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BetMGM

MGM RESORTS AND ENTAIN ANNOUNCE BETMGM BUSINESS UPDATE

Published

3 years ago

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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

BetMGM and Vegas Golden Knights Announce Multi-Year Partnership Extension

Published

1 week ago

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November 15, 2024

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BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.

“BetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the world’s most passionate hockey fan bases. Las Vegas is BetMGM’s hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.” – Matt Prevost – BetMGM, Chief Revenue Officer.

Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.

“BetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,” said Vegas Golden Knights President and CEO Kerry Bubolz. “We look forward to continue working together on events and activations that we know entertain our fans.”

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Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, “The Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and it’s a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.”

BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGM’s nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.

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BetMGM

BetMGM Expands Baseball Playoff Presence with League-wide Bullpen Advertisements

Published

2 months ago

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October 1, 2024

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New BetMGM Bullpen Jackpot promotion gives bettors a shot at $50,000 in bonus bets if a player hits a home run into the bullpen

BetMGM, a leading sports betting and iGaming operator, will serve as the official bullpen sponsor and backdrop for some of the most electrifying moments of the 2024 MLB playoffs. Through the partnership, BetMGM signage will be visible in every stadium’s bullpen throughout the postseason.

To celebrate, BetMGM is launching the $50,000 Bullpen Jackpot for the MLB playoffs. When a player hits a home run into the bullpen, all BetMGM customers who placed a qualifying wager on that player to hit a home run that day will win a share of $50,000 in bonus bets (contest not available in Nevada or Puerto Rico; bonus bets are non-withdrawable and expire in seven days).

The new promotion provides another tool for fans to engage with the long ball at BetMGM, succeeding the successful Grand Slam Jackpot promotion which paid out $1.85 million in bonus bets during the 2024 regular season. The integration of Angstrom, Entain’s sports modeling and analytics company, allowed BetMGM to vastly increase the breadth of their home run markets this season, resulting in a 256% increase on home run bets year-over-year.

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“Sponsoring the bullpen is an incredible opportunity for BetMGM to expand our brand by being front and center during key playoff action,” said Matt Prevost, Chief Revenue Officer of BetMGM. “We already established ourselves as the home of the regular season home run, and the BetMGM Bullpen Jackpot allows us to build upon that momentum by giving customers a stake in every swing throughout the postseason.”

BetMGM will offer more markets than ever before for the 2024 playoffs, including series home runs for players, series home run leader, head-to-head matchups and more.

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Adam Greenblatt

Gannett and BetMGM Announce Multi-Year Partnership

Published

2 months ago

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September 18, 2024

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Gannett Co., Inc. announced a multi-year strategic partnership with BetMGM, a leading sports betting and iGaming operator. As part of the agreement, BetMGM will serve as the preferred online sportsbook and casino partner for USA TODAY Sports providing sports betting odds and betting information across the expansive USA TODAY Network in more than 200 local U.S. markets across 43 states with more than 300 digital news and media brands in the portfolio.

“We are thrilled to announce a re-imagined partnership with BetMGM, a trusted operator in the sports betting landscape. As a best-in-class partner, our goal is to deliver their trusted sports betting information to our audience of more than 44 million sports fans – especially now that football season has kicked off. We believe BetMGM complements our existing portfolio of partners and will enable us to drive further audience growth and engagement. We anticipate this collaboration will immediately lead to an increase in the overall monetization of our content platform,” said Michael Reed, Gannett Chairman and Chief Executive Officer.

The agreement incorporates BetMGM sports betting odds into stories and content sharing betting odds, moneylines, spreads and over/unders for games as well as a BetMGM “Bet Now” feature. BetMGM Sportsbook and BetMGM Casino will be listed as a partner on website footers across all USA TODAY Network publications.

“BetMGM is proud to partner with Gannett and the USA TODAY Network. Their unrivaled reach at a local and national level enables us to connect with a massive audience. By integrating odds and insights seamlessly into Gannett’s content, we’re empowering fans to stay informed and engaged with their favorite teams and games. We look forward to a successful partnership that fuels the excitement of sports betting throughout football season and beyond,” said BetMGM CEO Adam Greenblatt.

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Gambling.com Group will serve the USA TODAY Network audience and sports enthusiasts BetMGM sports betting offers and expert insights leveraging their proprietary advertising technology in states where online gambling is regulated.

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