Established market leader; revenue and profitability outlook reiterated
LAS VEGAS, May 12, 2022 — BetMGM, a leading sports betting and digital gaming operator, is holding a virtual business update today for analysts and investors.
The event will provide insights into the rapidly growing North American sports betting and iGaming marketplace, the ongoing operations of BetMGM, and how the deep integration of BetMGM’s world-class assets are driving competitive advantages.
As part of the presentation, BetMGM will confirm that is has:
- Established itself as a market leader, delivering strong performance in line with its ambitions
- Achieved the No. 1 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 itself to leading the industry in sustainability and responsible gambling
- Reiterated its long-term ambitions in the U.S., which are:
- 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 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, please call 1-800-289-0720 for U.S. callers, 44-(0)330-165-4012 for U.K. callers, and 1-323-701-0160 for international callers. The conference call access code is 6616118.
Presentation slides will be posted prior to the event on MGM’s Investor Relations website at http://investors.mgmresorts.com/investors/events-and-presentations/ or Entain’s Investor Relations website at https://entaingroup.com/investorrelations/results-centre/.
1 – Active market share by GGR for retail, OSB and iGaming including only U.S. markets where BetMGM was 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.
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 US-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 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.
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
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission. BetMGM has based forward-looking statements on management’s current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM’s expectations regarding its financial outlook (including forecasted revenues from operations, expective EBITDA margin and the ability to reach positive EBITDA in 2023), projected market share position, and its expected growth in new and existing jurisdictions. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: the significant competition within the gaming and entertainment industry; the Company’s ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; the Company’s ability to manage growth and access the capital needed to support its growth plans; and the Company’s ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.
ELISA RICHARDSON, Head of Communications
MGM RESORTS CONTACTS:
ENTAIN PLC CONTACT:
DAVID LLOYD-SEED, Chief Investor Relations & Communications Officer
DAVINA HOBBS, Head of Investor Relations
LISA ATTENBOROUGH, Head of Corporate Communications
SOURCE MGM Resorts International