Press release
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14 October 2025 BETMGM Q3 2025 BUSINESS UPDATE AND RAISED FY25 GUIDANCE Q3 ahead of expectations with strong performance momentum continuing during H2 2025 BetMGM LLC ("BetMGM"), a leading sports betting and iGaming operator across North America, jointly owned byEntain plc (LSE: ENT) ("Entain") and MGM Resorts International (NYSE: MGM) ("MGM Resorts"), is todayproviding an update on its Q3 2025 performance. · Q3 performance ahead of expectations, with strong year-to-date momentum continuing across both OnlineSports and iGaming o Net Revenue of $667 million, up +23% YoY o iGaming Net Revenue up +21% YoY and Online Sports Net Revenue up +36% YoY o EBITDA of $41 million, up +$57 million YoY · Ongoing successful execution of BetMGM's refined player engagement strategy supported by furtherenhanced product and user experiences delivered growth in player activity and retention · Increased FY25 guidance to Net Revenue of at least $2.75 billion and EBITDA of approximately $200million · BetMGM expects to distribute at least $200 million to parents before end of 2025 Adam Greenblatt, Chief Executive Officer of BetMGM, commented:"BetMGM's momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan.The execution in operations we have described this year - improved marketing efficiency, player management,brand positioning, and product and platform improvements - all contributed to our strong revenue growth andmaterial cash flow increase from both sides of the business. Strong underlying metrics and margin outperformanceduring July and August support our confidence in raising guidance for full year 2025. Furthermore, we havereached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts.My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger thanexpected performance through Q3 positions us well for the rest of the year and into 2026." Q3 2025 Key Financial Highlights Q3 2025 BetMGM Financial Summary Three months endedSeptember 30, Nine months endedSeptember 30, $ millions, unless otherwise noted 2025 2024YoY Change 2025 YoYChange Net Revenue iGaming $454 $376 +21% $1,345 +26% Online Sports $202 $148 +36% $624 +52% Handle $3,159 $2,800 +13% $10,674 +22% GGR Hold % 10.1% 9.9% +20bps 9.3% -- bps NGR Hold % 6.4% 5.3% +110bps 5.8% +110bps Retail / Other $11 $20 (47%) $46 (25%) Total Net Revenue $667 $544 +23% $2,016 +31% Contribution $132 $80 +$52 $440 +$293 EBITDA $41 ($16) +$57 $150 +$289 Capital Expenditures $3 $2 +$2 $29 +$15 Average Monthly Actives (thousands) 902 854 +6% 957 +6% Financial Highlights · Q3 Net Revenue of $667 million, up +23% YoY, with continued strong underlying momentum o Year-to-date Net Revenue of $2.016 billiono iGaming Net Revenue up +21% YoY underpinned by our leading iGaming offeringo Online Sports Net Revenue up +36% YoY reflecting our strengthened product offering and refinedplayer engagement; favorable sports results in July and August offset by player-friendly outcomesin Septembero Average Monthly Actives up +6% YoY in line with expectations, reflecting our refined playertargeting and management capabilities 1,2,3 4 5
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· Q3 EBITDA of $41 million (up +$57 million YoY), with both iGaming and Online Sports delivering positiveContributiono Year-to-date EBITDA of $150 million· Secure podium position with 15% GGR market share in active markets, including iGaming (21%) andOnline Sports (8%) Operational Highlights· Ongoing product enhancements saw BetMGM offering players its fastest, most user-friendly and mostcomplete product to date· Successful Make it Legendary campaign launch ahead of football season, featuring award-winning actorJon Hamm and other brand ambassadors, refining BetMGM's brand identity and highlighting its elevatedentertainment experiences including exceptional omnichannel hospitality · Market-leading iGaming offeringo Leading iGaming offering and enhanced player management, seeing continued strong growth inplayer acquisition, retention and activity Q3 Average Monthly Actives +21%o Best-in-class and exclusive content continues to provide players with exciting and engagingexperiences Exclusive launches include omnichannel titles in the Wizard of Oz franchise and Rakin'Bacon, as well as branded casino games in partnership with The Price Is Right franchiseand NFL teams ahead of season start Further targeting and showcasing of promotions to cross-sell Online Sports and iGamingplayers in our multi-product states during NFL season to date · Upgraded Online Sports product supported by refined player management and disciplinedacquisition approacho Improved product and app experience including upgraded visual design, contextual stats anddecision support, and enhanced rewards dashboard, as well as exciting new features includinglive SGPs and in-game SGP cashout capabilitieso Refined approach to player management and engagement delivering further improvements toretention, economics and activity metrics across both new and existing cohorts Q3 Handle per Active +23% and NGR per active +49% YoY Q3 NGR margin improvement of +110 bps YoY Outlook · BetMGM's stronger than expected year-to-date performance provides increased confidence for thebalance of 2025 o FY25 guidance increased to Net Revenue of at least $2.75 billion and EBITDA of approximately$200 million o Reiterated expectation of achieving more than $500M of Contribution, with positive Contributionfrom Online Sports · BetMGM is now positioned to distribute excess cash to parents, Entain and MGM Resorts, whilemaintaining a minimum unrestricted cash threshold of $100 million going forward o Expect a total of at least $200 million to be returned for FY25 o BetMGM expects to end the year with approximately $100 million of unrestricted cash afterdistributing excess cash to parents o EBITDA minus CapEx is a reasonable proxy for distributable cash to parents in 2026 and beyond o Ample liquidity with more than $250 million to operate the business, consisting of $100 million ofunrestricted minimum cash and a $150 million revolving credit facility (which currently remainsundrawn) o Distributions of cash to parents will be on a quarterly cadence going forward Q3 2025 Conference Call and Q&A· An audio webcast call will be held today, Tuesday, October 14, 2025 at 2:00pm UK (9:00am EST), withparticipants able to join via webcast or by conference call· Live audio webcast registration link: BetMGM Q3 2025 webcast· There will be a 30 minute Q&A session, to participate please use dial ins below and register via thefollowing link: Register for Q&AUS Toll free + 1 888 500 3691US + 1 646 307 1951UK Toll free +44 800 358 0970UK +44 20 3433 3846International dial-in numbers Access Code: 70035 Contacts:BetMGM Nitish Basandra - Director, Corporate Development & IR nitish.basandra@betmgm.comJennifer Arapoff - Director, Public Relations jennifer.arapoff@betmgm.com 6,7 5 8
