TIDMENT
RNS Number : 1967W
Entain PLC
21 April 2021
2.00pm 21 April 2021
ENTAIN AND MGM RESORTS INTERNATIONAL
BetMGM business update
BetMGM to deliver 20% - 25% market share in a market worth
$32bn
BetMGM LLC ("BetMGM"), one of the leading sports betting and
iGaming operators across the U.S., jointly owned by Entain plc
(LSE: ENT) ("Entain") and MGM Resorts International (NYSE: MGM)
("MGM Resorts"), is today providing a business update setting out
the key drivers of its strong momentum and future expectations as
it delivers a market leading position in the U.S.
As part of the presentation BetMGM confirms the following:
-- BetMGM is the market leader across the US in iGaming with a
market share of 23% over the three months to February 2021 and is
on course to take the number two spot in US sports betting and
iGaming overall
-- Sports betting & iGaming continues to accelerate across
North America. As such, BetMGM now expects the total addressable
market in the U.S. & Canada to be approximately $32bn
-- With continued strong momentum in its business BetMGM now
expects that, as a leading operator, it will drive a long-term
market share of approximately 20% - 25% in the U.S.
-- BetMGM expects to achieve $1bn of net revenue from operations in 2022
-- The investment by Entain and MGM Resorts this year is
expected to be approximately $450 million, on top of the $210
million already invested up to the end of 2020
Further details will be presented at the investor day event
Adam Greenblatt, CEO of BetMGM, commented:
"BetMGM has demonstrated strong momentum, building a leading
position in iGaming and is on track to be the number two operator
across sports betting and iGaming in the U.S. The U.S. market is
shaping up to be even larger and more exciting than we originally
envisaged, and we now believe it will be worth $32bn, including
Canada. Furthermore, the outstanding progress that the team has
made so far means that we now expect to achieve 20-25% U.S. market
share long term. The unique partnership of Entain's proprietary
technology platform and MGM Resorts' leading brand and loyal
customer base gives us the best resources to win in this
market."
Event details:
Time : 4:00pm BST (11:00am EDT/ 8:00am PDT)
The event, including registration, can be accessed through the
following webcast link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=4B97D04E-BB6C-45B1-9F00-D80F5B7BF65C
To participate in the Q&A, please also connect via the live
audio dial-in details below:
UK: +44 (0) 20 3107 0289
US: +1 (833) 562-0152
International: +1 (661) 567-1234
Conference ID: 3511619
Presentation slides will be posted prior to the event on our
websites, in addition to replay details after the event:
https://entaingroup.com/investorrelations/results-centre/
http://investors.mgmresorts.com/investors/events-and-presentations/
Contacts:
BetMGM
Elisa Richardson press@betmgm.com
Head of Public Relations & Communications
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Entain plc
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Investor Relations
David Lloyd-Seed investors@entaingroup.com
Group Director of Investor Relations & Corporate Communications
News Media
Tessa Curtis Tessa.curtis@entaingroup.com
Head of Media Relations
MGM Resorts International
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Investment Community
Catherine Park cpark@mgmresorts.com
Executive Director, Investor Relations
News Media
Brian Ahern media@mgmresorts.com
Director of Media Relations
LEI: 213800GNI3K45LQR8L28
Forward-looking statements
This document contains certain statements that are
forward-looking statements. They appear in a number of places
throughout this document and include statements regarding our
intentions, beliefs or current expectations and those of our
officers, directors and employees concerning, amongst other things,
results of our operations, financial condition, liquidity,
prospects, growth, strategies and the business we operate. These
forward-looking statements include all matters that are not
historical facts. By their nature, these statements involve risks
and uncertainties since future events and circumstances can cause
results and developments to differ materially from those
anticipated. Any such forward-looking statements reflect knowledge
and information available at the date of preparation of this
document. Among the important factors that could cause actual
results to differ materially from those indicated in such
forward-looking statements include the significant competition
within the gaming and entertainment industry; BetMGM's ability to
execute on its business plan; changes in applicable laws or
regulations, particularly with respect to iGaming and online sports
betting; BetMGM's ability to manage growth and access the capital
needed to support its growth plans; and BetMGM's ability to obtain
the required licenses, permits and other approvals necessary to
grow in existing and new jurisdictions. In providing
forward-looking statements, Entain 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.
Other than in accordance with its legal or regulatory obligations
(including under the Market Abuse Regulation (596/2014), the
Listing Rules, the Disclosure Guidance and Transparency Rules and
the Prospectus Rules), Entain undertakes no obligation to update or
revise any such forward-looking statements. Nothing in this
document should be construed as a profit forecast. Entain and its
directors accept no liability to third parties in respect of this
document save as would arise under English law.
Non-GAAP Financial Information
This press release includes projected net revenue from
operations, which has not been prepared in accordance with GAAP.
BetMGM believes this presentation, which it uses for its own
analysis of operations, is useful in that it reflects the true
economic performance of the business. If BetMGM presented net
revenue from operations in accordance with GAAP, then BetMGM would
present the revenues associated with its Nevada digital and retail
sports betting operations different, until such time as BetMGM is
licensed as a Nevada gaming operator. Currently under GAAP, its
calculation of Net Revenue would be on a basis net of operating
costs, such that the GAAP reported Net Revenue would be lower than
the Net Revenue reported herein, with Net Income remaining the
same.
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 Resorts' 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 http://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 and
Sportingbet; Gaming Brands include CasinoClub, Foxy Bingo, Gala,
Gioco Digitale, 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
also entered into a joint-venture with MGM Resorts to capitalise on
the sportsbetting and gaming opportunity in the US, through BetMGM.
Entain provides the technology which powers BetMGM and exclusive
games and products, specially developed at its in-house gaming
studios. The Group is tax resident in the UK with licenses in a
total of 27 regulated markets. Entain is leader in ESG, a member of
FTSE4Good, the DJSI and is AA rated by MSCI. The Group has set an
SBT, 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 31
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
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