Company Overview - BetMGM LLC is a leading sports betting and iGaming operator in North America, co-owned by MGM Resorts International and Entain plc [1][6] - The company was founded in 2018 and is headquartered in New Jersey, offering services through brands like BetMGM, Borgata Casino, Party Casino, and Party Poker [6] Financial Performance - BetMGM has experienced strong momentum, with a 34% year-over-year growth in Net Revenue during Q1 2025 [4] - The company has upgraded its FY 2025 guidance, now expecting Net Revenue to be at least $2.6 billion, an increase from the previous range of $2.4 billion to $2.5 billion [4] - FY 2025 EBITDA is now projected to be at least $100 million, up from the previous guidance of being EBITDA positive [4] Market Position and Strategy - BetMGM is positioned to be contribution positive for Online Sports in FY 2025, alongside strong contributions from iGaming [4] - The company is optimistic about future growth prospects, aiming for a pathway to $500 million EBITDA in the coming years [4] Upcoming Events - BetMGM plans to provide further details on its Q2 2025 performance and guidance during its H1 update on July 29, 2025 [2]

Core Insights - BetMGM has entered into a partnership with the Las Vegas Aces, becoming the exclusive online casino and sportsbook partner for the WNBA team through the 2027 season, marking its first major collaboration with a women's professional sports franchise [1][2][3] - The partnership includes various promotional activities, such as signage at the Michelob ULTRA Arena, sponsorship on Aces' social media, and exclusive experiences for BetMGM players [1][2] - BetMGM will also serve as an authorized gaming partner of the WNBA, gaining commercial inventory on nationally televised games and the rights to co-branded content [2][3] Partnership Details - The "BetMGM Steals for Meals" program will donate $50 to The Just One Project for every steal made by the Aces during home games, aimed at supporting food-insecure families [3][4] - BetMGM plans to launch a WNBA-branded online slot game, which will be the first-ever WNBA online casino game, available exclusively on its platform [2][3] Market Growth - BetMGM reported a 133% year-over-year growth in betting on the WNBA during the 2024 season, reflecting the increasing popularity of women's sports [4] - The WNBA has seen significant growth in fan engagement, and BetMGM aims to leverage this momentum by expanding its betting markets and enhancing fan experiences [5] Company Background - BetMGM is a leading sports betting and gaming entertainment company, formed through a partnership between MGM Resorts International and Entain Plc, and has exclusive access to MGM's U.S. sports betting and online gaming operations [7] - The Las Vegas Aces have achieved notable success, including back-to-back WNBA Championships in 2022 and 2023, and have established a strong fan base, selling out their season ticket allotment in 2024 [8][9]

Core Viewpoint - SharpLink Gaming has transformed from a struggling online marketing company to a potential leading publicly-traded Ethereum proxy, following a significant stock surge of 1,067% after announcing a $425 million private placement to adopt Ethereum as its primary treasury reserve asset [1] Financial Performance - SharpLink's revenues have decreased by 31%, from $5.0 million to $3.4 million over the past 12 months, underperforming the S&P 500's growth rate of 5.5% [2] - Quarterly revenues have dropped by 24.0%, from $0.976 million a year ago to $0.742 million in the most recent quarter [2] Profitability Metrics - The company reported an Operating Income of -$4.0 million, resulting in an Operating Margin of -116.8%, compared to 13.2% for the S&P 500 [3] - SharpLink's Operating Cash Flow (OCF) was -$4.0 million, yielding an OCF Margin of -117%, while the S&P 500 has an OCF Margin of 14.9% [3] - The Net Income of -$3.2 million indicates a Net Income Margin of -94.1%, contrasting with the S&P 500's 11.6% [3] Strategic Transformation - The $425 million raise positions SharpLink as a publicly-traded Ethereum vehicle, akin to MicroStrategy's role as a Bitcoin proxy, with a more integrated approach through leadership from Joseph Lubin and backing from major crypto venture capital firms [4] - The focus on sports betting and iGaming industries may benefit from blockchain integration, particularly with support from the Ethereum ecosystem [4]

