Entain Plc · LSE:ENT
Entain — Investor Day (August 2021)
88 slides from Entain's investor day presentation, Aug 12, 2021
Slide 1: Building the leader in betting, gaming, and interactive entertainment
Building the leader in betting, gaming, and interactive entertainment 12th August 2021
Slide 2: Today's agenda
Today’s agenda Entain’s platform for growth Jette Nygaard-Andersen CEO Entain Technology Sandeep Tiku COO UK Digital Dominic Grounsell MD UK Digital Q&A Presenters and Rob Wood
Slide 3: Entain is a truly differentiated interactive entertainment business
Unparalleled Growth Momentum and Profitability Entain is a truly differentiated interactive entertainment business Unparalleled Growth Momentum and Profitability Truly Global Market Leadership 22 29-30% #2 #2 #2 #2 UK US Germany Italy consecutive quarters Online EBITDA margin #3 #1 #1 #3 Partypoker
Slide 4: Industry-leading Entain Platform provides unique competitive advantages and powers growth
Industry-leading Entain Platform provides unique competitive advantages and powers growth M&A and Leading People Global Scale and Brand Integration Technology and Talent Awareness Track Record Content Creation Customer Relationships Marketing Regulatory and Products and Data Excellence Expertise and
Slide 5: Evolving our strategic narrative
Evolving our strategic narrative VISION The world leader in betting, gaming and interactive entertainment PURPOSE Bring moments of excitement into people’s lives STRATEGY SUSTAINABILITY GROWTH ⬢ Regulated ⬢ Leadership in the markets U.S. ⬢ Lead on ⬢ Grow presence in responsibility core markets ENTAI
Slide 6: We are winning in the U.S.
We are winning in the U.S. BetMGM is the established #2 operator with significant runway for growth and profit generation Overall Estimated National Market Share2 35% $32bn 20-25% 30% COMPETITOR 1 25% Long-term total addressable Expected long-term 20% BetMGM market (TAM) U.S. market share COMPETITOR
Slide 7: Growing share across all markets in the US
Growing share across all markets in the US BetMGM market shares2 35% #1 30% 30% Q2 2021 iGaming Leader in iGaming market share2,4 25% 20% #2 22% 15% US Sports betting & iGaming Q2 2021 total operator2,4 market share2,4 10% 5% 35% 32% 0% Q2 2021 market share Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20
Slide 8: Leading growth in the global online regulated market
Leading growth in the global online regulated market Strong TRACK STRONG track RECORD record OF of growth GROWTH Online ONLINENGR (£M)AND NGR (£M) andY/Y y/yGROWTH growth 900 41% 23% 32% 800 28% 23% 50% 22 700 23% 19% online NGR growth5 Online EBITDA Consecutive 600 11% 17% 11% in Q2 2021 growth in
Slide 9: Further high-quality growth built into our existing markets
Further high-quality growth built into our existing markets Well-positioned to deliver growth from existing markets GGR IN ENTAIN’S CURRENT MARKETS Online and Current Retail Market (2020-Long-Term) MORE NEW BETTORS AND GAMERS MORE SPORTS BETTING GAMING +c.$30bn 25-40% 30-69% 26-63% of adults in Enta
Slide 10: Growing new regulated market opportunities
Growing new regulated market opportunities Significant opportunity in new markets9 2020 - PROJECTED LONG-TERM CAGR % c.50 $40bn $40bn 15% New market Potential new opportunity $9.6bn LatAm 22% markets (online and retail) $24bn $11.5bn Africa 19% $5.2bn Track record of $10bn $6.3bn Significant accreti
Slide 11: Significant revenue opportunity of c.$142bn from current business areas
Significant revenue opportunity of c.$142bn from current business areas $70bn $32bn $40bn GGR opportunity in North America GGR New regulated market existing markets10 market opportunity10 opportunity10 Sources: H2GC, VIXIO, World Bank Development Indicators, Activate interviews and analysis For note
Slide 12: New growth drivers
NEW GROWTH DRIVERS =ntain
Slide 13: Consumer trends opening new growth opportunities
Consumer trends opening new growth opportunities Consumer trends MORE BETTING MORE MORE AND GAMING LIVE BETTING INTERACTIVE CONTENT EXPERIENCES ENTERTAINMENT MORE VIDEO MORE AUDIO MORE FREE-TO-PLAY MORE PROGRAMMING CONTENT SOCIAL FEATURES GAMES Opportunity for Entain to serve customers with an ecosy
