Q2 2025 BetMGM Earnings Call

July 29, 2025

Gary Fritz: Sa.

Operator: Hello and thank you for standing by. Hi, my name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the BetMGM second quarter first half business update call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad. I would now like to turn the call over to Adam Greenblatt, Chief Executive Officer of BetMGM. Adam, please go ahead.

Unknown Executive: Thank you for standing by.

Tiffany: My name is Tiffany and I will be your conference operator today.

Tiffany: At this time, I would like to welcome everyone to the BETT-MGM second quarter first half business update call. All lines have been placed on mute to prevent any background noise.

Hello, and thank you for standing by. My name is Tiffany and I will be your conference operator today.

At this time, I would like to welcome everyone.

To the BET. MGM second quarter first, half business update call,

Tiffany: After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, then the number one on your telephone keypad.

Alliance have been placed on mute to prevent any background noise.

Adam Greenblatt: I would now like to turn the call over to Adam Greenblatt, Chief Executive Officer of BetMGM. Adam, please go ahead. Good morning, everyone. Thank you for joining today's call. It's a pleasure to be here with you as we review our performance in the second quarter and during the first half of 2025. As you will have seen from recent communications, including our guidance upgrade in June and our press release this morning, our business has truly inflected and is delivering strong revenue growth and material cash.

After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press star, then the number 1 on your telephone keypad,

Adam Greenblatt: Good morning everyone. Thank you for joining today's call. It's a pleasure to be here with you as we review our performance in the second quarter and during H1 2025. As you will have seen from recent communications, including our guidance upgrade in June and our press release this morning, our business has truly inflected and is delivering strong revenue growth and material cash flow. While only Gary and I are the ones here with you today, I want to take a moment to recognize that this performance would not be possible without the dedication and hard work of all our talented BetMGM colleagues, along with the support provided by both our parent companies. So to kick off, I'll hit the headlines of our performance through the first half as well as our increased confidence in the outlook for the rest of the year.

I would now like to turn the call over to Adam greenblat, Chief Executive Officer of bet. MGM Adam, please go ahead.

Good morning everyone. Thank you for joining today's call. It's a pleasure to be here with you. As we review our performance in the second quarter, and during the first half of 2025,

As you will have seen from recent Communications including our guidance upgrade in June and our press release this morning.

Adam Greenblatt: While only Gary and I are the ones here with you today, I want to take a moment to recognize that this performance would not be possible without the dedication and hard work of all our talented BED-MGM colleagues, along with the support provided by both Vaper and Company. So, to kick off, I'll hit the headlines of our performance through the first half, as well as our increased confidence in the outlook for the rest of the year. We carried accelerating momentum from the first quarter into the second quarter, resulting in second quarter revenue of $692 million, up 36% from last year.

Our business has truly inflected and is delivering strong revenue growth and material cash flow.

While only Gary and I are the ones here with you today. I want to take a moment to recognize that this performance would not be possible without the dedication and hard work of all our talented bmgm colleagues along with the support provided by both of our parent companies.

So to kick off, I'll hit the headlines of our performance through the first half.

Adam Greenblatt: We carried accelerating momentum from the first quarter into the second quarter, resulting in second quarter revenue of $692 million, up 36% from last year, following the first quarter's year over year growth of 34%. In total, the two quarters delivered net revenue for the first half of $1.349 billion, and that's up 35% year on year. EBITDA for the first half was $109 million, with the second quarter reporting a fantastic $86 million of EBITDA. The second quarter was clearly very strong, while our OSB margin across first half overall was more normal. Margin was elevated in Q2 with a particularly strong June during the first half. Our strong revenue growth was coupled with more efficient marketing spend, and the flow through of incremental revenue versus last year jumped significantly up to 66%.

We carried accelerating momentum from the first quarter into the second quarter, resulting in second quarter revenue of $692 million, up 36% from last year, following the first quarter's year over year growth of 34%. In total, the two quarters delivered net revenue for the first half of $1.349 billion, and that's up 35% year on year. EBITDA for the first half was $109 million, with the second quarter reporting a fantastic $86 million of EBITDA. The second quarter was clearly very strong, while our OSB margin across first half overall was more normal. Margin was elevated in Q2 with a particularly strong June during the first half. Our strong revenue growth was coupled with more efficient marketing spend, and the flow through of incremental revenue versus last year jumped significantly up to 66%.

As well as our increased confidence in the outlook for the rest of the year.

Adam Greenblatt: following the first quarter's year-over-year growth of 34%. In total, the two quarters delivered net revenue for the first half of $1.349 billion, and that's up 35% year-on-year. EBITDA for the first half was $109 million, with the second quarter reporting a fantastic $86 million of EBITDA. The second quarter was clearly very strong. While our OSV margin across first half overall was normal, margin was elevated in Q2 with a particularly strong... During the first half, our strong revenue growth was coupled with more efficient marketing spend and the flow through of incremental revenue verse last year jumped significantly up to 66%.

We carried accelerating momentum from the first quarter into the second quarter resulting in second quarter, revenue of 692 million up 36% from last year.

Following the first quarter's year-over-year growth of 34%.

Total, the 2 quarters, delivered net revenue for the first half of 1.349 billion.

And that's up 35% year-on-year.

For the first half was 109 million with the second quarter reporting a fantastic 86 million of IBA.

The second quarter was clearly very strong.

while our OSB margin across first half, overall was normal margin was elevated in Q2 with a particularly strong June,

Adam Greenblatt: Our iGaming business grew 28% in the first half, year on year, accelerating from 27% growth in the first quarter to 29% in Q2 despite no new state launches. This performance was driven by strong player acquisition, attractive payback economics, and healthy engagement KPIs that were underpinned by improved player management, best-in-class exclusive content, and differentiated engagement tools that drive activity and retention in online sports. The strategic narratives we articulated early this year, being improved marketing efficiency, player management, brand positioning towards premium mass, and steady product and platform improvements, have come together to exceed our original expectations. These factors, combined with the natural progression of our cohort-based business model, drove 61% OSB NGR growth in the first half compared to the first half of 2020.

Our iGaming business grew 28% in the first half, year on year, accelerating from 27% growth in the first quarter to 29% in Q2 despite no new state launches. This performance was driven by strong player acquisition, attractive payback economics, and healthy engagement KPIs that were underpinned by improved player management, best-in-class exclusive content, and differentiated engagement tools that drive activity and retention in online sports. The strategic narratives we articulated early this year, being improved marketing efficiency, player management, brand positioning towards premium mass, and steady product and platform improvements, have come together to exceed our original expectations. These factors, combined with the natural progression of our cohort-based business model, drove 61% OSB NGR growth in the first half compared to the first half of 2020.

Adam Greenblatt: Our iGaming business grew 28% in the first half year-on-year, accelerating from 27% growth in the first quarter to 29% in Q2, despite no new state launch. This performance was driven by strong player acquisition and attractive payback economics and healthy engagement KPIs that were underpinned by improved player management. best in-class exclusive content and differentiated engagement tools that drive activity and retention. In online sports, the strategic narratives we articulated early this year being improved marketing efficiency and player management Brand positioning towards premium mass and Steady Product and Platform Improvements have come together to exceed our original expectations.

during the first half, our strong Revenue growth was coupled with more efficient marketing spend and the flow through of incremental, Revenue versus last year, jumped significantly up to 66%.

Our eye gaming business, grew 28%, in the first half year on year accelerating from 27% growth in the first quarter to 29% in Q2.

Despite no new state launches.

This performance was driven by strong player acquisition and attractive, payback, economics and healthy engagement kpis that were underpinned by improved player management.

Best-in-class, exclusive content.

And differentiated engagement tools that drive activity, and retention.

In online Sports.

