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BetMGM

MGM RESORTS AND ENTAIN ANNOUNCE BETMGM BUSINESS UPDATE

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BetMGM, LLC, one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International and Entain plc, is providing an update on performance and outlook for 2022.

  • BetMGM is achieving market share in line with its long-term target of 20% – 25% in U.S. sports betting and iGaming
    • Number 2 operator for sports betting and iGaming across the markets in which it operates with a 24% market share for the three months to November 2021
    • Remains market leader in iGaming with 30% market share for the three months to November 2021 in the markets in which it operates
  • Live in 19 jurisdictions – 4 iGaming, 19 sports betting
    • Expects to reach approximately 40% of the U.S. adult population with 2 further jurisdiction launches as well as launch in Canada and Puerto Rico in the coming months
  • Strong financial performance in FY 2021:
    • Net revenue from operations expected to be approximately $850 million1, ahead of management expectations and up nearly 5 times from prior year
    • Same-state growth in net revenue from operations up 140% from prior year
    • FY 2021 EBITDA loss expected to be in the range of $420 – $440 million, in line with expectations
    • Cost per acquisition was in line with management’s forecast, which reaffirms the expectation of achieving a long-term acquisition cost of $250
    • Player values in line with expectations, supporting long-term total addressable market opportunity in North America of approximately $32 billion
  • FY 2022 net revenue from operations expected to be over $1.3 billion
  • Continued growth will be supported by investment in additional markets and product deployments:
    • Expecting to launch online sportsbooks in Illinois and Louisiana in the first quarter as well as retail sportsbooks in Puerto Rico and both online sportsbook and iGaming in Ontario later this year
    • Expanding our first-to-market Bingo product and the BetMGM Racing app into additional states while continuing to enhance our products in existing markets
    • Continuing to employ our returns-driven marketing strategy while further incorporating the MGM Resorts loyalty program into all aspects of our offering
    • Maintaining our market-leading customer service while prioritizing responsible gaming across all facets of our business
  • BetMGM anticipates reaching positive EBITDA in 2023, based on its current assumption of future live markets
    • We have achieved positive contribution in several states, some within one year of launch, driven by our prudent, data-driven marketing strategy and by leveraging our omni-channel offering
  • Wholly supportive of BetMGM’s continuing success, strong performance and market leadership, the investment by MGM Resorts and Entain is expected to be approximately $450 million in 2022
    • This would bring the combined total investment from MGM Resorts and Entain to approximately $1.1 billion since launch in 2018

 

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BetMGM Appoints Casey Hurbis as Chief Marketing Officer

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BetMGM has appointed Casey Hurbis as its new Chief Marketing Officer. Reporting directly to BetMGM Chief Revenue Officer Matt Prevost, Hurbis brings 30 years of diverse consumer marketing expertise to BetMGM’s leadership team, positioning the brand to further accelerate its rapid momentum in the sports betting and iGaming industry.

“Building BetMGM from the ground up into one of the most recognizable brands in the sports betting and iGaming sphere has been an incredible accomplishment made possible by the tireless efforts of our amazing team. Bringing a visionary leader like Casey Hurbis on board adds another impactful advantage for our brand,” said Prevost.

Over the past three decades, Hurbis has spearheaded innovative, needle-moving strategies in consumer engagement, digital advertising, partnership development, experiential marketing and more — expertise that will evolve into big-impact initiatives for BetMGM. Most recently, Hurbis served as Chief Marketing Officer at Rocket Mortgage, where he led marketing strategies that captured the country’s attention for the nation’s largest retail mortgage lender. Highlights of his tenure include consecutive No.1 rankings on USA Today’s Ad Meter for Super Bowl commercials and the launch of the Rocket Mortgage Classic, which has become the most awarded event on the PGA Tour.

Hurbis said: “Sports betting is one of the most competitive and rapidly evolving industries in the marketing world, and I’m honored to join BetMGM at such an exciting time in its growth. BetMGM is a brand with incredible momentum, backed by a team that is redefining how we engage and entertain audiences. I look forward to pushing the boundaries of creativity and innovation to not only attract new audiences but enhance the experience for our loyal players to even greater heights.”