Slide 14: Sports bettors are materially more likely to engage in much more content than non-bettors
Sports bettors are materially more likely to engage in much more content than non-bettors Additional adult11 sports activities participation12 Sports bettors13 are… UP TO 2.8X UP TO 2.7X UP TO 1.9X More Likely to watch More Likely to play More Likely to read BETTING CONTENT FREE TO PLAY GAMES STATIS
Slide 15: Video gamers are more likely to participate in betting and iGaming
Video gamers are more likely to participate in betting and iGaming Global adult11 video gamers15 betting and iGaming participation12 Betting iGaming Video gamers Video gamers are are UP TO 4.3X UP TO 4.5X More likely to More likely to participate in participate in Bingo Sports betting16 Non-Sports C
Slide 16: Video gamers expect more media content and social experiences
Video gamers expect more media content and social experiences Global adult11 video gamers15 media activity participation12 Video gamers are… UP TO 1.6X UP TO 1.5X UP TO 1.8X More likely to watch More likely to use More likely to listen to VIDEO CONTENT AUDIO CONTENT SOCIAL MEDIA Sources: Activate Be
Slide 17: By expanding our customer offerings, enabled by our platform, we create powerful flywheel effects
New Players REAL MONEY GAMING – Sports betting (i.e. online By expanding our and retail betting on traditional sports) customer – iGaming (i.e. poker, bingo, casino table games, Consumer casino slots) offerings, Engagement Powered by: CONTENT & MEDIA – Sports & betting media enabled by THE ENTAIN PL
Slide 18: Content & Media
CONTENT & MEDIA
Slide 19: Driving user acquisition, engagement, and retention through content and media
Driving user acquisition, engagement, and retention through content and media CONTENT, MEDIA AND ENTAIN IS ALREADY EXPAND CONTENT GAMING ARE CONVERGING CREATING CONTENT IN & MEDIA THESE CATEGORIES: • User acquisition • Building – in-house content Audio Video creation capabilities • User retention •
Slide 20: Engaging our users with more content drives deeper engagement and builds relationships
Engaging our users with more content drives deeper engagement and builds relationships Sports and betting content MOODY ON THE MIC CORAL & ITV PARTNERSHIP Australia’s leading horse racing podcast Producing a 10 month series of high quality featuring legendary trainer Peter Moody documentaries about
Slide 21: Entain's sports and betting media creates relevant and engaging customer experiences
Entain’s sports and betting media creates relevant and engaging customer experiences Sports and betting content Bwin Content Partnerships ⬢ Partnerships with high-reach sports properties – Driving traffic and bets by integrating odds near relevant sports content ⬢ Localised offerings tailored to ind
Slide 22: We are constantly updating our free-to-play offerings to bring new users into the ecosystem
We are constantly updating our free-to-play offerings to bring new users into the ecosystem and keep them coming back Success from free-to-play games NEDS' LIVE TRIVIA CORAL REWARDS GRABBER LADBROKES 1-2-FREE A micro-market game to engage players Arcade-style game available daily to Score and match
Slide 23: Leading the way in virtual sports experiences
Leading the way in virtual sports experiences Forthcoming innovative experiences AR/VR Content First-of-its-kind virtual reality Sports Club experience First-of-its-kind virtual reality Sports Club experience Innovation project together with partner Verizon Media Using a Quest 2 VR headset, cu
Slide 24: The interactive entertainment opportunity
THE INTERACTIVE ENTERTAINMENT OPPORTUNITY
Slide 25: Esports audiences are growing rapidly with strong affinity for betting
Esports audiences are growing rapidly with strong affinity for betting Video game and esports ecosystem VIDEO GAMING DEFINITIONS BETTING APPLICATIONS General Gaming NON-RANKED18 • Consumers playing digital interactive Skill-based wagering (Casual games) VIDEO GAME PLAY games for general entertainmen
Slide 26: Esports already competes with major traditional sports and events for viewership