The Strategic narratives, we articulated early this year being improved marketing, efficiency, and player management.

Brand positioning towards premium Mass.

Adam Greenblatt: These factors, combined with the natural progression of our cohort based business model, drove 61% OSB NGR growth in the first half compared to the first half of 2024.

And steady product and platform improvements have come together to exceed our original expectations.

These factors.

Adam Greenblatt: Given our performance, the underlying trends we are seeing, and expectation of continued strong execution against our strategic plan, we're upgrading our 2025 full year guidance. We now expect at least $2.7 billion of net revenue, which represent at least 28% revenue growth year-on-year. Our upgraded EBITDA guidance is at least $150 million, a year-on-year improvement of nearly $400 million. We anticipate achieving north of $500 million of contribution and reiterate that both online sports and iGaming will be contribution positive for the full year. The strong financial performance means we also expect to keep our $150 million line of credit undrawn.

Adam Greenblatt: Given our first half performance, the underlying trends we are seeing, and expectation of continued strong execution against our strategic plan, we're upgrading our 2025 full year guidance. We now expect at least $2.7 billion of net revenue, which represents at least 28% revenue growth year on year. Our upgraded EBITDA guidance is at least $150 million, a year on year improvement of nearly $400 million. We anticipate achieving north of $500 million of contribution and reiterate that both online sports and iGaming will be contribution positive for the full year. The strong financial performance means we also expect to keep our $150 million line of credit undrawn. As for the subject of our $500 million target for annual EBITDA, we aren't yet going to pin the tail on the calendar, but we do have increased conviction that that goal will be achieved in the coming years.

Given our first half performance, the underlying trends we are seeing, and expectation of continued strong execution against our strategic plan, we're upgrading our 2025 full year guidance. We now expect at least $2.7 billion of net revenue, which represents at least 28% revenue growth year on year. Our upgraded EBITDA guidance is at least $150 million, a year on year improvement of nearly $400 million. We anticipate achieving north of $500 million of contribution and reiterate that both online sports and iGaming will be contribution positive for the full year. The strong financial performance means we also expect to keep our $150 million line of credit undrawn. As for the subject of our $500 million target for annual EBITDA, we aren't yet going to pin the tail on the calendar, but we do have increased conviction that that goal will be achieved in the coming years.

Combined with the natural progression of our cohort, based business model, drove, 61%, OSB, ngr growth, in the first half compared to the first half of 2024.

Given up top performance. The underlying Trends we are seeing and expectation of continued strong execution, against our strategic plan,

We're upgrading our 2025 full year guidance.

We now expect at least $2.7 billion of net revenue, which represents at least 28% revenue growth year on year.

Our upgraded ebit Doug, guidance is at least 150 million.

100 million.

We anticipate achieving north of $500, million of contribution and reiterate that both online Sports and I gaming will be contribution positive for the full year.

Adam Greenblatt: As for the subject of our $500 million target for annual EBITDA, we aren't yet going to pin the tail on the calendar. But we do have increased conviction that that goal will be achieved in the coming year. As always, we remain disciplined and continue to consider any changes in the landscape around us, including changes of launch dates, incremental investment opportunities, tax risks, and the impact of adjacent businesses to our sector.

The strong financial performance means, we also expect to keep our 150 million line of credit. Undrawn.

As for the subject of our million dollar Target for annual EPA. We aren't yet going to pin the tail on the calendar.

Adam Greenblatt: As always, we remain disciplined and continue to consider any changes in the landscape around us, including changes of launch dates, incremental investment opportunities, tax risks, and the impact of adjacent businesses to our sector. The next slides touch on our progress across iGaming, online sports, and omnichannel. Then I'll pass to Gary who will dive deeper into our financial performance, including the improvements in operating efficiency that are showcased in our second quarter results. iGaming remains the contribution engine of our business and we continue to invest behind our strong market position. At a headline in the second quarter we achieved $449 million of net revenue, up 29% over last year. Consequently, the first half came in at $891 million of net revenue and that's up 28% year on year as well as delivering over $260 million in contribution. The underlying story here is consistent with our plan.

As always, we remain disciplined and continue to consider any changes in the landscape around us, including changes of launch dates, incremental investment opportunities, tax risks, and the impact of adjacent businesses to our sector. The next slides touch on our progress across iGaming, online sports, and omnichannel. Then I'll pass to Gary who will dive deeper into our financial performance, including the improvements in operating efficiency that are showcased in our second quarter results. iGaming remains the contribution engine of our business and we continue to invest behind our strong market position. At a headline in the second quarter we achieved $449 million of net revenue, up 29% over last year. Consequently, the first half came in at $891 million of net revenue and that's up 28% year on year as well as delivering over $260 million in contribution. The underlying story here is consistent with our plan.

But we do have increased conviction that that goal will be achieved in the coming years.

As always, we remain disciplined and continue to consider any changes in the landscape around us including changes of launch dates, incremental investment opportunities, tax risks.

Adam Greenblatt: The next slides touch on our progress across iGaming, online sports and Omnichannel, then I'll pass to Gary, who will dive deeper into our financial performance, including the improvements in operating efficiency that are showcased in our second quarter results. iGaming remains the contribution engine of our business. and we continue to invest behind our strong market position. At a headline, in the second quarter, we achieved $449 million of net revenue, up 29% over last year. Consequently, the first half came in at $891 million of net revenue, and that's up 28% year-on-year, as well as delivering over $260 million in contributions.

And the impact of adjacent businesses to our sector.

The next slides, touch on our progress across, I gaming online Sports and Omni Channel. Then I'll pass to Gary who will dive deeper into our financial performance.

Including the improvements in operating efficiency that are showcased in our second quarter results.

By Gaming Remains the contribution engine of our business.

And we continue to invest behind our strong Market position.

At a headline in the second quarter, we achieved 449 million of net revenue up 29% over last year.

Adam Greenblatt: The underlying story here is consistent with our plan. We acquired and retained more players in the first half to the tune of 38% growth in monthly actives who stayed and played with us for longer. In fact, our players engaged with us, on average, for 34% more days each month versus last year, as well as played more hands or spins during each visit. Simply put, our strong NGR growth was delivered by a larger and broader pool of players whose economics and payback periods remain highly attractive. An example of our strategy's effectiveness is seen through this year's new player values, which are higher versus last year's.

Consequently, the first half came in at 891 million of net revenue and that's up 28% year on year as well as delivering over 260 million in contribution.

Adam Greenblatt: We acquired and retained more players in the first half to the tune of 38% growth in monthly actives who stayed and played with us for longer. In fact, our players engaged with us on average for 34% more days each month versus last year, as well as played more hands or spins during each visit. Simply put, our strong NGR growth was delivered by a larger and broader pool of players whose economics and payback period remain highly attractive. An example of our strategy's effectiveness is seen through this year's new player values which are higher versus last year's. This contrasts with the typical dynamic of new players generating lower average monthly revenue versus older cohorts as states begin to mature. The growth in these metrics can be attributed to operational success in four key areas.

We acquired and retained more players in the first half to the tune of 38% growth in monthly actives who stayed and played with us for longer. In fact, our players engaged with us on average for 34% more days each month versus last year, as well as played more hands or spins during each visit. Simply put, our strong NGR growth was delivered by a larger and broader pool of players whose economics and payback period remain highly attractive. An example of our strategy's effectiveness is seen through this year's new player values which are higher versus last year's. This contrasts with the typical dynamic of new players generating lower average monthly revenue versus older cohorts as states begin to mature. The growth in these metrics can be attributed to operational success in four key areas.

The underlying story here is consistent with our plan.

We Acquired and retained more players in the first half to the tune of 38% growth in monthly actives.

Who stayed and played with us for longer.

