Press Releases
BETMGM FIRST HALF 2023 UPDATE
![BETMGM FIRST HALF 2023 UPDATE](https://gamingamericas.com/wp-content/uploads/2022/08/BetMGM.png)
NET REVENUE FROM OPERATIONS OF $944 MILLION IN FIRST HALF OF 20231
POSITIVE EBITDA FOR THE FULL SECOND QUARTER OF 20232
BetMGM, one of the leading sports betting and iGaming operators in North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on First Half of 2023 (“1H 2023”) performance and outlook for full-year 2023.
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability. Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year. Our focus remains on building a sustainable, scalable and returns focused business with leading products that our players enjoy responsibly. We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.”
- BetMGM finished 1H 2023 with strong financial performance
- Net revenue from operations of $944 million, on track to deliver at the upper end of previous guidance range for FY 2023 revenue of $1.8 to $2.0 billion
- 1H same-state growth of 25% in net revenue from digital operations
- Reached the key milestone of positive EBITDA for 2Q 2023
- Improved same state CPAs by 8% in 1H 2023 year on year
- Bonus optimization and player management program continuing to have significantly positive impact, delivering enhanced GGR to NGR conversion:
- Sports NGR margin increased by 300 bps in 1H 2023 year on year
- Digital sports 1H revenue per player up by 65% for players acquired in 2021 or earlier
- Each of the annual cohorts of digital sportsbooks launched from 2019 through 2022 delivered positive Contribution Profit in 2Q3
- Net revenue from operations of $944 million, on track to deliver at the upper end of previous guidance range for FY 2023 revenue of $1.8 to $2.0 billion
- Remain on track for previously stated guidance of EBITDA positive in the second half of 2023 (“2H 2023”)
- Includes investment in upcoming launches in Kentucky and North Carolina that were not originally planned during 2023
- Expectation that BetMGM will become self-sustaining in 2H 2023, with no additional equity investment expected from MGM Resorts or Entain after the $150 million previously committed for 2023
- Established as a leading sports betting and iGaming operator in North America
- Continued geographic footprint expansion in 1H 2023, with new digital sports betting launches in Ohio, Massachusetts, and Puerto Rico
- Live in 26 jurisdictions, including Ontario, with access to approximately 48% of the adult population in the United States4
- Market share across iGaming and sports betting of 18%5
- Continued market leadership in iGaming with approximately 27% market share6
- Online sports betting market share of 11%, with 13% share in markets where BetMGM was live on day one6
- Entain and MGM Resorts contributed new technology, resources, and relationships to accelerate both BetMGM’s product evolution and its access to players
- Entain’s acquisition of pricing and risk specialist Angstrom, announced on July 17th, will enhance BetMGM’s sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering, and provide players with a greatly improved experience
- In connection with MGM Resorts’ exclusive partnership with Marriott, announced on July 17th, BetMGM entered into a loyalty marketing agreement with Marriott whereby BetMGM will offer customers extensive opportunities to earn Marriott Bonvoy points while playing with BetMGM, create exclusive games and experiences, and allow customers to exchange BetMGM Rewards points into Marriott Bonvoy points
- Various platform and product enhancements delivered to provide a more exciting and seamless experience. We’re on track with the rollout of Single Account Single Wallet
- Ongoing commitment to player safety, prioritizing responsible gambling across our business
- Five-year extension to GameSense partnership, announced on March 1st, continues BetMGM’s prominence of responsible gambling messages in its digital and out-of-home marketing campaigns, as well as in its mobile app and retail sportsbooks
- Through its GameSense partnership, BetMGM provides customers with information about how to bet responsibly, setting limits, dispelling myths, and finding support and assistance
- BetMGM awarded one of the Responsible Gambling Council’s top accreditations for integration of responsible gambling and player protection into platforms and operations
- Five-year extension to GameSense partnership, announced on March 1st, continues BetMGM’s prominence of responsible gambling messages in its digital and out-of-home marketing campaigns, as well as in its mobile app and retail sportsbooks
- Award recognition including
- Casino Operator of the Year by EGR North America (second year in a row)
- Casino Operator of the Year at SBC Awards North America (third year in a row)
- 2023-2024 Great Place to Work Certification™
Notes:
1: 1H 2023 net revenue for BetMGM on a GAAP basis is expected to be approximately $923 million, including approximately $32 million related to Nevada MGM Resorts 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: 1H 2023 Revenue and EBITDA figures are unaudited.
3. Contribution Profit for a particular state reflects Net Gaming Revenue minus direct costs (excluding depreciation and amortization and people costs) considered under GAAP presentation of Gross Profit plus marketing acquisition spend.
4: BetMGM operates iGaming and Sports Betting in five markets and Sports Betting in twenty-one markets.