Esports already competes with major traditional sports and events for viewership Viewership by League, Global, 2021 474M 281M 231M 105M Esports Viewers Sources: Forbes, NewZoo, Nielsen, Activate Analysis 26
Slide 27: The esports wagering opportunity will grow to c.$12bn by 2025
The esports wagering opportunity will grow to c.$12bn by 2025 Esports wagering market19 2020-2025E CAGR +c.$9bn c.$12bn 34% c.$10bn 39% Skill-Based Wagering Competitive play of skill-based games, with players betting on their own performance c.$3bn c.$2bn Esportsbook c.$1bn c.$2bn 19% Platform for v
Slide 28: Unikrn leverages global player bases, offering both skill-based wagering and esportsbook
Unikrn leverages global player bases, offering both skill-based wagering and esportsbook Unikrn surrounds Skill-Based Wagering these esports Example esports titles: Bet on your own experiences with performance, and compete against others to win prize content & media pools and social integrations Soc
Slide 29: Entain and UNIKRN combination creates the first fully-integrated esports platform
Entain and UNIKRN combination creates the first fully-integrated esports platform Key Capabilities Unikrn Entain Skill-Based Wagering: Bet on your own performance Products & Enhanced Esportsbook: Bet on esports matches and virtual esports events Traditional esportsbook capabilities to pursue esports
Slide 30: Opportunity to extend into casual gaming categories that align with our strategy
Opportunity to extend into casual gaming categories that align with our strategy Key areas of attractiveness to Example: EXAMPLE: social SOCIALcasino CASINOadult ADULTmarket MARKETsize SIZE , 2020-2025E, 1928 global , 2020-2025E, GLOBAL Entain 2020–2025E CAGR % • Alignment with Entain’s core offerin
Slide 31: Entain's flywheel drives user acquisition, engagement, and retention
New Players REAL MONEY GAMING – Sports betting (i.e. online Entain’s flywheel and retail betting on traditional sports) drives user – iGaming (i.e. poker, bingo, casino table games, Consumer casino slots) acquisition, Engagement Powered by: CONTENT & MEDIA – Sports & betting media engagement, and TH
Slide 32: Unlocking significant market opportunities
Unlocking significant market opportunities Entain is moving from a $40bn to a $160bn total addressable market INTERACTIVE THE ENTAIN ENTERTAINMENT24 OPPORTUNITY NEW MARKETS23 c.$20bn U.S. MARKET c.$40bn LEADER22 MARKET GROWTH IN c.$32bn c.$162bn CORE MARKETS21 CORE INTERNATIONAL c.$30bn GAMING BUSIN
Slide 33: Sandeep Tiku
Sandeep Tiku 11 Chief Operating Officer Entain Group CTO 2014-2020
Slide 34: Entain's secret sauce
ENTAIN’S. SECRET SAUCE 34
Slide 35: 7 years ago, we set an ambitious target
7 years ago, we set an ambitious target Best customer experience Strongest technology 2014 Awesome products Build for the future 35
Slide 36: While the competition assembled boxes, we did something different
While the competition assembled boxes, we did something different Linear approach At Entain, we set about developing Sportsbook Casino Intelligent Technology Poker Bingo To power the growth of the business To transform the future of the industry Just assembling the boxes isn’t smart 36
Slide 37: Intelligent powerhouse, real engineering outcome
Intelligent powerhouse, real engineering outcome 37
Slide 38: Precision approach, differentiated from the competition
Precision approach, differentiated from the competition Linear approach Cognitive approach Run processes Start Play Follow up Reactive - Chasing the customer Proactive - One step ahead 38
Slide 39: Operating at Scale with Speed and Security
Operating at Scale with Speed and Security Large-scale global operations running seamlessly 7x vs Amazon 71k+ Trading events per min 100+ Cyber attacks Entain’s UK Brands handle 7x Entain’s Trading platform 100+ Cyber Security attacks in transactions every Saturday generates 71k+ events per last 2 y
Slide 40: Delivering powerful & agile operations
Delivering powerful & agile operations Five major projects delivered in one single day 1 2 12th May 2020 3 4 5 Ladbrokes migrated PayPal Germany Sportsbook migration Moved casino for Online gaming to Entain’s platform regulatory change with from Gibraltar Coral & Ladbrokes launch ready for (industry