In fact, our players engaged with us on average for 34% more days each month. First last year,

as well as played more hands or spins during each visit.

Simply put our strong NGO. Growth was delivered by a larger and broader pool of Players whose economics and payback, period remain highly attractive.

Adam Greenblatt: This contrasts with the typical dynamic of new players generating lower average monthly revenue versus older cohorts as states begin to mature. The growth in these metrics can be attributed to operational success in four key areas. We continue to offer an unparalleled library of content that only Bed MGM can offer. Our portfolio of slots titles utilizing IP from the Wizard of Oz franchise has broken record after record since launch. And there's more to come soon from our partnerships with the Price is Right and Family Feud franchise. Internally, we also have access to four studios via Intane and MGM Resorts and are excited about building specific games for both the US and Canada.

An example of our strategies Effectiveness is seen through this year's new player values which are higher versus last year's

this contrasts with the typical Dynamic of new players, generating lower average, monthly Revenue versus older cohorts as states begin to mature

Adam Greenblatt: We continue to offer an unparalleled library of content that only BetMGM can offer. Our portfolio of slots titles utilizing IP from the Wizard of Oz franchise has broken record after record since launch, and there's more to come soon from our partnerships with The Price Is Right, and Family Feud franchise. Internally, we also have access to four studios via Entain and MGM Resorts, and are excited about building specific games for both the US and Canada. Second, a key element improving stickiness is our creativity and innovation around our player engagement tools. Active player days and overall retention have both increased. Third, we continue to invest to expand our live dealer business with first half GGR growing strongly year on year, and finally better cross sell by being better at targeting and showcasing casino promotions in our sports offering.

We continue to offer an unparalleled library of content that only BetMGM can offer. Our portfolio of slots titles utilizing IP from the Wizard of Oz franchise has broken record after record since launch, and there's more to come soon from our partnerships with The Price Is Right, and Family Feud franchise. Internally, we also have access to four studios via Entain and MGM Resorts, and are excited about building specific games for both the US and Canada. Second, a key element improving stickiness is our creativity and innovation around our player engagement tools. Active player days and overall retention have both increased. Third, we continue to invest to expand our live dealer business with first half GGR growing strongly year on year, and finally better cross sell by being better at targeting and showcasing casino promotions in our sports offering.

The growth in these metrics can be attributed to operational success in 4 key areas.

We continue to offer an unparalleled library of content that only BetMGM can provide.

Our portfolio of slots titles, utilizing IP from The Wizard of Oz franchise has broken record after record since launch.

And there's more to come soon from our Partnerships with the prices right? In Family, Feud franchises.

Internally, we also have access to 4 studios via entertain and MGM Resorts and are excited about building specific games for both. The US and Canada.

Adam Greenblatt: Second, a key element in improving stickiness is our creativity and innovation around our player engagement. Active player days and overall retention have both increased. We continue to invest to expand our live dealer business with first half GGL growing strongly year on year. And finally, better cross By being better at targeting and showcasing casino promotions in our sports offering, in the first half, our multi-product states saw an increase of over 10 percentage points of online sports players who are also active in iGaming. We are the destination for all iGaming players and as progress and success reinforce that statement.

Second.

A key element, improving stickiness is our creativity and Innovation around our player engagement tools.

Active player days and overall retention have both increased.

Third.

we continue to invest to expand our live dealer business with first, half ggr growing strongly year on year and finally better cross sell

Adam Greenblatt: In H1, our multi-product states saw an increase of over 10 percentage points of online sports players who are also active in iGaming. We are the destination for all iGaming players, and this progress and success reinforce that statement. Similar to iGaming, we're incredibly pleased with our progress and performance in online sports. Following strong growth in Q1, we achieved $228 million of net revenue in Q2, and that's up 56% year on year. For H1, we reported $422 million of net revenue, up 61%. Our handle was up a huge 27% versus H1 last year, and OSB also delivered positive contribution. This performance reflects our significant progress against our strategic plan, and I want to take a few moments to explain what's changed this year in OSB versus last year. It's an interesting question.

In H1, our multi-product states saw an increase of over 10 percentage points of online sports players who are also active in iGaming. We are the destination for all iGaming players, and this progress and success reinforce that statement. Similar to iGaming, we're incredibly pleased with our progress and performance in online sports. Following strong growth in Q1, we achieved $228 million of net revenue in Q2, and that's up 56% year on year. For H1, we reported $422 million of net revenue, up 61%. Our handle was up a huge 27% versus H1 last year, and OSB also delivered positive contribution. This performance reflects our significant progress against our strategic plan, and I want to take a few moments to explain what's changed this year in OSB versus last year. It's an interesting question.

By being better at targeting and showcasing casino promotions. In our Sports offering in the first half. Our multi-product states, saw an increase of over 10 percentage points of online, sports players, who are also active in eye gaming.

We are the destination for all I gaming players, and this progress and success reinforce that statement.

Adam Greenblatt: Similar to iGaming, we're incredibly pleased with our progress and performance in online Following strong growth in the first quarter, we achieved $228 million of net revenue in the second quarter, and that's up 56% year-on-year. For the first half, we reported $422 million of net revenue, up 61%. Our handle was up a huge 27% for its first half last year and OSB also delivered positive contributions. This performance reflects our significant progress against our strategic plan and I want to take a few moments to explain what's changed this year in OSB versus last year. It's an interesting question.

Similar to I gaming. We're incredibly pleased with our progress and performance in online Sports.

Following strong growth in the first quarter, we achieved 228 million of net revenue in the second quarter and that's up 56% year on year.

For the first half, we reported 422 million of net revenue up. 61%

Our handle was up a huge 27% versus first half last year and OSB also delivered positive contribution.

This performance reflects our significant progress against our strategic plan.

And I want to take a few moments to explain what's changed this year in OSB versus last year.

Adam Greenblatt: How did we reduce OSB market marketing, deliberately reduce our overall base of active players, and also grow revenue by over 60% in the first half? The answer has a number of components. In acquisition, we've become more efficient at acquiring the higher value real money players that fall into the premium mass category we've discussed, and this is a function of our refinements in brand positioning as well as the targeting of our marketing spending and the mechanics and value of our acquisition offers. In new player retention and management, our data and analytical tools have evolved to the point where we're able to identify the value of players in each new cohort very early in their lives and also right size the reinvestment amount and cadence so as to avoid investment in unprofitable players and over investment in profitable players where it is not required.

How did we reduce OSB market marketing, deliberately reduce our overall base of active players, and also grow revenue by over 60% in the first half? The answer has a number of components. In acquisition, we've become more efficient at acquiring the higher value real money players that fall into the premium mass category we've discussed, and this is a function of our refinements in brand positioning as well as the targeting of our marketing spending and the mechanics and value of our acquisition offers. In new player retention and management, our data and analytical tools have evolved to the point where we're able to identify the value of players in each new cohort very early in their lives and also right size the reinvestment amount and cadence so as to avoid investment in unprofitable players and over investment in profitable players where it is not required.

Adam Greenblatt: How did we reduce OSB marketing? deliberately reduce our overall base of active players. and also grow revenue by over 60% in the first half. The answer has a number of components. In acquisition, we've become more efficient at acquiring the higher value real money players that fall into the premium mass category we've discussed. And this is a function of our refinements in brand positioning, as well as the targeting of our marketing spend, and the mechanics and value of our acquisition of In new player retention and management, our data and analytical tools have evolved to the point where we're able to identify the value of players in each new cohort very early in their lives, and also right size the reinvestment amount and cadence .

It's an interesting question.

How did we reduce OSB marketing?

Deliberately reduce our overall base of active players.

By over 60% in the first half.

The answer has a number of components.