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Entain plc Investor Relations investors@entaingroup.comMedia media@entaingroup.com MGM Resorts International Investment CommunitySarah Rogers - Senior Vice President, Corporate Finance srogers@mgmresorts.comHoward Wang - Vice President, Investor Relations hwang@mgmresorts.com News MediaBrian Ahern - Executive Director, Communications media@mgmresorts.com Notes:1: Net Revenue, EBITDA, and Contribution are based on how management analyzes the performance of the business, whichare not prepared in accordance with GAAP. Refer to "Non-GAAP Financial Information" section below for additional detail. 2: BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments. 3: Totals may not sum due to rounding. 4: Handle reflects the total Online Sports handle (cash + bonus bets) taken in the period. 5: Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played;monthly actives include players that place 1+ bets within the month. 6: BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in24 markets. 7: Gross Gaming Revenue (GGR) market share consists of last three months ending July or August 2025 as latest reported forU.S. sports betting markets where BetMGM was active (online and retail), last three months ending August 2025 for U.S.iGaming markets where BetMGM was active, and last three months ending August 2025 for the Ontario market. Internalestimates used where operator-specific results are unavailable. 8: Handle and NGR per Active are equal to each respective metric over the period divided by the sum of the total monthlyactives during the same period. Supplementary financial disclosuresBetMGM has updated its financial disclosure practices, aiming to provide investors with more comprehensive andtransparent information regarding its financial position and operations. These enhanced disclosures will include amore granular breakdown across different segments to provide greater insight into performance drivers. Forward-looking statementsThis press release contains forward-looking statements within the meaning of the Private Securities LitigationReform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGMResorts 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 andtrends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financialoutlook (including forecasted net revenues from operations, EBITDA, and expected distributions to Entain andMGM Resorts), projected market share position, its expected growth in new and existing jurisdictions, productcapabilities, and achievement of key milestones. These forward-looking statements are not guarantees of futureperformance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptionsand other important factors, that could cause actual results or outcomes to differ materially from those discussed inthe forward-looking statements. Included among the important factors that could cause actual results to differmaterially from those indicated in such forward-looking statements are: the significant competition within thegaming and entertainment industry; BetMGM's ability to execute on its business plan; changes in applicable lawsor regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growthand 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-lookingstatements, BetMGM is not undertaking any duty or obligation to update these statements publicly as a result ofnew information, future events or otherwise, except as required by law. If BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those otherforward-looking statements. Non-GAAP Financial InformationIn this press release we provide certain financial measures, including Net Revenue, EBITDA, and Contributionfrom operations, which have not been prepared in accordance with GAAP. BetMGM believes these measures,which it uses for its own analysis of operations, are useful to supplement the results presented in accordance withGAAP. These non-GAAP financial measures, which may not be comparable to other similarly titled measurespresented by other companies, should not be considered a substitute for, or superior to, the financial informationprepared in accordance with GAAP. 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 operationsdifferently, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, itscalculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue
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would be lower than the Net Revenue reported herein, with net income remaining the same. We define EBITDA asnet income (loss) before the impact of interest income or expense (net), income tax provision or benefit, anddepreciation and amortization. We define Contribution as Net Revenue, less cost of revenue (exclusive ofdepreciation and amortization) and marketing acquisition spend. About BetMGM BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gamingindustry. 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, majortournament 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 BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. 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 and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories. Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by MSCI. For more information see the Group's website: www.entaingroup.com LEI: 213800GNI3K45LQR8L28 About MGM Resorts International MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international destinations 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 sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters 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 X as well as Facebook and Instagram. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END