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
- 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
- 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.”
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
FY2023 non-GAAP net revenue guidance established in January 2023
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”)
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.
BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 23 markets.
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.
Google Core Web Vitals validate that BetMGM in now one of the fastest apps in the U.S.
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.
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.
Leading Peruvian iGaming Operator La Tinka, Selects Optimove as CRM Marketing Solution to Accelerate Growth through Personalized Journey Orchestration
La Tinka to leverage Optimove’s #1 CRM Marketing solution for iGaming to increase player loyalty and retention through personalized and relevant marketing campaigns.
La Tinka, the leading Peruvian iGaming operator, has chosen Optimove, the #1 CRM Marketing solution for iGaming, to enhance player engagement and retention, helping accelerate the operator’s rapid growth. With Optimove’s advanced CRM Marketing capabilities, La Tinka and their online Sportsbook and Casino brand, Te Apuesto, is set to deliver optimized player journeys with personalized experiences across a broad range of digital touchpoints, enhancing player satisfaction, engagement, retention, and lifetime value.
The strategic integration of Optimove’s Customer-Led Marketing Platform and solution bolsters La Tinka’s refined player engagement strategies, further solidifying the operator’s position as a leading player in the Latin America iGaming industry. La Tinka will leverage Optimove’s OptiMail, a native platform for email personalization and delivery, OptiText, for real-time and scheduled promotional and transactional text messages, and OptiMobile, enabling La Tinka to send personalized rich media mobile push messages directly to players’ devices at optimal engagement times.
The scientific approach embedded in Optimove’s CRM Marketing Platform will empower La Tinka to measure the incremental value of each player interaction. La Tinka will gain key capabilities via Optimove:
Advanced marketing AI capabilities: providing AI-driven insights, Creation, and Orchestration for better player understanding, streamlining or content creation, and optimizing campaign orchestration for enhanced personalized experiences across channels and player touchpoints.
Enriched customer profiles: Unifying all historical, predictive, and real-time customer data from sources such as CRM, service clouds, and data warehouses via Optimove to create a comprehensive single customer view.
Multichannel personalization and orchestration: Orchestrating hundreds of campaigns seamlessly by leveraging Optimove’s AI-mapped CRM Journeys to deliver personalized customer communications across any channel.
A continuous optimization loop: Leverage Optimove’s productized experimentation tools to measure the incremental uplift of each campaign, journey, and strategy to optimize CRM Marketing performance continuously.
“At La Tinka, our dedication to providing an outstanding player experience is unwavering,” said Maria Jose Alfaro, Digital Business Manager at La Tinka. “Optimove, as the industry leader in CRM Marketing, enables us to deliver better, more personalized, and timely player experiences that seamlessly align with the dynamic pace of player engagement with our sports content and casino gaming. Their AI-driven solutions help us determine the next best action for each player to map to every player’s journey. This collaboration reflects our commitment to exceeding our players’ expectations for meaningful experiences at every touchpoint.”
“Smart clients push us to excel, and we’re excited to join La Tinka on their rapid growth journey,” said Tomer Imber, Senior Director of Sales at Optimove. “The La Tinka team truly understands the power of experiences that delight and excite players as a growth engine for the business. As La Tinka focuses on attracting players and converting them at higher rates, we are committed to helping deepen their player engagement and cement long-term retention.”
Optimove will attend and exhibit at SBC Summit Rio, March 5-7, booth D46.
High 5 Games Honored with Two Prestigious Awards at the EKG Slot Awards
High 5 Games, a renowned leader in the casino gaming industry, is proud to announce the receipt of two highly respected awards at the EKG Slot Awards, presented by Eilers & Krejcik Gaming. The awards, “Top Sweepstakes Casino” for High 5 Casino and “Most Innovative Online Game” for Shadow of the Panther Infinity, spotlight High 5 Games’ commitment to excellence and innovation within the digital gaming sphere.
The “Top Sweepstakes Casino” award recognizes High 5 Casino’s exceptional performance and consumer engagement, particularly noting the platform’s expansive game library that exceeds over 1000 titles, cutting-edge technology, and dedication to responsible gaming.
The title of “Most Innovative Online Game” was captured by Shadow of the Panther Infinity, a game that has seamlessly transitioned from land-based popularity to online acclaim. This title features the innovative Racking Up Riches mechanic and the Infinity respins feature, bringing novel excitement to well-established game formats.
“Receiving ‘Top Sweepstakes Casino’ and ‘Most Innovative Online Game – Shadow of the Panther Infinity’ awards is a remarkable win for us. It is the recognition of our products and the impact they have on the industry. These awards inspire us to push the boundaries even further, innovating and elevating the online gaming experience for players around the world and contributing to the development of the iGaming sector as a whole,” said Tony Singer, CEO of High 5 Games.