In acquisition, we've become more efficient at acquiring, the higher value, real money players that fall into the premium Mass category we've discussed. And this is a function of our refinements in brand positioning as well as the targeting of our marketing spend.

and the mechanics and value of our acquisition offers,

Adam Greenblatt: so as to avoid investment in unprofitable players and over-investment in profitable players where it is not required. This better targeting and player management have combined to significantly improve the payback periods and ROIs for the new player cohorts we've added. This improved capability and approach really started back last fall and we've been refining it all the way through 2025 and the results frankly speak for themselves. The new cohorts we've added in the first half of 2025 have had a much bigger impact on revenue growth than those from last year. Our player management work has also helped us improve the performance of our more tenured cohorts these past few quarters.

a new play retention and management our data and analytical tools have evolved to the point where we're able to identify the value of players in each new cohort very early in their lives. And also right-size the reinvestment amount and Cadence,

Adam Greenblatt: This better targeting and player management have combined to significantly improve the payback periods and ROIs for the new player cohorts we've added. This improved capability and approach really started back last fall, and we've been refining it all the way through 2025, and the results frankly speak for themselves. The new cohorts we've added in the first half of 2025 have had a much bigger impact on revenue growth than those from last year. Our player management work has also helped us improve the performance of our more tenured cohorts. These past few quarters we've become more effective at getting the right rewards to the right players, which has increased the value of a proportion of these long-standing players. This rightsizing of reinvestment has driven real gains that are now just BetMGM standard operating practice.

This better targeting and player management have combined to significantly improve the payback periods and ROIs for the new player cohorts we've added. This improved capability and approach really started back last fall, and we've been refining it all the way through 2025, and the results frankly speak for themselves. The new cohorts we've added in the first half of 2025 have had a much bigger impact on revenue growth than those from last year. Our player management work has also helped us improve the performance of our more tenured cohorts. These past few quarters we've become more effective at getting the right rewards to the right players, which has increased the value of a proportion of these long-standing players. This rightsizing of reinvestment has driven real gains that are now just BetMGM standard operating practice.

So as to avoid investment in unprofitable players and over investment in profitable players where it is not required.

This better targeting and player management have combined to significantly improve the payback periods and rois for the new player cohorts. We've added

this improved capability and approach really started back last fall and we've been refining it all the way through 2025 and the results frankly speak for themselves.

The new cohorts, we've added in the first half of 2025 have had a much bigger impact on Revenue growth than those from last year.

Adam Greenblatt: We've become more effective at getting the right rewards to the right players, which has increased the value of a proportion of these long standing players. This right sizing of reinvestment has driven real gains that are now just bad MGM standard operating practices. Essential to our big handle growth is that our product also made broad strides across app speed and performance, market availability, and discovery. and overall parlay capabilities. These improvements are clearly evidenced in our engagement metrics. In the first half, our players engaged with us on average 14% more in terms of active player days and placed 24% more bets on average versus last We see it in our product mix metrics too.

Management work has also helped us improve the performance of our more tenured cohorts. These past few quarters

We've become more effective at getting the right rewards to the right players which has increased the value of a proportion of these long-standing players.

Adam Greenblatt: Essential to our big handle growth is that our product also made broad strides across app speed and performance, market availability and discovery, and overall parlay capabilities too. These improvements are clearly evident in our engagement metrics. In the first half, our players engaged with us on average 14% more in terms of active player days and placed 24% more bets on average versus last year. We see it in our product mix metrics too. Our parlay bet mix is up nearly 5 percentage points, and our availability of markets for live betting during the recent NBA season increased significantly. Simply put, our app is quicker, more featured, and more fun, but we're not resting on our laurels. As we look to the rest of 2025, we will continue to deliver more, faster, and better.

Essential to our big handle growth is that our product also made broad strides across app speed and performance, market availability and discovery, and overall parlay capabilities too. These improvements are clearly evident in our engagement metrics. In the first half, our players engaged with us on average 14% more in terms of active player days and placed 24% more bets on average versus last year. We see it in our product mix metrics too. Our parlay bet mix is up nearly 5 percentage points, and our availability of markets for live betting during the recent NBA season increased significantly. Simply put, our app is quicker, more featured, and more fun, but we're not resting on our laurels. As we look to the rest of 2025, we will continue to deliver more, faster, and better.

This right-sizing of reinvestment has driven real gains that are now just bad, MGM standard operating practice.

Essential to our big handle growth is that our product also made broad strides across apps Speed and Performance.

Market, availability and discovery.

And overall pilot capabilities too.

These improvements are clearly evident in our engagement metrics.

In the first half, our players engaged with us, on average, 14% more in terms of active player days and placed 24%, more bets on average versus last year.

Adam Greenblatt: Our parlay bet mix is up nearly five percentage points. and our availability of markets for live betting during the recent NBA season increased significantly. Simply put, our app is quicker, more featured, and more fun.

We see it in our product mix metrics, too.

Our parlay bet mix is up nearly 5% percentage points.

And our availability of markets for live betting, during the recent NBA season increased significantly.

Adam Greenblatt: But we're not resting on our laurels as we look to the rest of 2025. We will continue to deliver more, faster and better. For example, We're delivering feature improvements to our QuickBet and Betslip experiences, expanding in-play capabilities. providing player and game insights to inform wagering. streamlining the user experience and elevating our player reward program. Our players are going to love it.

Simply put our app is quicker, more featured and more fun.

Adam Greenblatt: For example, we're delivering feature improvements to our Quick Bet and Bet Slip experiences, expanding in-play capabilities, providing player and game insights to inform wager, streamlining the user experience, and elevating our player rewards program. Our players are going to love it. To conclude, I want to highlight a couple of key points about marketing going forward. Of course, the year-over-year decline in OSB marketing spend from our recalibration has helped EBITDA this year, but we're at about the right level for BetMGM for now, so you should not expect further reductions in marketing spend to be the driver of EBITDA growth. It's critical we continue to replenish and refresh our player base that will grow in the years ahead.

For example, we're delivering feature improvements to our Quick Bet and Bet Slip experiences, expanding in-play capabilities, providing player and game insights to inform wager, streamlining the user experience, and elevating our player rewards program. Our players are going to love it. To conclude, I want to highlight a couple of key points about marketing going forward. Of course, the year-over-year decline in OSB marketing spend from our recalibration has helped EBITDA this year, but we're at about the right level for BetMGM for now, so you should not expect further reductions in marketing spend to be the driver of EBITDA growth. It's critical we continue to replenish and refresh our player base that will grow in the years ahead.

But we're not resting on our Laurels. As we look to the rest of 2025, we will continue to deliver more faster and better for example.

We're delivering feature improvements to our Quick Bet and best lip experiences expanding in play capabilities.

Providing player and gaming insights to inform wagering.

Streamlining, the user experience.

And elevating our player rewards program.

Our players are going to love it.

Adam Greenblatt: To conclude, I want to highlight a couple of key points about marketing going forward. Of course, The year over year decline in OSB marketing spend from our recalibration has helped EBITDA this year. But we're at about the right level for better MGM for now. So you should not expect further reductions in marketing spend to be the driver of EBITDA growth. It's critical we continue to replenish and refresh our player base that will grow in the years ahead. What's tremendously exciting is that we are now successfully and consistently demonstrating that we are balancing to an optimal blend of branding, communications strategies, promotional design and player development.

we conclude, I want to highlight a couple of key points about marketing, going forward,

Of course.

The year-over-year decline in OSB marketing, spend from our recalibration has helped ibida this year.

but,

We're at about the right level for BetMGM for now.

So you should not expect further reductions in marketing, spend to be The Driver of ebata growth.

