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

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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)

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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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Spintec Strengthens its Partnership with Merkur in Colombia and Peru

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Spintec Strengthens its Partnership with Merkur in Colombia and Peru

 

At the Peru Gaming Show in June, strategic partners Merkur Gaming and Spintec entered a new chapter in their partnership in Latin America. The two companies signed a distribution agreement for Colombia and Peru, marking an important milestone in their collaboration. Their united presence at the show highlighted the strength of this alliance, which continues to deliver considerable advantages to their already winning cooperation across the region.

Spintec’s debut appearance this year was a highlight of Merkur Gaming stand at Jockey Plaza in Lima. The Slovenian specialist in Electronic Table Games (ETGs) featured an impressive range of products that combined innovation, reliability, and performance.  Their Karma and Charisma product lines were the big showstoppers with their unbeatable combination of innovation and reliability. These products are gaining traction and popularity all over the world for a very good reason: they are fully engaging and attractive to look at, while also being extremely dependable.

And the quality of Spintec’s portfolio is already delivering measurable results in the region. The renowned research company Eilers & Krejcik recognized Spintec as the top-performing ETG supplier in South America in their April 2025 Latin America Game Performance Report. This achievement propels the partnership in Peru and Colombia even further. It not only underlines the seamless integration of Merkur’s powerful regional presence with Spintec’s technological leadership in ETGs but also serves as a testament to the importance of companies’ growing strategic alliance.

“ETGs are a valuable and strategic addition to Merkur’s already robust product portfolio,” said Dominik Raasch, Management Board Member, Merkur Games. “Our partnership with Spintec is built on a shared vision of delivering excellence, innovation, and value to our customers. The joint market presence we are creating in Latin America is only the beginning.”

Goran Sovilj, Global Sales Director at Spintec, echoed the sentiment: “Our collaboration with Merkur Gaming continues to deepen, and we’re proud of what we’ve achieved together. With their strong local teams, infrastructure, and sales support, we are perfectly positioned to take the leading role in the ETG market in Latin America, and beyond.”

As the companies continue to strengthen and widen their strategic alliances in the region, their commitment to joint innovation, market leadership and next-level gaming experiences grows even further. The optimism is based on past achievements, but also on a very positive outlook towards future growth.

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Betting on the Super Bowl LX Winner: Events Contracts vs Sports Betting

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Betting on the Super Bowl LX Winner: Events Contracts vs Sports Betting

 

The NFL regular season is about to start in early September, but all eyes are on Super Bowl LX, the end of the journey. It will kick off on February 8, 2026, at Levi’s Stadium in Santa Clara, California, where the San Francisco 49ers play their home games. And that’s pretty much all we know about it, for now. Who’s going to play at the halftime show? (Taylor Swift?) What epic TV commercials will be aired (and how much will 30 seconds of airtime cost?) are all unknown.

Another Super Bowl question that has sparked debate as the NFL season is about to kick off is how millions of US fans who want a piece of the action will back their favorite to win. Will they do it through sports betting, which is now legal in most US states, or will they buy event contracts, a new product that is exploding on the internet nowadays, with regulation and legality causing heated debates in courts across the country?

The partnership US betting powerhouse FanDuel announced with event-contract giant CME shows how the industry is trying to navigate an entirely different regulatory universe. The Super Bowl, being one of the largest betting events on the planet, will also determine how these two universes will collide or coexist.

Although many people think sports betting and events contracts are similar, they are two very different beasts.

A traditional sports bet is speculative and meant for entertainment, based on a zero-sum wager between the sportsbook and bettor. Although some bettors apply knowledge and strategy, it is considered gambling, with results being purely up to chance. At the same time, event contracts companies argue that their product has a legitimate hedging function that, although it bears risk, is considered investment risk undertaken for economic purposes.

When placing a bet with a sportsbook, the bettor’s relationship and risk are solely with the sportsbook, which manages the risks, sets up the betting lines, adjusts the odds, and pays out large wins or collects losses. Event contracts are traded between members of a community, facilitated by a centralized exchange platform that doesn’t take part in the trade but rather facilitates transactions between buyers and sellers. Whereas a bookmaker determines odds in traditional betting, event contracts on an exchange platform are priced by market demand.