Asensi Technologies Appointed as Approved Agent by Kahnawake Gaming Commission
Asensi Technologies, a leading provider of Technical Compliance and Certification Services for online Gaming and Gambling companies, proudly announces its appointment as an Approved Agent by the Kahnawake Gaming Commission. This partnership further solidifies Asensi Technologies’ commitment to ensuring regulatory compliance and integrity throughout the gaming industry.
With a track record dating back to 2017, Asensi Technologies has been at the forefront of providing Technical Compliance and Certification Services to gaming operators and suppliers alike. Accredited as a gaming laboratory in Spain since 2017 and most recently in Peru on February 13, 2024, Asensi Technologies has continually demonstrated its expertise in facilitating compliance with regulatory requirements.
The Kahnawake Gaming Commission’s decision to designate Asensi Technologies as an Approved Agent reflects the company’s commitment to upholding the highest standards of regulatory compliance and integrity. Asensi Technologies is poised to assist the Kahnawake Gaming Commission in fulfilling its regulatory objectives effectively and efficiently, ensuring the integrity of gaming operations at every level of the industry and supporting all stakeholders in meeting regulatory standards.
“We are honored to be appointed as an Approved Agent by the Kahnawake Gaming Commission,” said Aurora Merino Salas, CEO at Asensi Technologies. “This appointment further validates our dedication to providing comprehensive technical compliance and certification services and also underscores our steadfast commitment to promoting transparency and integrity throughout the gaming industry.”
Asensi Technologies remains fully committed to leveraging its expertise and experience to assist the Kahnawake Gaming Commission in achieving its regulatory objectives. The company’s comprehensive range of services aims to facilitate seamless compliance for gaming operators and suppliers, thereby enhancing trust and confidence in the gaming sector.
“We extend our gratitude to the Kahnawake Gaming Commission for trusting in our capabilities,” added Aurora Merino Salas. “At Asensi Technologies, we are committed to continuing our efforts to uphold the highest standards of regulatory compliance and integrity within the gaming industry. Without a dedicated, committed, and specialized team like that of Asensi Technologies, all these steps forward would be impossible.”
For more information about Asensi Technologies and its suite of Technical Compliance and Certification Services, please visit Asensi website.
- ACR POKER RETURNS ITS HIGH FIVE SERIES, AWARDING 20 SEATS TO RECORD-SETTING VENOM
- Leading Peruvian iGaming Operator La Tinka, Selects Optimove as CRM Marketing Solution to Accelerate Growth through Personalized Journey Orchestration
- High 5 Games Honored with Two Prestigious Awards at the EKG Slot Awards
- Asensi Technologies Appointed as Approved Agent by Kahnawake Gaming Commission
- KARA MATTHEW, BMM INNOVATION GROUP CHIEF OPERATIONS OFFICER, RECOGNIZED AMONG GLOBAL GAMING BUSINESS MAGAZINE’S “25 PEOPLE TO WATCH” IN GAMING
- March is Problem Gambling Awareness Month — Help Raise Awareness of Resources to Combat Problem Gambling
- American themed slots are increasingly popular
- 1/ST Announces $25 Million on the Line with Introduction of New Racing Series Linking Preakness 149, The California Crown and 2025 Pegasus World Cup
- EvenBet Gaming expands presence in Latin America with Betplay launch
- MGM Resorts & BetMGM Strengthen Relationship with Kindbridge
- Betfred USA Partners with U.S. Integrity
- Hard Rock International Unveils “WE ARE” Initiative with Director, Actress and Activist Eva Longoria and Charity Partners for International Women’s Month
- Altenar Boosts LatAm Presence with Uruguay Office
- NJ Attorney General Platkin Announces the Retirement of Division of Gaming Enforcement Director David Rebuck
- PRAGMATIC PLAY AND ECUABET SEAL BINGO PARTNERSHIP EXTENSION
Canada7 days ago
Push Gaming and NEO.bet roll out Ontario deal
Compliance Updates4 days ago
Scientific Games Testifies at Maryland House Ways and Means Hearing in Support of Proposed iLottery Legislation
Compliance Updates4 days ago
Jaime Rivera Emmanuelli, Former Executive Director of the Puerto Rico Gaming Commission, Joins Saiber LLC
Latest News5 days ago
Where does the Sport of Kings fit into the Brazilian market?
Latest News4 days ago
Clark County residents can bring a friend for free to Super Bingo $160,000 tournaments at the Plaza Hotel & Casino in March and April
Gambling in the USA4 days ago
PlayStar partners with Enteractive for reactivation campaigns
Canada7 days ago
Ellipse Entertainment Enters Geolocation Partnership with GeoLocs
Press Releases6 days ago
“Playing at home”, Salsa showcases its solutions at SBC Summit Rio for the regulated market in Brazil