Adam Greenblatt: What's tremendously exciting is that we are now successfully and consistently demonstrating that we are balancing to an optimal blend of branding, communications strategies, promotional design, and player development, which is driving a more effective dollar-for-dollar return on marketing spend. As I've said previously, our third pillar, unlocking our advantage in Omnichannel, is all about amplifying the superpower of MGM Rewards rooted in our deep Las Vegas ties and presence. I'm proud to say we've become even stronger across all touch points so far this year. Key programs drove our progress, including our live activations during tentpole events at MGM's renowned properties. These serve as both powerful acquisition tools and exclusive experiences for our valued players. For example, our March Madness opening weekend events fueled a BetMGM record number of Nevada first-time depositors growing strongly year-over-year.

What's tremendously exciting is that we are now successfully and consistently demonstrating that we are balancing to an optimal blend of branding, communications strategies, promotional design, and player development, which is driving a more effective dollar-for-dollar return on marketing spend. As I've said previously, our third pillar, unlocking our advantage in Omnichannel, is all about amplifying the superpower of MGM Rewards rooted in our deep Las Vegas ties and presence. I'm proud to say we've become even stronger across all touch points so far this year. Key programs drove our progress, including our live activations during tentpole events at MGM's renowned properties. These serve as both powerful acquisition tools and exclusive experiences for our valued players. For example, our March Madness opening weekend events fueled a BetMGM record number of Nevada first-time depositors growing strongly year-over-year.

It's critical. We continue to replenish and refresh our player base that will grow in the years ahead.

What's tremendously exciting?

Adam Greenblatt: which is driving a more effective dollar for dollar return on marketing.

Is that we are now successfully and consistently demonstrating that we are balancing to an optimal blend of branding Communications strategies, promotional design and Player Development.

Which is driving a more effective dollar for dollar return on marketing spend.

Adam Greenblatt: As I've said previously, our third pillar, Unlocking Our Advantage in Omnichannel, is all about amplifying the superpower with MGM Resorts, rooted in our deep Las Vegas ties and presence. I'm proud to say we've become even stronger across all touchpoints so far this year. Key programmes drove our progress, including our live activations during tentpole events at MGM's renowned properties. These serve as both powerful acquisition tools and exclusive experiences for our valued players. For example, our March Madness opening weekend events fueled a BED-MGM record number of Nevada first-time depositors growing strongly year-on-year. Second, we're optimizing the Las Vegas Flywheel by providing the best digital offering in Nevada and a seamless experience, whether you're playing with us during your visit or continuing to play when you return home.

As I've said, previously our third pillar unlocking, our advantage in Omni channel is all about amplifying, the superpower with MGM Resorts rooted in our deep, Las Vegas ties and presence.

I'm proud to say,

We've become even stronger across all touch points so far this year.

Key Programs drove our progress including our live activations during 10 pole events, at mgm's renowned properties.

These servers, both powerful acquisition tools and exclusive experiences for our valued players. For example,

Adam Greenblatt: Second, we're optimizing the Las Vegas flywheel by providing the best digital offering in Nevada and a seamless experience whether you're playing with us during your visit or continuing to play when you return home. This always-on experience enables players to play more, earn more loyalty and reward points, and redeem more omnichannel crossover products and experiences. This pool of customers is a focus area for us, and we've seen meaningful uplifts in key metrics in the half, including 30% growth in Nevada monthly actives and a four times increase in the number of Nevada actives who continued playing with us when they returned to their home state. Third, we continue to harness the power of retail to digital and vice versa via a robust portfolio of hybrid game titles.

Second, we're optimizing the Las Vegas flywheel by providing the best digital offering in Nevada and a seamless experience whether you're playing with us during your visit or continuing to play when you return home. This always-on experience enables players to play more, earn more loyalty and reward points, and redeem more omnichannel crossover products and experiences. This pool of customers is a focus area for us, and we've seen meaningful uplifts in key metrics in the half, including 30% growth in Nevada monthly actives and a four times increase in the number of Nevada actives who continued playing with us when they returned to their home state. Third, we continue to harness the power of retail to digital and vice versa via a robust portfolio of hybrid game titles.

Our March Madness opening weekend events fueled a betmgm record number of Nevada, first-time depositors growing strongly year on year.

Second.

Adam Greenblatt: This always-on experience enables players to play more, earn more loyalty and reward points, and redeem more omni-channel crossover products and experiences. This pool of customers is a focus area for us and we've seen meaningful uplifts in key metrics in the half, including 30% growth in Nevada monthly actives and a four times increase. in the number of Nevada actives who continued playing with us when they returned to their home state. Third, we continue to harness the power of retail to digital and vice versa by a robust portfolio of hybrid game titles. Our omni-channel games account for nearly half of our top 20 grossing titles, including our recently launched Wizard of Oz title that I spoke to a couple of slides ago.

whether you're playing with us during your visit or continuing to play when you return home,

this always on experience enables players to play more.

Earn more loyalty and reward points. Redeem more omni-channel crossover products and experiences.

this pool of customers is a focus area for us and we've seen meaningful uplifts in key metrics in the half, including

30% growth in Nevada, monthly active and a 4 times increase.

In the number of Nevada active, who continued playing with us when they returned to their home state.

Adam Greenblatt: Our Omnichannel games account for nearly half of our top 20 grossing titles, including our recently launched Wizard of Oz titles that I spoke to a couple of slides ago. Our fourth key program is our differentiated live dealer offering. In April, MGM Resorts launched an immersive studio within the MGM Grand in partnership with Playtech for our players in Ontario. While it doesn't replace the magic of an in person experience, it brings a little bit of that magic to our BetMGM Ontario players. In between trips and during the back half of the year, we'll be launching an exciting new game with the Family Feud franchise directly from this new studio. With that, I'll hand over to Gary to dive deeper into the numbers.

Our Omnichannel games account for nearly half of our top 20 grossing titles, including our recently launched Wizard of Oz titles that I spoke to a couple of slides ago. Our fourth key program is our differentiated live dealer offering. In April, MGM Resorts launched an immersive studio within the MGM Grand in partnership with Playtech for our players in Ontario. While it doesn't replace the magic of an in person experience, it brings a little bit of that magic to our BetMGM Ontario players. In between trips and during the back half of the year, we'll be launching an exciting new game with the Family Feud franchise directly from this new studio. With that, I'll hand over to Gary to dive deeper into the numbers.

Third, we continue to harness the power of retail to digital and vice versa via robust portfolio of hybrid game titles.

Adam Greenblatt: and our fourth key program is our differentiated live dealer In April, MGM Resorts launched an immersive studio within the MGM Grand in partnership with Playtech for our players in Ontario. While it doesn't replace the magic of an in-person experience. It brings a little bit of that magic to our Bed MGM Ontario players in between trips. And during the back half of the year, we'll be launching an exciting new game with the Family Feud franchise directly from this new studio.

Our Omni Channel games account for nearly half of our top 20, grossing titles including our recently, launched, Wizard of Oz title that I spoke to a couple of slides ago.

And our fourth Key Program is our differentiated live dealer offering.

In April, MGM Resorts launched an immersive Studio within the MGM Grand in partnership with playtech for our players in Ontario.

Well, it doesn't replace the magic of an in-person experience.

It brings a little bit of that magic to our bed. MGM Ontario players in between trips.

Gary: With that, I'll hand over to Gary to dive deeper into the numbers. Thanks, Adam. To start, please note that our explanation of how our figures relate to GAP, as well as our definition of contribution, are provided in the materials accompanying this presentation. Financially, BetMGM has had a very strong start to the year, with a good first quarter being followed by an even better second quarter. The plan that our team wrote for 2025 has jumped off the page in real life with an even greater exuberance than we'd anticipated. Adam's covered a lot of numbers already.

And during the back half of the year will be launching an exciting new game with the family feud franchise directly from this new studio.

