Press Releases
BETMGM FIRST HALF 2023 UPDATE
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.
To ensure the company keeps its global clients well ahead of the technology curve, Gaming Laboratories International (GLI®) has named Sangeeta Reddy as Vice President, Innovation. Previously, she served as Vice President of Engineering. Reddy will lead the company’s newly formed Innovation division.
“Technology is advancing at a breathtaking rate. Our mission at GLI is to advance with technology, while also constantly finding ways to do more to keep our clients informed and ahead of what’s next. In her new role, Sangeeta will continue to evolve our evaluation methodologies via her passion for R&D, her extensive experience both in and out of the gaming, and her strong academic background,” said President and CEO James R. Maida.
Reddy began her gaming industry career in 2001 as a PA Engineer at IGT, specializing in VLT, Slot games. She joined GLI in 2020. Prior to joining GLI, Reddy successfully managed Software QA and Development teams at Thomson Reuters and General Motors.
She holds a certificate from the Harvard Business Publishing’s Emerging Leaders program and a certificate in Associates Computer Information Systems. Her Postgraduate certification includes Chief Technology Officer Program, Business Analytics: From Data to Insights, and Driving Strategic Innovation: Leading Complex Initiatives for Impact from the Wharton School Aresty Institute of Executive Education and certifications in Cloud Computing, Artificial Intelligence and Machine Learning: Business Applications, Artificial Intelligence, and Data Science and Business Analytics from the Texas McCombs School of Business, Postgraduate Program.
Legendary motorsport racer and SOFTSWISS’ Non-Executive Director in Latin America Rubens Barrichello is taking the stage at SiGMA Americas 2025 with an inspiring keynote speech on 8 April, the opening day of the summit.
This will be Barrichello’s first major public engagement as an official SOFTSWISS representative at SiGMA Americas. In his speech, he will spotlight his vision of racing and iGaming – two worlds defined by speed, precision and passion. Attendees can expect a unique view of how these seemingly distant industries are more connected than it may seem.
In his keynote, Barrichello will share insights that bridge his personal racing journey with the opportunities presented by SOFTSWISS. The speech will also cover the cultural and human elements of doing business in Latin America, and the importance of timing, connections, and adaptability to achieve long-term success in this booming market.
“Latin America is a unique region filled with pure energy, emotion, and drive,” said Rubens Barrichello, Non-Executive Director in Latin America at SOFTSWISS. “The iGaming industry here is moving so fast, that for me it’s like stepping into a new race. But instead of cars, it’s technology, competition, and innovation pushing the progress forward, just like in Formula 1. I can’t wait to speak at the SiGMA Americas Summit and share what it takes to grow business on this continent.”
Barrichello’s active public engagement highlights SOFTSWISS’ strategic expansion into Latin America, one of the fastest-growing iGaming markets in the world. The company has already established itself in the region through certification in Brazil and Peru for its Game Aggregator and Jackpot Aggregator. In addition, SOFTSWISS recently partnered with rising talent Eduardo Barrichello for the 2025 FIA World Endurance Championship.
Rubens Barrichello will also join the SOFTSWISS team at Stand M85, where attendees can book meetings and explore how SOFTSWISS helps partners drive success across Latin America.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 27,800 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team counts over 2,000 employees.
Latest News
BMM INNOVATION GROUP TO SHOWCASE ITS WORLD-LEADING TESTING SERVICES FOR BRAZIL’S FAST-GROWING GAMING MARKET AT BIS SIGMA AMERICAS SUMMIT APRIL 7–10
Company to share expert insights and highlight its fast-track product certification and lottery support at São Paulo, Brazil show
BMM Innovation Group (“BMM,” “BIG Group,” or “BIG”), a technology conglomerate focused on product compliance testing, cybersecurity solutions, and virtual training for the global gaming industry, will exhibit at BiS SiGMA Americas April 7-10 at the Transamerica Expo Center in São Paulo, Brazil in Stand No. F133.
As Brazil’s gaming landscape undergoes a significant transformation under new federal regulations, BMM is heavily partnered with operators, suppliers, and regulators through this transition. With its three expert divisions – BMM Testlabs, BIG Cyber, and RG24seven Virtual Training – the BIG Group brings unmatched expertise in product testing, cybersecurity, and responsible gaming education, all vital for success in the dynamic Brazilian market.
At the show, BMM will highlight its fast-track product testing and certification process, developed specifically to address Brazil’s recertification requirements for B2B and B2C operators. This streamlined service ensures that gaming companies meet all regulatory standards while maintaining their operating licenses with minimal disruption.
BMM Testlabs’ Marzia Turrini, President of iGaming & Cybersecurity, said, “BMM is committed to guiding customers through the certification process with speed, precision, and expert support. Our goal is to reduce regulatory risks and accelerate time to market in Brazil’s evolving regulatory environment.”
At BiS SiGMA, BMM will highlight its support for Brazil’s expanding state lottery market, working closely with operators to support multi-jurisdictional entry and growth. BMM’s lottery and iLottery testing services help ensure full compliance while enabling faster, broader market access.
Visitors to BMM Innovation Group’s stand at BiS SiGMA Americas will gain insights into the Company’s full suite of services for cybersecurity and defense, as well as responsible gaming, including:
- Vulnerability assessments, penetration tests, PCI:DSS evaluations, and a suite of managed security services featuring CYREBRO’s Security Operations Center, KnowBe4’s security awareness training, and Maxxsure’s risk management platform.
- RG24seven Virtual Training, offering expert-led education on responsible gaming, anti-money laundering, and many other important topics, available in Portuguese, Spanish, and English for gaming professionals worldwide.
Turrini added, “BMM is more than just a test lab. We are a long-term strategic partner, helping shape a secure, responsible, and compliant gaming industry in Brazil and globally.”
BMM invites all BiS SiGMA attendees to stop by Stand No. F133 and discover how the Company drives innovation, reliability, and trust across Brazil’s regulated gaming industry. For more information on BMM’s Brazil support, visit the BMM Brazil Hub at brazil.bmm.com/.
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