the short-term.”
As it stands, Tennessee is now the nation’s seventh-largest sports betting market with plenty of growth still to come.
Only four sportsbooks are in operation so far. But more are expected to come in the coming months. That includes the imminent launch of TwinSpires as well as WynnBET and William Hill.
“Having FanDuel and DraftKings, the nation’s two largest operators, in place at launch has helped fuel Tennessee’s surge,” Welman said. “But more high-quality operators will help mature the market. As good as Tennessee’s start has been, the best days are still to come.”
For more information and analysis on regulated sports betting in Tennessee, visit PlayTenn.com/news.
Conferences
Andrew Cardno to Present on Resilient Casino Strategies at the 2025 Casino Marketing & Technology Conference

Quick Custom Intelligence (QCI) is proud to announce that Andrew Cardno, Co-Founder and Chief Technology Officer, will be a featured speaker at the upcoming Casino Marketing & Technology Conference (CMTC), taking place July 29–30, 2025, at Pechanga Resort Casino in Temecula, California.
Cardno’s session, titled “Effective Database Strategies To Help Casinos Prosper During Tough Economic Times,” will be held on July 30 from 11:30 AM to 12:15 PM on the Summit Mainstage.
In this timely presentation, Cardno will explore how traditional KPIs lose value during economic downturns and what database strategies actually work when markets shift. Drawing on his deep expertise and lessons learned from the 2008 financial crisis, Cardno will offer insight into how casinos can build decision agility, redefine success metrics, and adapt their business models in volatile environments.
“Andrew is a dynamic and forward-thinking speaker whose sessions are always among the most anticipated at CMTC,” said Deana Scott, CEO of Raving. “His ability to translate complex data strategies into practical solutions has helped countless operators improve performance, especially during times of uncertainty. We’re thrilled to have him back on the mainstage this year.”
In addition to Cardno’s session, the QCI team will be exhibiting at Booth #12–14, where attendees can explore private demos of the QCI Enterprise Platform, including Chatalytics™, QCI Host®, QCI Player™, and QCI Marketing®.
Also on display will be the newly released Book 12 of The Math That Gaming Made, Compendium—a full-color edition co-authored by Andrew Cardno and Dr. Ralph Thomas, offering a deep dive into data activation, AI, and casino optimization strategies.
QCI invites all CMTC attendees to visit the booth, meet with our team and see a live demo.
The Casino Marketing & Technology Conference is renowned for bringing together industry leaders and professionals to share knowledge, discuss trends, and explore the future of the gaming industry. Andrew Cardno’s session is set to be one of the highlights of the event, offering attendees a unique opportunity to learn from one of the industry’s foremost experts.
Latest News
Zenith offers LatAm unbeatable rates for PGSoft games

Asia’s award-winning B2B provider to offer LatAm some of best commercial terms available
Zenith, Asia’s premier iGaming platform provider and a leading B2B ecosystem enabler, has today announced a pivotal move set to transform the iGaming landscape across the world: the provision of PGSoft games at unbeatable rates via its award-winning OneAPI platform and a direct integration through GamesAPI.
As the world’s largest distributor of PGSoft games, Zenith’s position means it can leverage the most competitive commercial terms for operators throughout the LatAm continent.
This strategic initiative directly addresses the soaring demand for PGSoft titles, which have become immensely popular in the region, with fan favourites like Fortune Tiger dominating engagement charts, particularly in Brazil.
PGSoft’s portfolio resonates deeply with LatAm players due to its mobile-first design, culturally relevant themes, and engaging gameplay mechanics. By offering these high-demand games at unrivalled rates, Zenith empowers its partners to significantly boost player acquisition and retention, thereby accelerating their revenue generation in a highly competitive market.
Zenith’s latest strategic offering underscores the provider’s rapid and sustained expansion across Latin America, building on recent, significant partnerships. Zenith’s OneAPI platform, recognised as SiGMA Asia’s Best Aggregator in both 2023 and 2025, provides a seamless, single-integration gateway to an expansive library of over 10,000 games from 150+ global and local studios.
This comprehensive solution, bolstered by Zenith’s robust, localised server infrastructure across LatAm, ensures optimal performance, minimal latency, and a superior player experience for even the most popular and high-traffic titles.
Karina Moral, Senior Business Development Manager at Zenith, commented: “As the world’s largest distributor of PGSoft games, we’re now able to offer truly unbeatable rates to our LatAm partners via both OneAPI and GamesAPI.
“This is a game-changer, giving operators direct access to incredibly popular content at the best commercial terms on the continent. Combined with our robust localised infrastructure and recent partnerships like CP Games and Jugamax, Zenith is firmly committed to driving sustainable growth across Latin America.”
As Zenith continues to deepen its footprint in Latin America, it remains dedicated to delivering a comprehensive, end-to-end ecosystem of solutions tailored to the unique dynamics of the region’s diverse markets.
Latest News
BETMGM 2Q/1H 2025 UPDATE & FY2025 GUIDANCE INCREASE