Gary Fritz: Thanks, Adam. To start, please note that our explanation of how our figures relate to GAAP, as well as our definition of contribution, are provided in the materials accompanying this presentation. Financially, BetMGM has had a very strong start to the year, with a good first quarter being followed by an even better second quarter. The plan that our team wrote for 2025 has jumped off the page in real life with an even greater exuberance than we'd anticipated. Adam's covered a lot of numbers already, and I will return to the main figures from our financial statements on the next slide. But I want to briefly reiterate the key levers that have driven our accelerating performance in 2025 so far. In iGaming we've motored forward largely driven by both new player acquisition and player values being higher than expected.

Gary Deutsch: Thanks, Adam. To start, please note that our explanation of how our figures relate to GAAP, as well as our definition of contribution, are provided in the materials accompanying this presentation. Financially, BetMGM has had a very strong start to the year, with a good first quarter being followed by an even better second quarter. The plan that our team wrote for 2025 has jumped off the page in real life with an even greater exuberance than we'd anticipated. Adam's covered a lot of numbers already, and I will return to the main figures from our financial statements on the next slide. But I want to briefly reiterate the key levers that have driven our accelerating performance in 2025 so far. In iGaming we've motored forward largely driven by both new player acquisition and player values being higher than expected.

With that, I'll hand over to Gary to dive deeper into the numbers.

Thanks Adam to start. Please note that our explanation of how our figures relate to Gap as well as our definition of contribution are provided in the materials accompanying. This presentation.

Financially bmgm has had a very strong start to the year with a good first quarter being followed by an even better second quarter.

The plan that our team wrote for 2025, has jumped off the page in real life, with an even greater exuberance than we'd anticipated.

Gary: And I will return to the main figures from our financial statements on the next slide. But I want to briefly reiterate the key levers that have driven our accelerating performance in 2025 so far. In iGaming, we've motored forward largely driven by both new player acquisition and player values being higher than expected. Average monthly actives and our NGR per player per month metric have been very strong. This powerful combination delivered iGaming NGR growth of 28% versus 2024's first half. During our investor call in February, I highlighted that players who had already entered the tent before 2025 would drive significant revenue growth in this year.

Adams covered a lot of numbers already and I will return to the main figures from our financial statements on the next slide.

but I want to briefly reiterate the key levers that have driven our accelerating performance in 2025 so far,

Gary Fritz: Average monthly actives and our NGR per player per month metric have been very strong. This powerful combination delivered iGaming NGR growth of 28% versus H1 2024 for OSB. Our refined marketing and player management strategies are clearly working in concert with our product improvements. During our investor call in February, I highlighted the players who had already entered the tent before 2025 would drive significant revenue growth in this year. That's exactly what we've seen in the first half. The changes we started making during last football season built potential energy which has indeed transformed into kinetic energy this year. The retention of quality real money bettors in OSB is also extremely encouraging. Our premium mass focus for OSB, particularly in the OSB-only states, has purposely shed lower value players.

Average monthly actives and our NGR per player per month metric have been very strong. This powerful combination delivered iGaming NGR growth of 28% versus H1 2024 for OSB. Our refined marketing and player management strategies are clearly working in concert with our product improvements. During our investor call in February, I highlighted the players who had already entered the tent before 2025 would drive significant revenue growth in this year. That's exactly what we've seen in the first half. The changes we started making during last football season built potential energy which has indeed transformed into kinetic energy this year. The retention of quality real money bettors in OSB is also extremely encouraging. Our premium mass focus for OSB, particularly in the OSB-only states, has purposely shed lower value players.

In I gaming, we've motored forward, largely driven by both new player acquisition and player values being higher than expected.

Average monthly active and our ngr per player per month, metric have been very strong.

This powerful combination delivered, I gaming. Ngr growth of 28% versus 2024. First half.

For OSB, a refined marketing, and player management strategies are clearly working in concert with our product improvements.

Gary: That's exactly what we've seen in the first half. The changes we started making during last football season built potential energy, which has indeed transformed into kinetic energy this year. The retention of quality real money betters in OSB is also extremely encouraging. Our premium mass focus for OSB, particularly in the OSB-only states, has purposely shed lower-value players. As a result, we've seen strong upticks in per-player handle and NGR metrics for our cohort. Further, we also retained a larger-than-expected base of high-quality players. As planned, we decreased our player acquisition numbers versus last year. However, we still beat our 2025 internal targets for new player acquisition without running over on acquisitions.

During our investor call in February. I highlighted the players who had already entered the tent before 2025 would drive significant Revenue growth in this year.

That's exactly what we've seen in the first half.

The changes. We started making during last football season built potential energy which has indeed transformed into Connecticut energy this year.

The retention of quality, real money betters and OSB is also extremely encouraging.

Gary Fritz: As a result, we've seen strong upticks in per player handle and NGR metrics for our cohorts. Further, we also retained a larger than expected base of high quality players. As planned, we decreased our player acquisition numbers versus last year. However, we still beat our 2025 internal targets for new player acquisition. Without running over on acquisition spend, I want to highlight that our OSB revenue growth was not flattered by good luck results. First half GGR hold was 8.9% broadly flat versus 9.0% last year. The house-favorable Q2 results offset the opposite in Q1. In the most simple economic terms, our big growth was driven by player management that reduced average monthly actives by 5% but pushed MGR margin up from 4.4% to 5.6%, and by our big 27% handle jump over H1 2024.

As a result, we've seen strong upticks in per player handle and NGR metrics for our cohorts. Further, we also retained a larger than expected base of high quality players. As planned, we decreased our player acquisition numbers versus last year. However, we still beat our 2025 internal targets for new player acquisition. Without running over on acquisition spend, I want to highlight that our OSB revenue growth was not flattered by good luck results. First half GGR hold was 8.9% broadly flat versus 9.0% last year. The house-favorable Q2 results offset the opposite in Q1. In the most simple economic terms, our big growth was driven by player management that reduced average monthly actives by 5% but pushed MGR margin up from 4.4% to 5.6%, and by our big 27% handle jump over H1 2024.

Our premium Mass focused for OSB, particularly in the OSB. Only States has purposely shared lower value players. As a result, we've seen strong upticks in per player, handle and ngr metrics for our cohorts.

Gary: I want to highlight that our OSP revenue growth was not flattered by good luck. First half GGR hold was 8.9%, broadly flat versus 9.0 last year. The House favorable Q2 results offset the opposite in Q1. In the most simple economic terms, our big growth was driven by player management that reduced average monthly actives by 5 percent, but pushed MGR margin up from 4.4 to 5.6 percent and by our big 27 percent handle jump over the first half of 24. As a reminder, in comparison to our OSP competitors, we believe our average player is higher staking and lower margin.

Further, we also retained a larger than expected base of high-quality players as planned. We decrease our player acquisition numbers versus last year. However we still beat our 2025, internal targets for new player. Acquisition without running over on acquisition spent.

I want to highlight that our OSB Revenue growth was not flattered by good luck results. First half ggr hold was 8.9% broadly flat versus 9.0 last year, the house favorable Q2 results offset the opposite in q1.

Gary Fritz: As a reminder, in comparison to our OSB competitors, we believe our average player is higher staking and lower margin, and although product enhancements are on, SGPs and parlay bets are driving up parlay adoption, number of bets, and handle as well as improving our deal margin. We continue to see strong growth in pregame and live six packages bets. So expect aggregate win margin to remain relatively stable, which is consistent with our strategy. Okay, onto the P and L figures. Let's kick off with our second quarter EBITDA of $86 million that led to first half EBITDA of $109 million. Q2 was obviously a really great quarter for us with sports results going in our favor. During the latter part of the quarter, Q2's year on year revenue growth exceeded Q1's, coming in strongly ahead of expectations at 36%.