Slide 41: Delivering more for our customers
Delivering more for our customers Improvement across the board Increase in customer Customer delight 10% delight since Jan ‘21 Improvement in time to set up a More agile 476% new geography / market Reduction in the time to integrate More flexible 780% any 3rd party Notes: Customer delight based on n
Slide 42: 5+ years of double-digit growth
5+ years of double-digit growth Total Entain Digital NGR (£m) 900 41% 23% #1 800 32% US Gaming 700 23% 28% #2 600 19% Germany 11% #2 17% 11% 15% 18% 500 29% NGR £m 26% 25% 15% UK 400 13% #2 18% 12% 17% 22% 25% 24% 300 Italy 200 100 #1 Brazil 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 43: Entain has technology in its DNA; the Group has built a key differentiating factor
We are well-positioned to lead our sector Performance against Top Digital Peers 4.1 Architecture & 1 5 Innovation 2.8 Technology 3.4 Entain has technology Strategy & 1 5 Operating Model 3.0 3.3 in its DNA; the Group Technology Procurement 1 2.5 5 has built a key Infrastructure & Operations 1 4.1 5 d
Slide 44: 1. AI First Strategy
1. AI First Strategy 2. Engineering Innovation 3. Development Ecosystem 4. Customer Protection ENTAIN’S 5. Awesome Products SECRET SAUCE 44
Slide 45: 2. Engineering Innovation
2. Engineering Innovation 3. Development Ecosystem 4. Customer Protection ENTAIN’S 5. Awesome Products SECRET SAUCE 45
Slide 46: AI First Strategy: single data lake
1 AI First Strategy CRM PERSONALISATION CUSTOMER 3rd PARTY 101010101110100110101010101010101010101010101010101010000111010101101 010101010101010100101011010011010100101001010101010101010011101101010 010101010010101001110101000101010100101010101010101010101010101010101 SINGLE DATA LAKE 01010101010101
Slide 47: Revolutionary AI-first strategy
1 AI First Strategy Delivering value today REVOLUTIONARY ✓ Hyper-personalised experiences for every customer AI-FIRST ✓ Far higher accuracy STRATEGY ✓ Understands new customers in Enabled by ▪ < 12 hours with 70% accuracy Entain’s proprietary ▪ < 3 days with 90% accuracy intelligent technology ✓ Rea
Slide 48: 3. Development Ecosystem
1. AI First Strategy 3. Development Ecosystem 4. Customer Protection ENTAIN’S 5. Awesome Products SECRET SAUCE 48
Slide 49: Engineering Innovation
2 Engineering Innovation Automated technology integrations Invisible migration, visible benefits Ladbrokes & Coral Online Monthly NGR (£m) Self-Detect Self-Learn Migration to Entain platform Self-Migrate May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr
Slide 50: 4. Customer Protection
1. AI First Strategy 2. Engineering Innovation 4. Customer Protection ENTAIN’S 5. Awesome Products SECRET SAUCE 50
Slide 51: Development Eco-system
3 Development Eco-system Central delivery eco-system powered by Entain’s relevance factor UK 253 features planned UK 769 features shared 3x Europe 42 features planned Europe 313 features shared 7.5x MULTIPLIER US 265 features planned US 453 features shared 2x DELIVERY 1.5x Casino 230 features planne
Slide 52: Development Eco-system, accelerating growth
3 Development Eco-system, accelerating growth Delivering scale with efficient operations In 2018 Ladbrokes Coral By 2020 this was depended on… reduced to… 50M £ Synergies in less than 3,000+ people 24 months Corporate Operations 3 0 150% increase in delivery throughput Poker & Casino Platform OUTSOU
Slide 53: 5. Awesome Products
1. AI First Strategy 2. Engineering Innovation 3. Development Ecosystem ENTAIN’S 5. Awesome Products SECRET SAUCE 53
Slide 54: Customer Protection
4 Customer Protection Breakthrough scientific approach to player safety 1 FOCUS ON INTELLIGENT BOTH APPROACH TO CUSTOMER CUSTOMER BEHAVIOUR PRODUCT FEATURES RISK BEHAVIOURS Keeping customers in their Safe Zone Continuously scanning our product for REDUCTION & PRODUCT Setting behavioural baselines ho
Slide 55: Entain's secret sauce
1. AI First Strategy 2. Engineering Innovation 3. Development Ecosystem 4. Customer Protection ENTAIN’S SECRET SAUCE 55
Slide 56: Awesome Products
5 Awesome Products CASINO RACING SPORTS BINGO POKER 1000+ new features added every single year 56
