TIDMENT
RNS Number : 3164L
Entain PLC
12 May 2022
For release 14:00 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.:
o Expected market share of approximately 20% -25%
o Expected EBITDA margin of 30-35%
-- Reaffirmed its outlook guidance:
o FY 2022 net revenues over $1.3 billion
o 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/
Note
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 investors@entaingroup.com
David Lloyd-Seed - Chief IR & Communications Officer
Davina Hobbs - Head of Investor Relations
Media media@entaingroup.com
Lisa Attenborough - Head of Corporate Communications
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(R)
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(R) Magazine's
World's Most Admired Companies(R). For more information, please
visit us at www.mgmresorts.com . Please also connect with us
@MGMResortsIntl on Twitter as well as Facebook and Instagram .
LEI: 213800GNI3K45LQR8L28
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