As a reminder, in comparison to our OSB competitors, we believe our average player is higher staking and lower margin, and although product enhancements are on, SGPs and parlay bets are driving up parlay adoption, number of bets, and handle as well as improving our deal margin. We continue to see strong growth in pregame and live six packages bets. So expect aggregate win margin to remain relatively stable, which is consistent with our strategy. Okay, onto the P and L figures. Let's kick off with our second quarter EBITDA of $86 million that led to first half EBITDA of $109 million. Q2 was obviously a really great quarter for us with sports results going in our favor. During the latter part of the quarter, Q2's year on year revenue growth exceeded Q1's, coming in strongly ahead of expectations at 36%.

In the most simple economic terms, our big growth was driven by player management that reduced average, monthly active by 5%, but pushed MGR margin up from 4.4 to 5.6% and by our big 27% handle job, over the first half of 24.

Gary: And although product enhancements are on SGPs and parlay bets are driving up parlay adoption, number of bets and handle, as well as improving our Theo margin, we continue to see strong growth in pregame and live six pack bets. So expect aggregate win margin to remain relatively stable, which is consistent with our strategy.

Gary: Okay, onto the P&L figure. Let's kick off with our second quarter EBITDA of 86 million that led to first half EBITDA of 109 Q2 is obviously a really great quarter for us, with sports results going in our favor during the latter part of the quarter. Q2's year-on-year revenue growth exceeded Q1's, coming in strongly ahead of expectations at 36%. For the second quarter, total revenue was $692 million, with iGaming delivering $449 million and OSB $228 million, while retail and other revenue was slightly down year-over-year at $16 million. Kicking off the first half figures, total revenue was $1.35 billion, plus 35% versus first half of 2004, iGaming was plus 28% at $891 million, OSV was plus 61% at $422 million, and retail and other was down 15% at $36 million.

As a reminder, in comparison to our OSB competitors, we believe our average player is higher, staking, and lower margin. Although product enhancements are on SGPs and parlay bets, they are driving up the adoption number of beds in handle, as well as improving our margin. We continue to see strong growth in pregame and live 6-pack bets, so we expect aggregate win margin to remain relatively stable, which is consistent with our strategy.

Okay, on to the pnl figures.

Let's kick off with our second quarter, ebita of 86 million that led to first half of you that of 109 million.

222 is obviously a really great quarter for us with sports results. Going in our favor during the latter part of the quarter.

Gary Fritz: For the second quarter, total revenue was $692 million, with iGaming delivering $449 million and OSB $228 million, while retail and other revenue was slightly down year over year at $16 million. Kicking off the first half figures, total revenue was $1.35 billion, +35% versus first half of 2024. iGaming was +28% at $891 million, OSB was +61% at $422 million, and retail and other was down 15% at $36 million. Our total contribution in the first half was over $300 million, more than 4.5x that of 2024's first half. iGaming was very contribution positive, and pleasingly OSB was also contribution positive, which obviously reinforces our confidence and our expectations of OSB being contribution positive for the full year.

For the second quarter, total revenue was $692 million, with iGaming delivering $449 million and OSB $228 million, while retail and other revenue was slightly down year over year at $16 million. Kicking off the first half figures, total revenue was $1.35 billion, +35% versus first half of 2024. iGaming was +28% at $891 million, OSB was +61% at $422 million, and retail and other was down 15% at $36 million. Our total contribution in the first half was over $300 million, more than 4.5x that of 2024's first half. iGaming was very contribution positive, and pleasingly OSB was also contribution positive, which obviously reinforces our confidence and our expectations of OSB being contribution positive for the full year.

For the second quarter, total revenue was 692 million with I gaming delivering 449 million and OSB 228 million while retail and other Revenue was slightly down year over year at 16 million.

Gary: Our total contribution in the first half was over $300 million, more than 4.5x that of 2024's first half. iGaming was very contribution positive and, pleasingly, OSB was also contribution positive, which obviously reinforces our confidence and our expectation of OSB being contribution positive for the full year. The great thing about OSB-only states, beyond the fact that we've tuned our business model in them to drive both high-revenue growth and positive contribution, is the option value they represent as additional states eventually start to legalize eye games. Because of OSB, we have a large footprint of valuable customer relationships with likely iGaming players if their states go multi-product.

Kicking off the first half figures, total revenue was 1.35 billion. Plus 35% versus first half of 24. I gaming was plus 28% at 891 million OSD was Plus 61% at 422 million and Retail and other was down 15% at 36 million.

Our total contribution in the first half, was over hundred million dollars more than 4.5 that of 2024 is first half.

Gary Fritz: The great thing about OSB-only states, beyond the fact that we've tuned our business model in them to drive both high revenue growth and positive contribution, is the option value they represent as additional states eventually start to legalize iGaming. Because of OSB, we have a large footprint of valuable customer relationships with likely iGaming players if their states go multi-product. At its most basic, our $232 million year-over-year improvement in first half EBITDA was achieved by the combination of stronger-than-expected revenue growth and the lower, more efficient marketing spend in 2025. So far, new cohorts are generating much more revenue out of the gate compared to both last year and our expectations. You'll note that the bottom of the table includes capital expenditures to provide additional transparency on our cash flow. Our $150 million credit facility remains undrawn.

The great thing about OSB-only states, beyond the fact that we've tuned our business model in them to drive both high revenue growth and positive contribution, is the option value they represent as additional states eventually start to legalize iGaming. Because of OSB, we have a large footprint of valuable customer relationships with likely iGaming players if their states go multi-product. At its most basic, our $232 million year-over-year improvement in first half EBITDA was achieved by the combination of stronger-than-expected revenue growth and the lower, more efficient marketing spend in 2025. So far, new cohorts are generating much more revenue out of the gate compared to both last year and our expectations. You'll note that the bottom of the table includes capital expenditures to provide additional transparency on our cash flow. Our $150 million credit facility remains undrawn.

iGaming was very contribution positive, and pleasingly, OSB was also contribution positive, which obviously reinforces our confidence and our expectation of OSB being contribution positive for the full year.

The great thing about OSB, only States beyond the fact that we've tuned our business model in them, to drive, both High Revenue growth and positive contribution, is the option value, they represent as additional States eventually start to legalize I gaming.

Gary: At its most basic, our $232 million year-over-year improvement in first half EBITDA was achieved by the combination of stronger-than-expected revenue growth and the lower, more efficient marketing spend. In 2025 so far, new cohorts are generating much more revenue out of the gate compared to both last year and our expectations. You'll note that the bottom of the table includes capital expenditures to provide additional transparency on our cash flow. Our $150 million credit facility remains undrawn. In fact, with over $150 million of EBITDA being generated this year, we may be in a position relatively soon where we could start returning cash to Entain and MGM Resorts.

because of OSB, we have a large footprint of valuable customer relationships with likely, I gaining players if their states go multi-product

At its most basic our 232 million year-over-year Improvement in the first half IBA was achieved by the combination of stronger than expected Revenue growth and the lower more efficient marketing. Spend

In 2025 so far, new cohorts are generating much more Revenue out of the gate compared to both last year and our expectations.

You'll note that the bottom of the table includes capital expenditures to provide additional transparency on our cash flow.

Gary Fritz: In fact, with over $150 million of EBITDA being generated this year, we may be in position relatively soon where we could start returning cash to Entain and MGM Resorts. Finally, on to how we see the rest of the year. We've increased our full year revenue guidance to at least $2.7 billion. We are both confident and optimistic about our revenue engine going into pre-third quarter football. Do note though, with the impact of summer and the promotional weight on revenue from NFL acquisition and reactivation campaigns, Q3 is expected to be our lightest revenue quarter of the year. As usual, Q4 is expected to be our biggest. Given the importance of football season to our business, we think it's prudent to deliver guidance that we consider to be conservative at this point in the year.