Slide 57: Continually driving down costs
Continually driving down costs Technology gross cost base as % of NGR 33% reduction since 2018 2018 2019 2020 2021 Cost / NGR % 57
Slide 58: Accelerating growth: product innovation driving further growth
Accelerating growth Product innovation driving further growth • New Trading Platform H2 2021 (4 years of investment) • Proprietary group Bet Station by H2, 2021 • Next-Gen Personalization Engine by H1, 2022 58
Slide 59: Ready for the next innovation curve
Ready for the next innovation curve Innovation is disruptive Guy Kawasaki tells the story of how ICE 1.0 (left) became ICE 2.0 (right), through disruptive innovation 59
Slide 60: We are at the forefront
Ready for the next innovation curve We are at the forefront TECHNOLOGY LIVE GAMING MEDIA ENTERTAINMENT YOUR SPORTS SOCIAL pic DREAM pic Innovation Lab & Brand Disruptive & Innovative Key launch In 2021 Product Lines Partnerships 60
Slide 61: We are investing in innovation
Ready for the next innovation curve We are investing 100% £100M funded through EVOLVE in innovation our cost over the next 3 optimisation years programme 61
Slide 62: Key takeaways
Key takeaways #1 Powerful technology ecosystems #2 Years ahead of the competition #3 Ready to shape the future of our industry ENTAIN’S SECRET SAUCE 62
Slide 63: Dom Grounsell
Dom Grounsell 11 MD UK Digital
Slide 64: UK digital market in consistent growth
UK digital market in consistent growth UK Digital sector: Total net gaming revenue 2016-2020 +16% +6% +3% £6.0 Consistent growth for 15+ years +18% £5.2 £4.8 £4.9 Growth driven by customer penetration £4.1 & innovation NGR (£bn) Tier 1 operators dominate Out-performance requires leadership in key ca
Slide 65: Diverse UK brand portfolio
Diverse UK brand portfolio Key Entain UK brands & lead propositions 17% Sports Betting Sports Betting Slots NGR Market Slots Slots Table Games share Table Games Table Games Live Casino 2020 Live Casino Live Casino Poker +2pp share vs. 2019 Slots Bingo Bingo Bingo Slots Slots Table Games Live Casino
Slide 66: Diverse UK customer base
Diverse UK customer base Key Entain UK brands – customer audiences Opportunities to GROW Opportunities to MITIGATE MARKET HEADWINDS Diverse Customer Base: Ages Genders Lifestyles Product Preferences Playing Behaviours 66
Slide 67: Unique & highly effective operating model
Unique & highly effective operating model Customer Facing Brands Driving the market level growth agendas World Class Centralised Operational Functions Ensuring consistency in Compliance Customer Services Enabler Functions execution in critical areas & Player Protection & Operations Legal, HR, Financ
Slide 68: Strong brand, customer & revenue performance
Strong brand, customer & revenue performance BUILDING STRONG BRANDS ATTRACTING MORE CUSTOMERS DIVERSIFYING OUR CUSTOMER BASE Top UK Betting & Gaming Brands: % Customers Very/Somewhat (1) (2) Monthly Actives Customers Jan 2019-May 2021 Recreational Player Volume 2019 vs 2020 Familiar +76% +43% 2019 2
Slide 69: Four pillars of growth
Four pillars of growth Customer Insight, Brand Innovation Digital Marketing Data & Analytics Customer First approach 69
Slide 70: 1. Insight, Data & Analytics
1. Insight, Data & Analytics 2. Brand 3. Innovation 4. Digital Marketing Growth Pillars 70
Slide 71: Analysis & synthesis of external insight
Analysis & synthesis of external insight Analysis & synthesis external insight Identifying new growth opportunities Market Size & Value Trends Innovation Reports Share Reports Competitor Monitoring Feedback Market Tracking Csat Tracking & Analysis Social Monitoring Customer Customer Tracking Satisfa
Slide 72: Innovating in customer research
Innovating in customer research Example: Leveraging neuro testing to optimise TV adverts Develop TV Advert Neuro-Testing Study Rich insight to evaluate and optimize advert Measuring Brain Response EEG Section 1 Section 2 GSR ET Measuring Measuring Skin Eye Response Tracking Analyses of combined EEG,
Slide 73: World class customer segmentation
