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
Octoplay Launches Jackpot Blitz with BetMGM in Ontario, Accelerating North American Expansion
Octoplay continues its expansion in North America by launching Jackpot Blitz with BetMGM in Ontario, building on the company’s continental growth strategy following its Michigan provisional license approval.
This strategic launch builds on the growing momentum with BetMGM, marking a significant milestone in Octoplay’s North American expansion, introducing the bespoke opt-in jackpot solution built in collaboration with BetMGM. The decision to expand the partnership with BetMGM demonstrates the strong relationship between the companies and sets a strong foundation for Octoplay’s continued growth across North America.
The Ontario launch builds on Octoplay’s rapid market entries over recent months, including Microgame’s network of 50 operators in Italy, Slovakia’s leading operator Niké, and Sweden’s state-owned Svenska Spel Sport&Casino. With active licenses in the UK, Sweden, Malta, Greece, Romania, Slovakia, Italy, and Belgium, Octoplay continues its accelerated expansion across both European and North American markets.
Jackpot Blitz has achieved a remarkable 88% player opt-in rate since launch. This performance, combined with BetMGM’s extensive player base, sets a strong foundation for Octoplay’s North American growth as the company prepares for launches in Michigan and additional US states in 2025.
“The launch of Jackpot Blitz with BetMGM in Ontario accelerates our North American expansion plans,” says Carl Ejlertsson, CEO at Octoplay. “Our strong partnership with BetMGM has enabled us to bring this innovative product to their Ontario players. With our proven track record of collaboration with top tier gaming operators like BetMGM, we’re ideally positioned to drive significant growth together in regulated markets across North America.”
Oliver Bartlett, VP of Gaming Product & Content at BetMGM, said: “Ontario is a key iGaming market for BetMGM, and adding Jackpot Blitz strengthens our vast collection of games. Octoplay is part of our strategy to collaborate with top-tier partners to bring the best content to our players.”
As Octoplay prepares for its Michigan launch in 2025, followed by entries into additional US states, this expansion with BetMGM represents another milestone in the company’s accelerated growth. The partnership reinforces Octoplay’s momentum as the company continues its rapid advancement in North America.
The post Octoplay Launches Jackpot Blitz with BetMGM in Ontario, Accelerating North American Expansion appeared first on Gaming and Gambling Industry in the Americas.
Strong start to 2025 affirms strategic approach and confidence of positive EBITDA in 2025
BetMGM LLC , one of the leading sports betting and iGaming operators across North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on its 1Q 2025 performance.
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“2025 is off to an encouraging start for BetMGM as we execute our revised strategic plan. The momentum we built in the second half of 2024 continued into the first quarter as we implement our powerful iGaming strategy, enabling us to grow faster than the market and at scale. In Online Sports, we are elevating our brand and delivering improved performance, even in the face of unfavorable sports outcomes during key moments in the quarter. As we approach May, we remain confident in achieving full year positive EBITDA in 2025, supported by solid underlying activity trends and our successful delivery of positive EBITDA in the first quarter.”
1Q 2025 Key Financial Highlights
1Q 2025 BetMGM Financial Summary1,2,3
Three months ended
March 31
$ millions, unless otherwise noted
2025
2024
YoY Change
Net Revenue
iGaming
$443
$348
+27%
Online Sports
$194
$116
+68%
Handle
$4,088
$3,174
+29%
GGR Hold %
8.2%
8.7%
(50)bps
NGR Hold %
4.8%
3.6%
+110bps
Retail / Other
$20
$26
(22)%
Total Net Revenue
$657
$489
+34%
Contribution
$116
($38)
+$153
EBITDA
$22
($132)
+$154
Average Monthly Actives (thousands)4
1,067
1,009
+6%
Financial Highlights
Operational highlights
Outlook
The post BetMGM 1Q 2025 Business Update appeared first on Gaming and Gambling Industry in the Americas.
BetMGM, a leading sports betting and iGaming operator, announced the BetMGM Poker Championship returns to ARIA in Las Vegas Monday, June 30 to Friday, July 4, highlighting the ARIA Poker Classic Summer Series. The no-limit hold ‘em tournament has a $3,500 buy-in and offers participants a $3 million guaranteed prize pool. For the fourth consecutive year, the BetMGM Poker Championship will begin in ARIA’s Poker Room and conclude with a live-streamed Final Table at the PokerGO Studio. The ARIA Poker Classic runs May 29 through July 13 with the full schedule available at ARIA Poker on X.
“BetMGM’s relationship with MGM Resorts is our differentiator and the BetMGM Poker Championship presents a unique opportunity to connect our online players with one of the premier properties and events that Las Vegas has to offer. We are preparing to use our brand ambassadors – Darren Elias and Abby Merk – as well as our media partners, to engage with the poker community in new ways throughout the summer,” said Angus Nisbet, VP of Gaming at BetMGM.
Online qualifiers for the BetMGM Poker Championship run at 9:15 p.m. EST every Thursday and Sunday through Sunday, June 22. More than 100 players from BetMGM Poker markets including New Jersey, Michan, Pennsylvania, and Ontario (Canada) will win BetMGM Poker Championship packages that include a $3,500 Championship entry, a five-night stay at ARIA, travel credit, and a BetMGM swag bag. A full online qualifier schedule is available at BetMGMPoker.com.
Ryan Kirk, ARIA’s Director of Poker Operations, said: “ARIA has long been recognized as the epicenter of poker in Las Vegas and we’re proud, once again, to host the BetMGM Poker Championship during our ARIA Poker Classic. This event continues to raise the bar, bringing together the prestige of our world-class poker room with BetMGM’s innovative online platform. We look forward to welcoming players from across North America to experience the energy, excitement and hospitality that ARIA delivers.”
The post BetMGM Poker Championship Returns to ARIA Resort & Casino in Las Vegas June 30 – July 4 appeared first on Gaming and Gambling Industry in the Americas.
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