Pembaruan BETMGM tentang kinerja dan prospek untuk tahun 2023

BetMGM, one of the leading sports betting and iGaming operators in North America, jointly owned by Entain plc (LSE: ENT) (“Entain”) and MGM Resorts International (NYSE: MGM) (“MGM Resorts”), is today 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

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

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™

Author: Bradley Bennett