5: Market share for last three months ending April 2023 by GGR including iGaming, retail and online sports betting, and only U.S. markets where BetMGM was active excluding New York; internal estimates used where operator-specific results are unavailable.
6: Market share for last three months ending April 2023 by GGR, including only U.S. markets where BetMGM was active and excluding New York in online sports; internal estimates used where operator-specific results are unavailable.
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Tusk Casino Celebrates Trace’s R2.3 Million Jackpot Victory
![Tusk Casino Celebrates Trace’s R2.3 Million Jackpot Victory](https://gamingamericas.com/wp-content/uploads/2024/09/SA.jpg)
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Latest News
DiffusionData Releases Diffusion 6.11
![DiffusionData Releases Diffusion 6.11](https://gamingamericas.com/wp-content/uploads/2024/09/maxresdefault.jpg)
Community feedback has major impact on new enhancements in latest version of Diffusion
DiffusionData, the pioneer and leader in real-time data streaming and messaging solutions, today announced the release of Diffusion 6.11. The latest developer-centric enhancements to the framework aim to speed and simplify development, reduce operational costs, and ensure reliable and efficient delivery of real-time data.
Grethe Brown, CEO of DiffusionData, said: “Many of the enhancements we’ve introduced in 6.11 have been driven by an ongoing dialogue with our Diffusion community. It’s important for us to understand the evolving requirements of our clients and address those when introducing improvements to our framework. The enhancements reflect some of the daily challenges faced by developers and are intended to improve operational productivity. The feedback from our amazing customers continues to fuel our innovations in real-time data.”
Enhancements in Diffusion 6.11 include:
Major Improvement in Distributed Update Performance
In previous releases the performance of updates in a clustered environment was significantly slower than that of a single server. With this release, asynchronous operations are applied to bring cluster performance comparable to a single server.
Usage Monitor
In 6.11, a new usage monitoring feature has been introduced. This provides customers with the ability to collect certain usage statistics in files that can then be sent to DiffusionData periodically so that their usage of the framework can be assessed. This allows DiffusionData to have a far better view on how Diffusion is being used and provide customers with feedback on their usage to improve the overall technology experience.
Other enhancements in 6.11 include:
- Cluster-aware Session Event Listener: a new API has been added to replace the previous session properties listener. This brings the ability to listen for events related to sessions across a cluster of servers, as well as new filtering capabilities.
- Topic View Scalar Path Mapping Extension: an enhancement to allow topic views to include parent paths when creating views of the topic tree.
- New ‘Environment’ Session Property: a new fixed session property has been added to provide additional information about connecting clients, and enable more powerful filtering of sessions.
- New ‘Matches’ Comparison for Session Filtering: session filters can now make use of regular expressions for matching sessions.
- Ability to Turn Delta Compression Off for Update Streams: users can now suppress delta generation in update streams. Disabling delta compression can reduce the CPU workload at the client at the cost of increased bandwidth.
- Fetching Topic Sizes: it is now possible to fetch the sizes of topics without transferring the topic payload. Sizes are also displayed in the Diffusion Management Console.
- Diffusion Management Console Improvements: the Diffusion Management Console has had several improvements. These include a new intuitive way to define and manage topic views, and a new structural browser for JSON values.
Latest News
Altenar releases new Ganagol tool as key differentiator for LatAm markets
![Altenar releases new Ganagol tool as key differentiator for LatAm markets](https://gamingamericas.com/wp-content/uploads/2024/09/ganagol.jpg)
Altenar, the leading sportsbook and iGaming software supplier, has upgraded its compelling betting tools offering with the introduction of a new Ganagol game.
The latest addition to Altenar’s software is an alternative form of sports betting which boosts engagement and brand loyalty for operators. Rather than betting on individual events, Ganagol allows players to pay an entry fee for the chance to predict the outcome of a series of events for prizes.
By using the new tool, which is also known as Toto in some parts of the world, players can predict the result of a series of football fixtures, with a clean sweep of correct outcomes winning a large prize, while a specific number of results lands them smaller rewards.
Altenar’s operator partners will also be able to choose the format of the game, including match results or correct scores, to meet their needs, as well as customising the payout structure to allow for weekly prizes or rollover jackpots.
A percentage of the entry fee can be added to the category payments, meaning the prize pot increases in line with the number of participants, adding a sense of anticipation as the potential winnings rise. To add further interest, players can also predict the range of goals scored in the same set of fixtures.
This new release serves as a significant differentiator for operators with an eye on global expansion, with the product particularly popular in LatAm.
Dinos Doxiadis, Sportsbook Product Development Manager at Altenar, said: “This is an uplift of a product that has had great adoption in LatAm.
“The new functionalities give our operators more options to increase user engagement, retention and acquisition. We believe that it is by far the most sophisticated tool of its kind across the industry.”
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