A bet will typically be binary and held until it expires (or cashed out early). For example, you can bet on the Pittsburgh Steelers to win against the New York Jets in the first gameday of these two teams this season. You will then win or lose based on the odds that were offered when you locked the bet. Event contracts are tradable, and their pricing will fluctuate depending on market conditions. For example, you can buy a contract for “Joe Burrow to win season MVP” and sell it months later at a profit if his odds improve, or alternatively, offload it at a loss if Burrow gets injured and his odds diminish.

Another huge difference is how event contracts are regulated compared to traditional NFL betting. Since the US Supreme Court annulled PASPA (the Professional and Amateur Sports Protection Act of 1992), each US state can regulate its own sports betting market. The regulators’ primary focus is to ensure operator integrity, protect customers from fraud, and put in place mechanisms to prevent and treat problem gambling.

Event contracts are regulated by the Commodity Futures Trading Commission (CFTC), a federal agency that is more focused on ensuring market integrity, preventing market manipulation, and protecting investors from a seismic market shift. It is rarely concerned with protecting individual investors from addiction and the prevention of loss from excessive trading.

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The introduction of event contracts isn’t an evolution of sports betting. It is a big bang, representing the creation of an entirely new marketplace that operates under a different legal framework and a different set of values. Traditional betting lives in the sphere of entertainment and individual player protection, whereas event contracts exist in the world of investment and financial-market transparency and integrity.

The outcome of this regulatory debate will determine whether betting on the NFL and other major league sports will stay within the sportsbook space or expand into financial trading markets.

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ACR POKER CONCLUDES MONSTER VENOM TOURNAMENTS, DELIVERING OVER $10 MILLION IN PRIZE POOLS AND EPIC FINAL TABLE BATTLES

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ACR Poker wrapped up its flagship Dual Venom tournaments, delivering over two weeks of big poker action and awarding more than $10 million in prize pools as players worldwide battled for massive payouts and coveted bounties.

The $8 Million NLH Venom drew 3,392 entrants across six Day 1 flights, pushing the prize pool to $8,480,000. The tournament concluded with Southern California resident David ‘IamYorFather’ Gonzalez, 54, claiming the NLH Venom crown after a fierce final table battle against elite opponents. The champion eliminated runner-up ‘ArkaduktusFrRM’, earning $665,163 and $45,000 in bounties.

“I’m still trying to process what just happened. Even days later it all seems so surreal. I was especially thrilled to be able to overcome being the short stack at the final table,” Gonzalez shared. “The money was a blessing because I have quite a few family members in need and this allows me to support them fully.”

Adding to the excitement, ‘sorka1975’ claimed the $500,000 top bounty, with ‘ArkaduktusFrRM’ ($210,000) and ‘AndreWard’ ($205,000) rounding out the top three mystery bounty winners.

ACR Pros kept the action buzzing throughout, with Chris Moneymaker firing up multiple bullets in the opening Day 1s, and Michael Loncar, Rob Kuhn, and Katie Lindsay earning their spots in Day 2. Fans can rewatch the final table action on ACR Poker’s Twitch channel, featuring Rob Kuhn and Drew Gonzalez.

Meanwhile, the $2 Million PLO Venom, tying ACR Poker’s biggest Omaha tourney ever, attracted 830 entrants and a $2,075,000 total prize pool. ‘FutureTrunks’ ultimately secured the first-place prize of $208,217, plus $146,250 in bounties.

“It was awesome to see such a solid turnout and fun atmosphere in both Venom tourneys,” said Moneymaker. “Huge congrats to the winners and everyone who hit those incredible bounties.” 

From Venom Fever to the Venom Vault, ACR Poker offered players hundreds of low-cost opportunities to win $2,650 Venom seats. One standout success came from ‘xGetxRektx’, who turned an $0.80 Venom Vault Key into an incredible $15,000 bounty and $6,500 cash prize.

While the Venom tourneys have concluded, ACR Poker is ensuring the action continues with more exciting tournaments approaching, including September’s Online Super Series XL, boasting a $50 million guarantee.

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