Acquisition and Partnership Highlights - Bally's will acquire 100% ownership of BetWorks for $125 million, with 50% in cash and 50% in equity[8] - Bally's and Sinclair are entering into a media partnership, integrating Bally's content into Sinclair's broadcast stations and sports networks[8] - Sinclair will receive warrants and options to own a minority stake in Bally's[8] Market Opportunity - Bally's is positioned to capture a significant share of the ~$50 billion U S sports betting and iGaming market opportunity[27] - The U S online sports betting and iGaming market is estimated to reach $2 6 billion in 2020[28] - The U S online sports betting and iGaming market generated $1 0 billion in 2019[28] Sinclair Broadcast Group Overview - Sinclair Broadcast Group has coverage of ~70% of total U S households[32] - Sinclair's RSNs broadcast over 4,600 professional sports games per year[35] - Sinclair owns, operates, and/or provides services to 190 television stations[39] Bally's Strategic Positioning - Bally's has a strategic footprint in states that have generated ~80% of the US sports betting revenues[13] - Bally's database size is ~14 million[14]

Core Insights - BetMGM has reported a strong start to 2025, with confidence in achieving positive EBITDA for the full year, supported by solid underlying activity trends and successful execution of its strategic plan [2][6][10] Financial Performance - In Q1 2025, BetMGM's total net revenue reached $657 million, a 34% increase year-over-year, driven by significant growth in both iGaming and Online Sports [4][7] - iGaming revenue was $443 million, up 27% year-over-year, while Online Sports revenue surged to $194 million, reflecting a 68% increase [4][6] - The handle for Online Sports increased by 29% year-over-year, reaching $4,088 million [4][7] - EBITDA for Q1 2025 was $22 million, a substantial improvement of $154 million compared to the same quarter in the previous year [4][7] Operational Highlights - BetMGM's average monthly active users increased by 6% year-over-year to 1,067 thousand, indicating strong player engagement [4][7] - The company achieved a 110 basis points improvement in net gaming revenue (NGR) margin year-over-year [4][10] - Active player days rose by 39% year-over-year, driven by unique content across real-money and free-to-play games [10] Strategic Outlook - BetMGM reaffirms its expectations for FY 2025 to be EBITDA positive, with net revenue guidance set between $2.4 billion and $2.5 billion [10] - The company anticipates Online Sports to be contribution positive for FY 2025 and aims for $500 million EBITDA in the coming years [10]

Core Insights - Meridianbet, a leading global sports betting and iGaming operator, has highlighted its key ESG milestones for 2024, emphasizing community engagement, technology-driven operations, and resource discipline [1][7]. Group 1: ESG Achievements - The company executed 293 CSR campaigns across 25 markets in 2024, focusing on healthcare, education, and amateur sports, demonstrating its long-term commitment to community presence [7]. - Meridianbet's integration into the Golden Matrix Group (NASDAQ: GMGI) has facilitated disciplined growth, achieving a record organic revenue of $159.7 million (non-GAAP) [7]. Group 2: Technology and Operations - The company has strengthened its technology-driven moat through proprietary platforms and AI-powered product innovation, positioning itself within the global 5% tech ownership club, a rare achievement in the gaming industry [7]. - Meridianbet operates in 18 jurisdictions across Europe, Africa, and South America, utilizing a scalable business model that supports multiple countries and currencies through an omni-channel approach [4].

Company Overview - BetMGM is a leading sports betting and iGaming operator in the U.S., co-owned by MGM Resorts International and Entain plc [1][3] - MGM Resorts operates 31 hotel and gaming destinations globally and is recognized as one of FORTUNE® Magazine's World's Most Admired Companies [4] - Entain plc is a FTSE100 company and one of the largest sports betting and gaming groups worldwide, with a diverse portfolio of brands [5][6] Upcoming Events - BetMGM will release its business update for Q1 2025 on April 28, 2025, at 7:00am ET [1] - A conference call with Q&A will follow at 9:00am ET on the same day [2] - Entain and MGM Resorts will also release their Q1 2025 results on April 29 and April 30, respectively [2] Technology and Operations - BetMGM utilizes Entain's U.S.-licensed technology to offer sports betting and online gaming through various brands [3][6] - Entain provides exclusive games and products developed in-house for BetMGM [6] Market Position - BetMGM has exclusive access to MGM Resorts' U.S. land-based and online sports betting and gaming businesses [3] - The company is positioned as a market leader in the online gaming industry [3]