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Adam Greenblatt

BetMGM Targets $500M EBITDA in 2026

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Entain, the owner of betting firm Ladbrokes, announced that it aims to achieve a core profit of $500 million in 2026 for its U.S. sports-betting service, BetMGM, which it jointly owns with MGM Resorts.

The 2026 goal was set after BetMGM revealed it expects to be at the higher-end guidance for 2023. According to CEO Adam Greenblatt, revenue should be between $1.80 billion and $2.00 billion in the current financial year.

Greenblatt also said the operator sees 2024 as an “investment period,” having already proved profitability this year. While BetMGM expects to achieve a profitable H2 in 2023, the company expects negative EBITDA for 2024. It is, however, hoped the business will be EBITDA-positive in 2025.

BetMGM is now available in 28 markets in North America. Greenblatt noted North Carolina will be the brand’s next entry, with further opportunities in New York, Maryland, and Illinois.

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As for market share, the CEO said BetMGM is now the third-largest online operator in the US, holding a 17% market share in total, behind only FanDuel and DraftKings.

To fortify BetMGM’s offerings, Entain completed the acquisition of US-based Angstrom Sports in July, with a potential consideration of up to £203 million ($256.3 million).

In addition to its partnership with MGM Resorts, Entain has been extending its footprint into Canada, the Netherlands, and other European regions through various acquisitions. The company continues to position itself strategically in response to evolving market dynamics.

The resurgence of live sporting events post-pandemic has contributed to the recovery of the online sports betting sector. Following the U.S. Supreme Court’s overturning in 2018 of a federal law prohibiting most states from engaging in sports betting, gambling firms have been intensifying their presence in the US.

However, Entain recently lowered its online profit margin forecast for 2023 after posting a revenue drop in Q3, leading to a decrease in its share value. Online net gaming revenue for the quarter was up 9% on a reported basis, but down 6% on a proforma basis.

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This downward revision in profit margin is a reflection of some ongoing challenges faced by gambling firms, including stricter regulations and the impact of a cost-of-living crisis. In its announcement, Entain revealed that its online core profit margin for the year is expected to be approximately 25%, down from the 27.1% reported last year.

Entain has also set its sights on a return to growth in 2024. The operator expects that online net gaming revenue will start growing on a pro forma basis in the next year. Specifically, the company forecasts low single-digit growth in online gaming revenue, with online core profit margin expected to range between 24% and 25%.

Adam Greenblatt

BetMGM Wins Sports Betting Operator and Employer of the Year at EGR North America Awards 2024

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BetMGM, a leading iGaming and sports betting operator, was recognized as Sports Betting Operator of the Year and Employer of the Year at the EGR North America Awards 2024. The EGR North America Awards, hosted in New York City on June 27, celebrate excellence in the North American online gaming industry and are considered the premier gaming awards.

“Winning two EGR North America Awards is a tremendous honor. We have a passionate team at BetMGM dedicated to delivering best-in-class betting experiences which saw exponential leaps in capability this year with unparalleled omnichannel opportunities, enhanced user interface and increased brand visibility. These awards are a tribute to all the hard work and the strong culture that we are building at BetMGM,” Adam Greenblatt, Chief Executive Officer of BetMGM, said.

Sports Betting Operator of the Year is awarded to the operator that brought innovation to the sports betting sector, provided a high-quality player experience and showed evidence of real growth via mobile and web. BetMGM was acknowledged for its ability to innovate and differentiate in a crowded industry, successfully forming strategic partnerships with X and Marriott Bonvoy and capitalizing upon its unique omnichannel advantage in Las Vegas during Super Bowl LVIII. BetMGM parent company Entain’s acquisition of sports pricing and analytics firm Angstrom in 2023 fueled the expansion of BetMGM’s betting library, allowing the operator to produce a broader and more exciting product for the customer.

The Employer of the Year award recognizes the operator or affiliate that demonstrated its commitment to organizational performance improvement through investment in the recruitment, personal and skills development, and motivation of every employee. On the heels of being recognized as a one of this year’s Best Workplaces in New York by Great Place To Work and Fortune, BetMGM once again proved it is building a workplace to attract and retain top talent in the rapidly growing iGaming and sports betting industry. BetMGM prides itself on being an inclusive, value-driven organization that prioritizes true transparency and two-way communication with weekly, virtual all-hands forums and active employee resource groups. In 2023, BetMGM optimized onboarding, enhanced training programs, continued diversity and inclusion learning, and focused on career development and strategic in-sourcing.

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The wins mark the first time that BetMGM received EGR North America Awards for Sports Betting Operator and Employer of the Year. The company was previously awarded Casino Operator of the Year in 2022 and 2023.

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Adam Greenblatt

BetMGM Ranked #16 on Fortune Media and Great Place To Work’s 2024 Fortune Best Workplaces in Metro New York

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BetMGM announced that Great Place To Work and Fortune magazine have recognized the operator as one of this year’s Best Workplaces in New York. The leading sports betting and iGaming operator landed at No.16 and secured the spot on the prestigious list by surpassing rigorous benchmarks, establishing itself as one of the best workplaces among companies headquartered in the New York region. About 92% of employees surveyed said that BetMGM is a great place to work, 35% points higher than the average U.S. company.

“Landing on this prestigious list is a reflection of BetMGM’s ongoing commitment to fostering a great work environment. I am honored to lead an organization filled with dedicated and talented employees who have created a place where people feel welcomed and supported,” Adam Greenblatt, CEO of BetMGM, said.

To determine the Fortune Best Workplaces in New York List, Great Place To Work collected nearly 140,000 confidential survey responses from employees at eligible companies. Via the Trust Index Survey, employees shared honest feedback about their experience by responding to 60 statements about the employee experience and answering two open-ended questions. To be eligible for the list, companies must be Great Place To Work Certified and headquartered in the New York region.

Some other figures from the survey revealed that 96% of BetMGM employees were made to feel welcome when they joined the company and 94% of employees surveyed are proud to tell others that they work at BetMGM.

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“Congratulations to the Best Workplaces in New York. As the business landscape is disrupted — from AI, global conflict, and market pressure — companies who have built a reservoir of trust with their employees will be more resilient and, ultimately, more successful,” Michael C. Bush, CEO of Great Place To Work, said.

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Adam Greenblatt

BetMGM Sponsors Progressive Jackpot During Wheel of Fortune’s “Big Money Week”

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BetMGM, a leading sports betting and iGaming operator, will celebrate Wheel of Fortune’s 8000th episode during the legendary game show’s “Big Money Week” scheduled to air May 20-24. For the first time in the history of the wildly successful syndicated game show, there will be a Nightly Progressive Jackpot sponsored by BetMGM that will be added to whatever a contestant wins if they solve the show’s Bonus Puzzle.

During game play, there will also be a BetMGM-branded “Double Jackpot” wedge on the famous Wheel giving contestants who earn the opportunity to add double the Nightly Progressive Jackpot to their total if they win the Bonus Round.

“BetMGM is honored to join Wheel of Fortune during this milestone week and be a part of a game show that has earned a place in American television history. ‘Big Money Week’ is a great collaboration, giving contestants and viewers at home the opportunity to experience the excitement of a progressive jackpot,” said BetMGM’s CEO Adam Greenblatt.

Sony Pictures Television and BetMGM have come together to integrate BetMGM branding into Wheel of Fortune’s “Big Money Week” featuring on-set placements including:

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Co-branded graphics displayed in the center monitor
In-show displays of BetMGM’s logo on host Pat Sajak’s monitor
Two BetMGM Double Jackpot Wheel wedges
A BetMGM jackpot ticker appearing above the puzzle board during each episode.

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