BetMGM LLC jointly owned by MGM Resorts International and Entain plc, is providing an update on its Second Quarter 2025 (“2Q 2025”) and First Half 2025 (“1H 2025”) performance.
- Strong 2Q and 1H performance as BetMGM’s ongoing strategic execution drives strong and profitable growth
- 2Q Net Revenue up 36% YoY and EBITDA of $86 million (up $78 million YoY)
- 1H Net Revenue up 35% YoY and EBITDA of $109 million (up $232 million YoY)
- Leading iGaming offering and enhanced player engagement delivered 2Q revenues +29% (1H +28%) with strong growth in player volumes and activity
- Strong Online Sports performance with 2Q revenues +56% (1H +61%) driven by refined player marketing and management and strengthened product
- Upgrade to FY25 guidance and increased confidence in path to $500 million EBITDA in coming years
- Expect FY25 Net Revenue of at least $2.7 billion and EBITDA of at least $150 million1
Adam Greenblatt, Chief Executive Officer of BetMGM, commented: “BetMGM has seen a strong first half of the year, delivering significant revenue and EBITDA growth that is underpinned by the ongoing execution of our strategic plan. The momentum we have built since the second half of 2024 accelerated through the first half of 2025. Our iGaming business continues to deliver new records as we showed why BetMGM is the go-to destination for all players, and in Online Sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board. BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business. Our stronger than expected performance through 1H 2025 positions us well for the rest of the year, reinforcing our confidence in the future and the many opportunities ahead.”
Key Financial Highlights
2Q and 1H 2025 BetMGM Financial Summary1,2,3 |
|||||||
$ millions, unless otherwise noted |
2Q 2025 |
YoY Change |
1H 2025 |
YoY Change |
1H 2024 |
||
Net Revenue |
|||||||
iGaming |
$449 |
+29 % |
$891 |
+28 % |
$695 |
||
Online Sports |
$228 |
+56 % |
$422 |
+61 % |
$262 |
||
Handle4 |
$3,427 |
+25 % |
$7,515 |
+27 % |
$5,914 |
||
GGR Hold % |
9.8 % |
+40bps |
8.9 % |
(10)bps |
9.0 % |
||
NGR Hold % |
6.6 % |
+130bps |
5.6 % |
+120bps |
4.4 % |
||
Retail / Other |
$16 |
(5) % |
$36 |
(15) % |
$42 |
||
Total Net Revenue |
$692 |
+36 % |
$1,349 |
+35 % |
$999 |
||
Contribution |
$191 |
+$88 |
$307 |
+$241 |
$66 |
||
EBITDA |
$86 |
+$78 |
$109 |
+$232 |
($123) |
||
Average Monthly Actives (thousands)5 |
901 |
+7 % |
984 |
+6 % |
926 |
2Q/1H Financial Highlights
- 1H Net Revenue of $1.35 billion, +35% YoY delivering 1H EBITDA of $109 million (up $232 million YoY)
- 2Q Net Revenue of $692 million, +36% YoY with continuing momentum and strong underlying growth
- iGaming Net Revenue of $449 million, +29% YoY, driven by leading offering with exclusive content, differentiated engagement tools and enhanced player management
- Online Sports Net Revenue of $228 million, +56% YoY, reflecting strengthened product and refined engagement
- Average Monthly Actives +7% YoY
- 2Q EBITDA of $86 million (up $78 million YoY) underpinned by positive contribution from both iGaming and Online Sports
- Secured stabilized 14% GGR market share in active markets with iGaming (22%) and Online Sports (8%), further cementing BetMGM’s podium position in the market6,7
- $150 million revolving credit facility remains undrawn with no further capital from parent companies expected
Operational highlights
- Market leading iGaming offering
- Continued investment behind leading iGaming business to acquire and retain a broader pool of players at attractive payback periods
- Strong player volumes and engagement KPIs underpin 1H outperformance
- 1H Average Monthly Actives +38% and Active Player Days each month +34%8
- Attractive player economics supported by:
- Exclusive and unparalleled library of content including The Wizard of Oz, Price is Right and Family Feud
- Creative player engagement tools improved active player days and 2025 cohort retention
- Further investment in live dealer business
- Improved targeting and showcasing of promotions to cross-sell Online Sports and iGaming players in our multi-product states
- Strengthened Online Sports product and enhanced player engagement approach
- Significant growth in Online Sports demonstrates successful brand repositioning, player acquisition and management, alongside ongoing product improvements
- Focused “premium mass” approach and enhanced CRM delivering a more engaged and higher quality player base
- 1H Handle per active +34% and NGR per active +70%9
- 1H Active Player Days +14% with +24% more Bets per active8,9
- 1H NGR margin improvement of +120 bps YoY
- Strengthened product with broader offering and parlay capabilities, plus enhanced UX navigation and app speed
- Unlocking differentiated omnichannel opportunities
- Growing flywheel benefits from Nevada omnichannel position with launch of flagship app and nationwide digital wallet
- Improved integration across omnichannel touchpoints supports efficient acquisition and retention funnel offering unique player experiences
- 30% growth in NV monthly actives in 1H; 4x increase in number of NV actives continuing play in home state in 1H10
- Omnichannel game titles and differentiated live dealer offering provide BetMGM exclusive experiences
- c50% of BetMGM’s Top 20 grossing slot titles are omnichannel games, including recently launched titles from The Wizard of Oz franchise11
- Growing flywheel benefits from Nevada omnichannel position with launch of flagship app and nationwide digital wallet
Outlook
- BetMGM’s performance in 2Q and 1H 2025 provides increased confidence in the long-term profitability and opportunities for the business
- Stronger than expected second quarter supports further upgrade to FY25 guidance12:
- Net Revenue guidance of at least $2.7 billion
- EBITDA guidance of at least $150 million
- Secured podium position in a large and growing total addressable market with increasing operating leverage benefits, reinforces our confidence in delivering EBITDA of $500 million in the coming years
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