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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.

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BOYD GAMING TO SELL FANDUEL INTEREST FOR $1.755 BILLION

Published

2 days ago

July 11, 2025

George Miller

BOYD GAMING TO SELL FANDUEL INTEREST FOR $1.755 BILLION

All-Cash Transaction Unlocks Significant, Unrealized Value for Boyd Shareholders
Boyd, FanDuel Extend Market-Access Agreements through 2038

Boyd Gaming Corporation announced it has entered into a definitive agreement to sell the Company’s 5% equity interest in FanDuel Group to Flutter Entertainment plc for cash consideration of $1.755 billion.

The transaction is expected to close in the third quarter of 2025, subject to regulatory approvals. The Company intends to use net proceeds to reduce debt.

Keith Smith, President and Chief Executive Officer of Boyd, said: “This transaction unlocks the tremendous unrealized value that our investment in FanDuel has created for our Company. As a result, we are in a significantly stronger financial position to continue executing our strategy of investing in our properties, pursuing growth opportunities, returning capital to our shareholders, and maintaining a strong balance sheet.”

In addition to purchasing Boyd’s equity interest in FanDuel, Boyd and FanDuel will terminate certain existing market-access agreements between the parties and enter into new agreements to provide, among other things, for an extended term through 2038. The agreements will also provide Boyd with a fixed fee per state from FanDuel’s mobile sports-betting operations in Iowa, Indiana, Kansas, Louisiana and Pennsylvania, as well as FanDuel’s online casino operations in Pennsylvania, upon the close of this transaction. FanDuel will also continue to operate Boyd’s retail sportsbooks outside of Nevada through mid-2026, after which time Boyd will assume responsibility for these operations.

Under terms of the revised market-access agreements with FanDuel, the Company now expects its Online segment will generate $50 million to $55 million in operating income and Adjusted EBITDAR for the full year 2025, and approximately $30 million in 2026.

Smith added: “The partnership between Boyd and FanDuel has been a remarkable success for both companies. FanDuel has emerged as the nation’s clear leader in online sports-betting, while Boyd has been able to leverage this partnership to profitably participate in the rapid growth of sports betting across the country. It has been a privilege to work with the Flutter and FanDuel teams, and we look forward to supporting FanDuel’s continued growth and success through our market-access agreements across the country.”

Moelis & Company LLC served as exclusive financial advisor to Boyd Gaming on the transaction. Morrison & Foerster LLP served as legal advisor to Boyd Gaming on the transaction, with Brownstein Hyatt Farber Schreck, LLP advising on the commercial agreements.

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Pavilion Payments Partners with Pawnee Nation to Deliver Seamless Casino Funding Solutions Across All Three Properties

Published

2 days ago

July 11, 2025

Niji Narayan

Pavilion Payments, the leading omnichannel payment solutions provider in the gaming industry, has announced a partnership with Pawnee Nation, launching a suite of VIP Preferred funding solutions at their three properties: StoneWolf Casino, Trading Post Casino, and TeePee Casino and Smoke Shop.

Through this partnership, Pawnee Nation will leverage Pavilion Payments’ industry-leading VIP Preferred eCheck and Choice4 deferred settlement services at both the cage and VIP Financial Center self-service kiosks. Cash advance will be available at the cage, while the kiosks will offer multi-factor authentication (MFA) and ATM access, providing players with secure, convenient, and flexible funding options. Additionally, Pawnee Nation will implement VIP Shield, Pavilion Payments’ comprehensive Title 31 compliance solution, to enhance security and streamline regulatory compliance.

“We’re proud to partner with Pawnee Nation and support their ongoing commitment to delivering exceptional guest experiences. Our mission is to empower operators with secure, efficient, and forward-thinking payment technologies. We’re honored to support Pawnee Nation as they continue to drive innovation in the gaming space by streamlining transactions, strengthening compliance capabilities, and enhancing player satisfaction,” said Dan Connors, Chief Executive Officer of Pavilion Payments.

“Partnering with Pavilion Payments allows us to offer our players flexible and hassle-free funding options backed by trusted, industry-leading technology. This partnership aligns with our commitment to deliver exceptional guest experiences while supporting operational excellence across all three properties,” said Robert Wallar, CEO of Pawnee Tribal Development Corp.

By deploying Pavilion Payments’ integrated solutions, Pawnee Nation is making it easier for guests to access their funds and enjoy a more seamless and secure experience—while giving casino operators more control, insight, and efficiency in their payments environment.

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Casinos.com Announces Results from Tribal Gaming Community Impact Voting

Published

2 days ago

July 11, 2025

Niji Narayan

Casinos.com has revealed the voting results for the tribal and First Nation casinos across the US and Canada that have had the greatest impact on their local communities.