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Before joining Rocket Mortgage, Casey spent 24 years in automotive marketing, culminating in his role leading advertising and communications for FIAT and Alfa Romeo. Alongside his brand-building expertise, Casey is deeply committed to philanthropy, supporting organizations such as the Special Olympics, the Salvation Army and Bethany Christian Adoption Services. He also serves on the Board of Directors for Adcraft Detroit, Michigan State Communication Arts and Sciences, Brand Innovators and the Detroit Sports Commission.

Hurbis and BetMGM’s creative agency of record, Highdive, previously collaborated on three top-ranked Super Bowl campaigns at Rocket Mortgage, laying the foundation for even greater synergies and success at BetMGM.

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BetMGM

BetMGM Partners with Push Gaming to Deliver iGaming Content in Ontario

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BetMGM, a leading iGaming and sports betting operator, announced a new partnership with Push Gaming, a B2B online gaming industry supplier. The first phase of the partnership brings some of Push Gaming’s top slot titles to BetMGM Casino in Ontario. In 2025, pending regulatory approval, BetMGM will be the exclusive partner for Push Gaming in the US.

Some of Push Gaming’s most popular slots, including Retro Tapes, Big Bamboo, Razor Returns, and Wild Swarm 2 are now available at BetMGM Casino and Wheel of Fortune Casino in Ontario, with more top titles arriving soon. Retro Tapes won Gambling News’ Most Watched and Most Streamed Slot Award in 2023. Retro Tapes immerses players in a late 20th-century-themed atmosphere with state-of-the-art graphics and sound design.

“Push Gaming’s exciting slots resonate with players and elevate the iGaming experience. We are proud to partner with Push Gaming and add their popular slots to our online casinos in Ontario which offers players a vast variety of over 3,000 titles,” Oliver Bartlett, VP of Gaming Product & Content at BetMGM, said.

This deal is a landmark occasion for both brands, signalling Push Gaming’s first-ever market entry with BetMGM, one of the leaders in the online casino industry in the province. The combination of BetMGM’s industry leadership with Push Gaming’s innovative, mobile-first approach positions both companies for continued success and growth. Ontario experienced an increase in total wagers to $18 billion (CAD) during the second quarter of the 2024-25 fiscal year according to iGaming Ontario (iGo), with online casinos accounting for an 86% share of the province’s total wagers.

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“This is a proud moment for the team at Push Gaming as this partnership is the culmination of an incredible amount of hard work. Having some of our biggest games available to BetMGM players, one of the industry’s largest names, is a milestone in our evolution as a developer and we’re incredibly excited at the potential of our partnership. As well as being committed to creating the best slots the industry has to offer, it is also our priority to ensure that content is available to as many players as possible, in tandem with the very best operators, globally. Working with BetMGM fits those goals perfectly and the ensuing long-term closer cooperation across North America that this will bring gives us an amazing foothold in key regions,” Fiona Hickey, Chief Business Development Officer at Push Gaming, said.

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Adam Greenblatt

BetMGM Rewards Points Now Combined into Single, Digital Wallet

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BetMGM, a leading iGaming and sports betting operator, announced a major enhancement to its customer experience by consolidating BetMGM Reward Points (BRPs) into a single account. In addition to users’ cash balance, this feature enables BetMGM Rewards Points to travel with them across jurisdictions.

Streamlining BetMGM Rewards Points into a single account is the next phase of BetMGM’s single, digital wallet. With single account, users have one set of login credentials and account settings, along with a single cash balance accessible in all states where BetMGM is available. In August, BetMGM became the first sports betting app to offer Nevada bettors seamless, nationwide connectivity through a single, digital wallet. Through operation and partnership with MGM Resorts, this innovative feature makes BetMGM the only legalized sports betting app that allows Nevada residents and visitors to wager in the state and carry their funds to BetMGM mobile markets across the US.

“We are committed to streamlining the loyalty experience for our players so they can enjoy the rewards they earn wherever they are in the US. The BetMGM Rewards Program showcases our key differentiators — omnichannel play, the iconic hospitality and MGM Resorts International’s entertainment, and partnerships including our alliance with Marriott Bonvoy. With every bet at the sportsbook and spin of the slot you are earning rewards that can be used online or in-person,” said Adam Greenblatt, CEO of BetMGM.

Players can earn BetMGM Rewards Points and Tier Credits by playing at BetMGM Sportsbook, BetMGM Casino, and BetMGM Poker.

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