BetMGM
MGM RESORTS AND ENTAIN ANNOUNCE BETMGM BUSINESS UPDATE
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
BetMGM
BetMGM Expands Baseball Playoff Presence with League-wide Bullpen Advertisements
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.
“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.
Adam Greenblatt
Gannett and BetMGM Announce Multi-Year Partnership
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.
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.
BetMGM
Jamie Foxx Stars in New BetMGM TV Campaign for 2024 Football Season
BetMGM, a leading sports betting and iGaming operator, is premiering a new football season television commercial series featuring Jamie Foxx. Throughout the entertaining campaign, Foxx displays his comedic range with several character impersonations showcasing BetMGM’s brand DNA: born in Las Vegas, rooted in hospitality and entertainment, and focused on treating its customers right. Filmed in Los Angeles and directed by Brian Billow, the new spots will air nationwide in prime time and continue to run on multiple platforms throughout the upcoming season.
“I always love creating fun content with my BetMGM family when football season comes around. We had a blast filming these spots and showing the swagger of BetMGM,” Jamie Foxx said.
The spots highlight the premier experience that BetMGM provides to its customers. The first spot in the series, titled “Anthem”, stars Foxx portraying a variety of characters as they go through mixed emotions on game day. Through fans’ highs and lows, Foxx demonstrates how BetMGM treats customers with hotel suites and other real-world benefits redeemable through the sports betting operator’s rewards program and exclusive connection to MGM Resorts International’s destinations and Marriott Bonvoy.
A second spot features Foxx as a sportscaster explaining BetMGM’s new “Second Chance” promotion which allows anyone who places a straight bet on a player to score the first touchdown of the game to automatically win back their wager in cash if that player scores on the second touchdown of the game. A cast of characters – all played by Foxx – excitedly question the possibilities of the new offer which is exclusively available at BetMGM for the professional football season (Second Chance paid via withdrawable unrestricted funds).
In the series’ third spot, Foxx highlights how BetMGM makes bettors feel welcome with a special offer allowing new BetMGM customers to earn up to $1500 in bonus bets if their first bet loses (offer not available in NV, PR and ON; bonus bets are non-withdrawable and expire in seven days).
“Jamie Foxx is a rare talent who can captivate an audience in any forum. This campaign, in partnership with Highdive, taps into his confidence and range, and will both entertain and inform viewers about BetMGM’s exciting new features for football season,” Matt Prevost, Chief Revenue Officer at BetMGM, said.
“We’re thrilled to unveil our latest campaign with BetMGM featuring the incredibly talented Jamie Foxx. Our aim was to showcase how BetMGM ‘treats you right,’ and Jamie’s performance brilliantly captures the campaign’s core message,” Mark Gross, Co-Founder and Co-Chief Creative Officer of Highdive, said.
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