BETMGM update on performance and outlook for 2023

BetMGM LLC (“BetMGM”), one of the leading sports betting and iGaming operators across North America, jointly owned by Entain plc (LSE: ENT) (“Entain”) and MGM Resorts International (NYSE: MGM) (“MGM Resorts”) is today providing an update on performance and outlook for 2023.

BetMGM finished FY 2022 with a strong financial performance

- Net revenue from operations of $1.44 billion, ahead of prior guidance of over $1.3 billion
Same-state growth in net revenue from digital operations of 51%

- EBITDA loss of approximately $440 million, in line with prior guidance²
- Financial outperformance driven by:

Higher gross gaming margins resulting from improved customer experience and other product improvements
Same state CPAs reduced by 21% year-over-year due to data-focused marketing strategy and increased scale
Improved approach to player bonusing delivered by our data science team

BetMGM has established itself as a leading sports betting and iGaming operator in North America
- Top 3 operator in the U.S. for sports betting and iGaming

Continued market leadership in iGaming with approximately 30% market share³
Online sports betting market share of 13%, with 20% share in markets where BetMGM was live on day one³
Our Q4 2022 online sports net revenue margin has doubled versus Q4 2021 as we continue to optimize our bonus environment

- Live in 25 jurisdictions with access to approximately 45% of the adult population in the United States as well as now operating in Ontario, Canada⁴

Expanded online footprint in 2022 with launches in six new markets: New York, Louisiana, Illinois, Ontario, Kansas, and Maryland
Opened four new retail sportsbooks: Nationals Park in Washington, DC, Casino del Mar in Puerto Rico, The Cosmopolitan in Las Vegas, and at State Farm Stadium, the first retail sportsbook at an NFL stadium and home of the 2023 Super Bowl
Launched in Ohio on January 1, 2023, with online sports betting and two retail sportsbooks at MGM Northfield Park and at the Reds’ Great American Ball Park.

- Furthered our commitment to industry leadership in promoting player safety and responsible gaming

Created the first industry-led online responsible gaming standards in collaboration with a coalition of other online gaming operators
Increased funding for gaming research, joined the National Council on Problem Gambling and prioritized customer service across all facets of our business
Implemented the award-winning responsible gaming program, GameSense, companywide
Committed to continuously expanding our product tools to proactively monitor customers and curate messaging to ensure safe and responsible play

- Winner of several industry awards including: Casino Operator of the Year by EGR North America; Casino Operator of the Year at SBC Awards North America; Online Casino of the Year by the American Gambling Awards; and identified as one of the Best Workplaces in New York by Fortune
BetMGM is well positioned to achieve net revenue from operations of between $1.8 and $2 billion in FY 2023 and be EBITDA positive in the second Half of 2023

Wholly supportive of BetMGM’s stellar performance and with confidence in management’s plan, Entain and MGM Resorts expect to invest a combined additional $150 million in FY 2023
- This brings the total combined investment to build the company in less than 5 years to approximately $1.25 billion

Adam Greenblatt, CEO of BetMGM, commented:

“The talented team at BetMGM continues to execute our plan with purpose, passion, and discipline. 2022 was a year in which we delivered against many key strategic initiatives and achieved several company milestones, including exceeding our financial targets, launching a redesigned BetMGM mobile app and furthering our commitment to Responsible Gambling. With continued and unwavering support from our shareholders, we look to 2023 confident in achieving further key milestones, including $1.8 to $2 billion in net revenue from operations and being EBITDA positive in the Second Half of 2023.”