Latest News

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

Published

1 year ago

February 9, 2024

BetMGM Expands Baseball Playoff Presence with League-wide Bullpen Advertisements

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
(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.
(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.

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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.

Latest News

WSOP Circuit Returns to Latin America – Qualify Exclusively at GGPoker

Published

11 hours ago

August 6, 2025

Adrienn Sarkany

GGPoker, the World’s Biggest Poker Room, is excited to announce the launch of online satellite tournaments for the upcoming WSOP Circuit Panama 2025 live poker event.

This exciting event will put Latin American poker back in the spotlight and is set to bring together the continent’s top players from November 6 to 16 at the prestigious Hilton Panama Hotel and the exclusive StarBay Casino.

Featuring 12 official World Series of Poker gold ring events, a full schedule of side tournaments, VIP activities, international media coverage, and a stunning seaside location, WSOP Circuit Panama promises to be one of the year’s most spectacular stops for both professional and recreational players.

Gregory Chochon, Chief Operating Officer of the World Series of Poker, added:

“We are proud to see the WSOP Circuit continue to grow internationally. Latin America is a passionate and fast-growing poker region, and events like WSOP Circuit Panama bolster our mission to bring the WSOP gold ring experience to players around the globe.”

GGPoker players can qualify via a 12-week online satellite series, with 20 guaranteed packages worth $2,500 USD each. Each package includes a $1,700 Main Event entry and $800 for travel expenses. Satellites start at just $5, giving players across Latin America the chance to live the full WSOP experience in Panama.

Online Satellite Schedule on GGPoker (ET time):

Day	Time (ET)	Tournament Name Advertisement
Mon–Sat	3-4-5-6-7 PM	WSOP-C Panama – $5 Daily Satellite
Sunday	12-1-2-3-4 PM	WSOP-C Panama – $5 Daily Satellite
Mon-Sun	8 PM	WSOP-C Panama – $33 Package Qualifier
Sunday Advertisement	4 PM	WSOP-C Panama – $22 Last Chance Satellite
Sunday	7 PM	WSOP-C Panama – $215 Weekly Final

WSOP-C Panama Satellite Stats (over 12 weeks):

$5 Satellites: 1,296 tournaments
$33 Qualifiers: 312 tournaments
$22 Last Chance: 12 tournaments
$215 Weekly Finals: 12 tournaments

Guaranteed Packages ($2,500 each):

Weeks 1–4: 1 package per week
Weeks 5–12: 2 packages per week
Total: 20 guaranteed packages
Total Prize Value: $50,000 USD

In addition to winning a coveted WSOP Circuit gold ring, each ring event winner in Panama will also receive a $5,000 WSOP Circuit Championship package, which includes:

$2,750 entry to the Mystery Bounty WSOP Circuit Championship
6-night stay at Atlantis (Coral or Royal Towers)
Complimentary buffet access during the stay

“WSOP Circuit Panama is a unique opportunity for players across Latin America to enjoy a world-class poker experience in an extraordinary setting,” said Juan Carreño, GGPoker Representative.

Latest News

Caesars Entertainment Debuts IGT’s Kitty Glitter Grand Slot Across its Online Casino Platforms and Inside its Atlantic City Resorts

Published

12 hours ago

August 6, 2025

Niji Narayan

Caesars Entertainment Inc. announced it is the first in the industry to launch IGT’s newest installment of its beloved slot title, Kitty Glitter Grand. The game is now live across Caesars Palace Online Casino, Horseshoe Online Casino, and Caesars Sportsbook & Casino in New Jersey, Pennsylvania, Michigan, West Virginia, and Ontario. It’s also available at Caesars Rewards destinations in Atlantic City, including Caesars and Harrah’s, with Tropicana set to join the lineup soon, subject to final regulatory approval.

This debut marks IGT’s first simultaneous exclusive launch of a game both online and in casinos in the US. As a result, Caesars is currently the only place where fans of the Kitty Glitter franchise can experience this latest installment, whether in person or online.