Voted entirely by locals, the results recognize standout casino venues across four U.S. states and three Canadian provinces where tribal and First Nations gaming venues have a heavy presence. Locals were asked to vote for the casino in their area that has had the most significant community impact, whether that be through funding and donations or excellent entertainment services.

Voting Recognizes Seven Standout Casinos for Cultural Impact

The public voting campaign was conducted as part of Casinos.com’s Tribal Casinos Month initiative, dedicated to honoring the achievements, cultural contributions, and economic impact of Indigenous-owned and operated casinos across Canada and the US.

This month-long spotlight aligned with National Indigenous History Month in Canada and complemented broader efforts to recognize the sovereignty of First Nations, Inuit, Métis and Native American communities.

“We’re proud to help shine a spotlight on these tribal and First Nation casinos. These are organizations that go above and beyond to deliver meaningful change to their communities. The results reflect the thoughts of the community in terms of not only entertainment excellence, but dedication to cultural preservation, economic resilience, and community uplift,” said Lee Gwilliam, SVP at Casinos.com.

US Winners (percentage of votes in each area):

Michigan – Soaring Eagle Casino (53%)

Operated by the Saginaw Chippewa Indian Tribe, Soaring Eagle Casino was recognized for its commitment to education, health initiatives, and economic development in the central Michigan region. From scholarships to infrastructure investment, voters praised the casino’s broad and lasting contributions.

The Nimkee Memorial Wellness Center is directly funded and supported by casino-generated revenue. The Soaring Eagle Casino & Resort routinely awards the Au Gres–Sims School District and Isabella County educational entities with grants that go beyond the 2% revenue-sharing program and fund initiatives such as Chromebook access, STEM curriculum and digital learning.

Florida – Seminole Hard Rock Hotel & Casino Tampa (54%)

With deep roots in community outreach and cultural celebration, the Seminole Hard Rock Tampa was honored for its high-profile support of local nonprofit organizations, disaster relief funding, and job creation across the Tampa Bay area.

Recently, the Seminole Hard Rock made a hefty donation to disaster relief efforts targeting communities affected by Hurricanes Helene and Milton. It supports World Central Kitchen and the American Red Cross. Casino’s COVID-19 efforts included donating food to Metropolitan Ministries.

California – Yaamava’ Resort & Casino (44%)

The Yaamava’ Resort & Casino, owned by the San Manuel Band of Mission Indians, was commended for its philanthropic leadership and expansive health, housing, and education programs that benefit the Inland Empire and beyond.

Casino famously supported wildfire relief with a $100,000 donation to the American Red Cross. Its $200,000 grant to the Inland Empire Ronald McDonald House provided housing for families of critically ill children being treated at Loma Linda University Medical Center.

Oklahoma – WinStar World Casino and Resort (49%)

A beacon of economic empowerment in southern Oklahoma, WinStar, operated by the Chickasaw Nation, earned distinction for driving regional growth, supporting healthcare access, and preserving Indigenous heritage.

The Chickasaw Nation has prioritized healthcare by establishing the Chickasaw Nation Medical Center and is invested in renewable energy projects.

Canadian Winners:

Ontario – Casino Rama Resort (55%)

Owned by the Chippewas of Rama First Nation, Casino Rama stood out for its long-standing support of local arts, youth services, and Indigenous language revitalization efforts.

Casino Rama is big on local arts initiatives, so they enjoy supporting language revitalization projects like Ojibwe classes overseen by the Culture and Research Department and local Indigenous education charities such as Inspire.

Alberta – River Cree Resort and Casino (51%)

This Enoch Cree Nation enterprise was recognized for its focus on employment opportunities, cultural awareness initiatives, and sustained investment in wellness and community development across Alberta.

Through partnerships like the Enoch-Aecon Joint Venture, the Nation works on expanding trades training for Indigenous workers. The Nation also collaborates with educational advocates like Ever Active Schools, which described their work together as “a partnership, a friendship, and a commitment to the wellbeing of the community.”

Saskatchewan – Dakota Dunes Casino (56%)

Operated by the Saskatchewan Indian Gaming Authority (SIGA), Dakota Dunes Casino led voter sentiment for its impactful community programs, including education funding and mental health services in partnership with First Nations organizations.

Dakota Dunes opened a new mental health clinic with on-site access to counseling and wellness support. Major grants were awarded, such as $100,000 for Team Saskatchewan at the North American Indigenous Games, $100,000 to FSIN for a powwow, and $50,000 to Wanuskewin Heritage Park, each supporting Indigenous cultural development.

In 2023, SIGA committed $1.89 million across its casino markets to support food security, mental health services, and Indigenous youth programs, as detailed in the SIGA Annual Report 2023.