World class customer segmentation Large scale research programme delivering in-depth Leveraging insight to create experiences tailored to segment insights segment needs CURRENT AUDIENCE ADDITIONAL FUTURE AUDIENCE EXAMPLE EXAMPLE Extensive Qualitative High Volume Detailed Factor & Research Phase Quan
Slide 74: Leading edge data & analytical capabilities
Leading edge data & analytical capabilities = data powered decision making CUSTOMER COMMERICAL MAXIMISING CUSTOMER Focus Areas UNDERSTANDING OPTIMSATION GROWTH PROTECTION Commercial Compliance AI Lifetime Value Analytics & AI Next Best Offer Analytics & Models Reporting Engine Reporting Marketing AI
Slide 75: 2. Brand
1. Insight, Data & Analytics 2. Brand 3. Innovation 4. Digital Marketing Growth Pillars 75
Slide 76: Strong heritage and significant investment
Strong heritage and significant investment Strongest heritage in the market Significant investments in advertising Ladbrokes: Founded 1902 Coral: Founded 1926 Gambling Brands Share of Advertising Media Spend: YTD May 2021 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Comp 1 Ladbrokes Comp 2 Comp 3 Comp 4 C
Slide 77: Building towards world class Brand Marketing
Building towards world class Brand Marketing INNOVATING IN DIGITAL HUMAN, CUSTOMER LADBROKES HORSE TINDER CENTRIC ADVERTISING BLOCK BUSTER CAMPAIGNS FILM QUALITY PRODUCTION VALUES 77
Slide 78: The brand power of Retail
The brand power of Retail >2.5k ‘window’ advertising sites Millions in potential media value High quality digital window screens rolling out Proprietary MarTech delivering localised messages Key competitive advantage 78
Slide 79: 3. Innovation
1. Insight, Data & Analytics 2. Brand 3. Innovation 4. Digital Marketing Growth Pillars 79
Slide 80: Ambitious, wide ranging innovation agenda
Ambitious, wide ranging innovation agenda FREE-TO-PLAY SPORTSBOOK GAMING CORE JOURNEY Market leading portfolio of games Driving engagement through Breadth & depth of best-in-class Making it easier & quicker for across Sports & Gaming gamification content always available for customers to complete ke
Slide 81: Setting the highest possible bar for future innovation
Setting the highest possible bar for future innovation Make it… Make it… Make it… Make it… Example SIMPLER & MORE FUN & PERSONALISED STAY IN Customer Needs MORE ENTERTAINING TO ME CONTROL INTUITIVE Our Bar For Innovation 81
Slide 82: 4. Digital Marketing
1. Insight, Data & Analytics 2. Brand 3. Innovation 4. Digital Marketing Growth Pillars 82
Slide 83: Extensive Marketing Technology estate & innovative digital marketing
Extensive Marketing Technology estate & innovative digital marketing Entain MarTech Estate – Graphical Overview Highly Targeted Real Time Push Campaigns Personalised Customer Marketing Our MarTech estate incorporates best in class tools & platforms from a wide range of leading suppliers 83
Slide 84: Driving to the bleeding edge of what is possible
Driving to the bleeding edge of what is possible Customer Segment insight…. THE FLOW Analysis produces MARKETING FLY optimization insights WHEEL Future Priorities Drive channel expansion … drives ideal proposition & We then Linear Attribution creative selection Next phases of MarTech expansion analy
Slide 85: Conclusion
Conclusion Consistent track record of out-performance Significant investments in critical capabilities to drive growth Ambitious roadmap of innovation underway Major scope for future growth, built around being data driven & customer first World leader, not just category leader, in our key pillars of
Slide 86: Appendix
APPENDIX
Slide 87: References
References 1. As per company guidance with 2021 Interim results dated 12 August 2021 2. Total market share by GGR for retail, OSB and iGaming across all U.S., including jurisdictions where BetMGM is not currently active; internal estimates used where operator- specific results are unavailable. 3. In
Slide 88: References
References 19. Includes revenue from adults aged 18+ only. 20.Current bettors defined as those who participated in at least one betting or gaming activity in the last 12 months. Potential bettors defined as those who have not participated in betting or gaming activities in the last 12 months but are