“The popularity of Kitty Glitter Grand speaks for itself across gaming floors at our Caesars Rewards destinations, which is why we couldn’t be happier that our players will be the first to enjoy the newest title in this renowned brand’s history. We know how impactful exclusive launches can be, so we’re grateful to our partners at IGT for their trust in partnering with us on their first simultaneous online and in-casino launch in the United States. We’re committed to bringing first-to-market, unforgettable experiences to our online casino players that can’t be found anywhere else,” said Matthew Sunderland, Senior Vice President and Chief iGaming Officer at Caesars Digital.

“The exclusive launch of Kitty Glitter Grand is another shining example of how we’re strengthening the powerful connection between our world-class destinations in Atlantic City and beyond with our dynamic digital platforms. We’re uniquely positioned to deliver exclusive, first-to-market gaming experiences that our guests can enjoy both on the casino floor and from the comfort of their home. This launch underscores our commitment to offering best-in-class entertainment wherever our players choose to engage,” said Barron Fuller, Regional President at Caesars Entertainment.

For more than twenty years, Kitty Glitter has been a fan favorite in brick-and-mortar casinos, and its enduring popularity continues to captivate players. This latest installment offers an enhanced gameplay experience with recognizable collection features that players already know and love from the original Kitty Glitter game, while adding even more compelling new enhancements. Both new players and fans of the original can enjoy an added wheel bonus and random wilds in the base game, which help boost these themes to the next level.

“We’re thrilled to partner with Caesars on the exclusive launch of Kitty Glitter Grand, a title that builds on one of IGT’s most iconic brands. This first-of-its-kind simultaneous launch across online and land-based channels in the U.S. reflects our commitment to innovation and delivering engaging content that resonates with players wherever they choose to play,” said Nick Khin, CEO of Gaming at IGT.

In celebration of this special debut, Caesars plans to host an exclusive VIP event for select Caesars Rewards members at Caesars Atlantic City in August. The Company is also running an omnichannel promotion at its Atlantic City destinations and a special leaderboard promotion across its digital platforms in all jurisdictions where it offers iGaming, excluding Ontario.

Compliance Updates

NCPG Celebrates Senate Action on Military Gambling Addiction Research

Published

12 hours ago

August 6, 2025

Niji Narayan

The Senate Appropriations Committee approved a key provision in the FY26 Senate Defense Appropriations Bill that would, for the first time, make gambling addiction an eligible research topic under the Department of Defense’s Peer-Reviewed Medical Research Program (PRMRP). The decision marks a historic step in addressing gambling disorder as a behavioral health condition impacting active duty servicemembers and Veterans.

The provision was championed by a broad group of lawmakers, led by Senator Ben Ray Luján (D-NM), and supported by more than two dozen state affiliates of the National Council on Problem Gambling (NCPG), as well as leading operators from the gambling industry including FanDuel, BetMGM, and MGM Resorts International.

“The Committee’s action will finally give researchers, local VA clinicians, and military health officials the ability to better understand and address gambling addiction among those who serve. We’re grateful to our allies in Congress, industry partners, and the public health community for making this progress possible,” said Derek Longmeier, President of NCPG’s Board of Directors.

According to recent research from NCPG, nearly 20 million American adults report experiencing at least one problematic gambling behavior “many times” in the past year. Although this research suggests that the risk for gambling problems may be stabilizing, military communities remain disproportionately affected.

Gambling addiction is one of the most under-researched behavioral health conditions among military populations even though servicemembers are twice as likely as civilians to experience gambling problems. Nearly 40% of veterans who seek treatment for gambling addiction report having attempted suicide.

“Servicemembers and Veterans facing gambling addiction deserve the same level of support and understanding we’ve worked to build around PTSD, depression, and other behavioral health challenges. This provision is a critical step toward recognizing the realities our military community faces and ensuring the federal government invests in the basic, foundational research needed to support recovery,” said Sen. Ben Ray Luján.

Congress previously mandated annual screenings for gambling disorder in the FY2019 National Defense Authorization Act. However, without federal research funding, military and local VA clinicians lack the data and tools necessary to facilitate early intervention or provide evidence-based care.

If enacted into law, the FY26 Defense Appropriations bill would establish the first federally recognized pathway for research into gambling addiction in the military. The bill now proceeds to the full Senate for consideration.