BetMGM
BETMGM FIRST HALF 2023 UPDATE
NET REVENUE FROM OPERATIONS OF $944 MILLION IN FIRST HALF OF 20231
POSITIVE EBITDA FOR THE FULL SECOND QUARTER OF 20232
BetMGM, one of the leading sports betting and iGaming operators in North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on First Half of 2023 (“1H 2023”) performance and outlook for full-year 2023.
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“I am pleased with the significant progress we have made during the first half of 2023 as we continue our strong growth and remain on our path to profitability. Our financial guidance for the year remains on track – we expect to deliver $1.8 to $2.0 billion in full year revenue, as well as to be EBITDA positive in the second half of 2023. In fact, we have already achieved positive EBITDA for the full second quarter of this year. Our focus remains on building a sustainable, scalable and returns focused business with leading products that our players enjoy responsibly. We look forward to the remainder of the year, buoyed by ongoing product improvements, tremendous support from our shareholders providing access to new assets and partnerships, and – above all – our extraordinary team at BetMGM.”
- BetMGM finished 1H 2023 with strong financial performance
- Net revenue from operations of $944 million, on track to deliver at the upper end of previous guidance range for FY 2023 revenue of $1.8 to $2.0 billion
- 1H same-state growth of 25% in net revenue from digital operations
- Reached the key milestone of positive EBITDA for 2Q 2023
- Improved same state CPAs by 8% in 1H 2023 year on year
- Bonus optimization and player management program continuing to have significantly positive impact, delivering enhanced GGR to NGR conversion:
- Sports NGR margin increased by 300 bps in 1H 2023 year on year
- Digital sports 1H revenue per player up by 65% for players acquired in 2021 or earlier
- Each of the annual cohorts of digital sportsbooks launched from 2019 through 2022 delivered positive Contribution Profit in 2Q3
- Net revenue from operations of $944 million, on track to deliver at the upper end of previous guidance range for FY 2023 revenue of $1.8 to $2.0 billion
- Remain on track for previously stated guidance of EBITDA positive in the second half of 2023 (“2H 2023”)
- Includes investment in upcoming launches in Kentucky and North Carolina that were not originally planned during 2023
- Expectation that BetMGM will become self-sustaining in 2H 2023, with no additional equity investment expected from MGM Resorts or Entain after the $150 million previously committed for 2023
- Established as a leading sports betting and iGaming operator in North America
- Continued geographic footprint expansion in 1H 2023, with new digital sports betting launches in Ohio, Massachusetts, and Puerto Rico
- Live in 26 jurisdictions, including Ontario, with access to approximately 48% of the adult population in the United States4
- Market share across iGaming and sports betting of 18%5
- Continued market leadership in iGaming with approximately 27% market share6
- Online sports betting market share of 11%, with 13% share in markets where BetMGM was live on day one6
- Entain and MGM Resorts contributed new technology, resources, and relationships to accelerate both BetMGM’s product evolution and its access to players
- Entain’s acquisition of pricing and risk specialist Angstrom, announced on July 17th, will enhance BetMGM’s sports betting offering, particularly in the fast-growing markets of parlay and in-play wagering, and provide players with a greatly improved experience
- In connection with MGM Resorts’ exclusive partnership with Marriott, announced on July 17th, BetMGM entered into a loyalty marketing agreement with Marriott whereby BetMGM will offer customers extensive opportunities to earn Marriott Bonvoy points while playing with BetMGM, create exclusive games and experiences, and allow customers to exchange BetMGM Rewards points into Marriott Bonvoy points
- Various platform and product enhancements delivered to provide a more exciting and seamless experience. We’re on track with the rollout of Single Account Single Wallet
- Ongoing commitment to player safety, prioritizing responsible gambling across our business
- Five-year extension to GameSense partnership, announced on March 1st, continues BetMGM’s prominence of responsible gambling messages in its digital and out-of-home marketing campaigns, as well as in its mobile app and retail sportsbooks
- Through its GameSense partnership, BetMGM provides customers with information about how to bet responsibly, setting limits, dispelling myths, and finding support and assistance
- BetMGM awarded one of the Responsible Gambling Council’s top accreditations for integration of responsible gambling and player protection into platforms and operations
- Five-year extension to GameSense partnership, announced on March 1st, continues BetMGM’s prominence of responsible gambling messages in its digital and out-of-home marketing campaigns, as well as in its mobile app and retail sportsbooks
- Award recognition including
- Casino Operator of the Year by EGR North America (second year in a row)
- Casino Operator of the Year at SBC Awards North America (third year in a row)
- 2023-2024 Great Place to Work Certification
Notes:
1: 1H 2023 net revenue for BetMGM on a GAAP basis is expected to be approximately $923 million, including approximately $32 million related to Nevada MGM Resorts operations for which BetMGM records on a net basis as BetMGM is considered to be the agent in the Nevada transactions for GAAP purposes.
2: 1H 2023 Revenue and EBITDA figures are unaudited.
3. Contribution Profit for a particular state reflects Net Gaming Revenue minus direct costs (excluding depreciation and amortization and people costs) considered under GAAP presentation of Gross Profit plus marketing acquisition spend.
4: BetMGM operates iGaming and Sports Betting in five markets and Sports Betting in twenty-one markets.
5: Market share for last three months ending April 2023 by GGR including iGaming, retail and online sports betting, and only U.S. markets where BetMGM was active excluding New York; internal estimates used where operator-specific results are unavailable.
6: Market share for last three months ending April 2023 by GGR, including only U.S. markets where BetMGM was active and excluding New York in online sports; internal estimates used where operator-specific results are unavailable.
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.”
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.
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.
“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.
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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