BetMGM Business Update – Established market leader; revenue and profitability outlook reiterated

Jay DossetterNews

12 May 2022      

BetMGM Business Update

Established market leader; revenue and profitability outlook reiterated

BetMGM LLC (“BetMGM”), a leading sports betting and iGaming operator across North America, is holding a virtual business update for analysts and investors today at 4.00pm BST (11.00am EDT, 8.00am PDT).

The event will provide insights into the rapidly growing North American sports betting and iGaming marketplace, as well as BetMGM’s operations and how the deep integration of its world-class assets are driving structural competitive advantages.

As part of the presentation BetMGM will confirm that it has :

  • Established itself as a market leader, delivering strong performance inline with its ambitions
  • Achieved the number one position with 25%1 share in U.S. sports betting and iGaming markets where it operates
  • Consistent leadership in the U.S. iGaming market with 29%2 share
  • A total addressable market (TAM) in the U.S. and Canada that is now expected to be approximately $37 billion, driven by expansion in online sports betting and strong customer dynamics
  • Committed to leading the industry in sustainability and responsible gambling
  • Reiterated long term ambitions in the U.S.:
    • Expected market share of approximately 20% -25%
    • Expected EBITDA margin of 30-35%
  • Reaffirmed its outlook guidance:
    • FY 2022 net revenues over $1.3 billion
    • Reach positive EBITDA during 2023

The event will be hosted by BetMGM’s management team – Adam Greenblatt, Chief Executive Officer; Gary Deutsch, Chief Financial Officer; Matt Prevost, Chief Revenue Officer, and Jarrod Schwarz, Chief Product Officer.

The event, including registration, can be accessed through the following link:
https://event.webcasts.com/starthere.jsp?ei=1546306&tp_key=20ae892484.

An on-demand replay also will be available after the event.

Following the presentation, there will be a live Q&A session. To participate in Q&A please also connect via the live audio dial-in, details below:

UK: +44 (0)330 165 4012
US: +1 800-289-0720
International: +1 323-701-0160
Conference ID: 6616118

Presentation slides will be posted prior to the event on websites:

https://entaingroup.com/investorrelations/results-centre/

http://investors.mgmresorts.com/investors/events-and-presentations/

Notes

1 – Active market share by GGR for retail, OSB and iGaming including only U.S. markets where BetMGMwas active; internal estimates used where operator-specific results are unavailable. Results for Feb-22.

2 – Total market share by GGR for retail, OSB and iGaming across all U.S. markets, including markets where BetMGM is not currently active; internal estimates used where operator-specific results are unavailable. Results for Feb-22.

Contacts:

BetMGM
Elisa Richardson – Head of Communications
press@betmgm.com

Entain plc
Investors

David Lloyd-Seed – Chief IR & Communications Officer
Davina Hobbs – Head of Investor Relations
investors@entaingroup.com

Media
Lisa Attenborough – Head of Corporate Communications 
media@entaingroup.com

MGM Resorts International
Investment Community

Andrew Chapman – Director of Investor Relations
achapman@mgmresorts.com

Media
Brian Ahern – Executive Director of Communications
media@mgmresorts.com

About BetMGM
BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM’s U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain’s U.S.-licensed, state of the art technology, BetMGM offers sports betting and online gaming via market leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit www.betmgminc.com.

About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the world’s largest sports-betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports Brands include bwin, Bet.pt, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet and Sports Interaction; Gaming Brands include CasinoClub, Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK with operations in a total of 31 regulated or regulating territories. Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AA rated by MSCI. The Group has set a science-based target, committing to be carbon net zero by 2035 and through the Entain Foundation supports a variety of initiatives, focusing on safer gambling, grassroots sport, diversity in technology and community projects. For more information see the Group’s website: www.entaingroup.com

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 32 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company’s 50/50 venture, BetMGM, LLC, offers U.S. sports betting and online gaming through market-leading brands, including BetMGM and partypoker. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its “Focused on What Matters: Embracing Humanity and Protecting the Planet” philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.

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