In fact, with over $150 million of EBITDA being generated this year, we may be in position relatively soon where we could start returning cash to Entain and MGM Resorts. Finally, on to how we see the rest of the year. We've increased our full year revenue guidance to at least $2.7 billion. We are both confident and optimistic about our revenue engine going into pre-third quarter football. Do note though, with the impact of summer and the promotional weight on revenue from NFL acquisition and reactivation campaigns, Q3 is expected to be our lightest revenue quarter of the year. As usual, Q4 is expected to be our biggest. Given the importance of football season to our business, we think it's prudent to deliver guidance that we consider to be conservative at this point in the year.

Our 150 million credit facility remains undone.

Gary: And finally, on to how we see the rest of the year. We've increased our full-year revenue guidance to at least $2.7 billion. We are both confident and optimistic about our revenue engine going into football. Do note, though, with the impact of summer and the promotional weight on revenue from NFL acquisition and reactivation campaigns, Q3 is expected to be our lightest revenue quarter of the year. As usual, Q4 is expected to be our biggest. Given the importance of football season to our business, we think it's prudent to deliver guidance that we consider to be conservative at this point in the year.

In fact, with over 100, 150 million dollars of Eva being generated this year, we may be in position relatively soon where we could start returning cash to entertain an MGM Resorts.

And finally, on to how we see the rest of the year.

We've increased our full year Revenue guidance to at least 2.7 billion dollars.

We are both confident and optimistic about our Revenue engine going into football. Do note though, with the impact of Summer and the promotional weight on revenue from NFL acquisition and reactivation campaigns Q3 is expected to be our lightest Revenue quarter of the year. As usual, Q4 is expected to be our biggest.

Gary Fritz: That said, we continue to see that the momentum in the business remains as strong as it's ever been, particularly as evidenced by the underlying health of our player cohorts across both iGaming and OSB. Be aware that our year over year comparisons get tougher in the second half. We should revert to more normalized levels of growth as we lap last year's Q3, which had abnormally high OSB margin, and Q4, during which we were beginning to see benefits from the operational initiatives we've been discussing today. As mentioned a couple of times, we've upgraded our EBITDA guidance for the year. We now expect 2025 EBITDA to be at least $150 million. Two main factors are expected to make second half EBITDA lower than first half.

That said, we continue to see that the momentum in the business remains as strong as it's ever been, particularly as evidenced by the underlying health of our player cohorts across both iGaming and OSB. Be aware that our year over year comparisons get tougher in the second half. We should revert to more normalized levels of growth as we lap last year's Q3, which had abnormally high OSB margin, and Q4, during which we were beginning to see benefits from the operational initiatives we've been discussing today. As mentioned a couple of times, we've upgraded our EBITDA guidance for the year. We now expect 2025 EBITDA to be at least $150 million. Two main factors are expected to make second half EBITDA lower than first half.

Gary: That said, we continue to see that the momentum in the business remains as strong as it's ever been, particularly as evidenced by the underlying health of our player cohorts across both iGaming and OSG. Be aware that our year-over-year comparisons get tougher in the second half. We should revert to more normalized levels of growth as we lapped last year's Q3, which had abnormally high OSB margin, and Q4, during which we were beginning to see benefits from the operational initiatives we've been discussing today.

Given the importance of football season to our business. We think it's a prudent to deliver guidance that we consider to be conservative at this point in the air.

That said, we continue to see that the momentum in the business remains as strong as it's ever been particularly as evidenced by the underlying health of our player cohorts across both I gaming and OSB.

Be aware that our year-over-year comparisons, get tougher in the second half.

Gary: As mentioned a couple of times, we've upgraded our EBITDA guidance for the year. We now expect 2025 EBITDA to be at least $150 million. Two main factors are expected to make second half EBITDA lower than first half. First, higher gaming tax rates, particularly in New Jersey where we have a very large business, and in some other states too, including Illinois. Second, the Q4 launch of OSB in Missouri. The bridge on the slide here gives visual context to our big move from negative EBITDA in 24 to our new guidance for 25. It's worth flagging a point that Adam mentioned earlier.

We should revert to more normalized levels of growth as we lap last year's Q3 which had abnormally High OSP margin and Q4 during which we were beginning to see benefits from the operational initiatives. We've been discussing today as mentioned, a couple of times. We've upgraded, our Eva dog guidance for the year. We now, expect 2025 Eva to be, at least 150 million dollars.

Gary Fritz: First, higher gaming tax rates, particularly in New Jersey, where we have a very large business, and in some other states too, including Illinois. Second, the Q4 launch of OSB in Missouri. The bridge on the slide here gives visual context to our big move from negative EBITDA in 2014 to our new guidance for 2025. It's worth flagging a point that Adam mentioned earlier. The very high flow through to EBITDA rate of 66% in our first half. This is unusually high and driven by this year's marketing recalibration, 40% to 50% is a more normal rate for future years. Those that don't have major market launches and that aren't impacted by significant gaming tax rate changes. To finish up for me, we have a high degree of confidence that we will be delivering $500 million of EBITDA in the medium term.

First, higher gaming tax rates, particularly in New Jersey, where we have a very large business, and in some other states too, including Illinois. Second, the Q4 launch of OSB in Missouri. The bridge on the slide here gives visual context to our big move from negative EBITDA in 2014 to our new guidance for 2025. It's worth flagging a point that Adam mentioned earlier. The very high flow through to EBITDA rate of 66% in our first half. This is unusually high and driven by this year's marketing recalibration, 40% to 50% is a more normal rate for future years. Those that don't have major market launches and that aren't impacted by significant gaming tax rate changes. To finish up for me, we have a high degree of confidence that we will be delivering $500 million of EBITDA in the medium term.

2 main factors are expected to make second half Eva lower than first half.

First higher gaming, tax rates, particularly in New Jersey, where we have a very large business and in some other states too, including Illinois,

Second. The Q4 launch of OSB in Missouri.

The bridge on the slide here. Gives visual context to our big move from negative, Evita in 24, to our new guidance for 25.

Gary: A very high flow-through to EBITDA rate of 66% in our first half. This is unusually high and driven by this year's marketing recalibration. 40% to 50% is a more normal rate for future years. Those that don't have major market launches and that aren't impacted by significant gaming tax rate changes.

It's worth flagging. A point that Adam mentioned earlier.

The very high flow through to evaa rate of 66% in our first half.

Gary: To finish up for me, we have a high degree of confidence that we will be delivering $500 million of EBITDA in the medium term. The fundamentals of our business have never been more inspiring, as you can see from the numbers we've shared with you today.

This is unusually high and driven by this year's marketing and recalibration 40% to. 50% is a more normal rate for future years, those that don't have major Market launches and that aren't impacted by significant gaming, tax rate changes,

To finish up from me.

Gary Fritz: The fundamentals of our business have never been more inspiring, as you can see from the numbers we've shared with you today. With that, back to Adam to wrap up.

The fundamentals of our business have never been more inspiring, as you can see from the numbers we've shared with you today. With that, back to Adam to wrap up.

Adam Greenblatt: With that, back to Adam to wrap up. Thank you, Gary, to summarize. The first half of the year has undoubtedly been a success, and doubling down on what I said in April. The business is as healthy as it's ever been. We're executing well against the strategy we outlined earlier this year, and we've demonstrated sustainable and profitable growth to the tune of $232 million in EBITDA improvement year on year. We continued momentum across both of our core businesses. And now that we are halfway through the year, we're confident in our updated full year guidance, both on the top and bottom line.

We have a high degree of confidence that we will be delivering millions of dollars of EBITDA in the medium term. The fundamentals of our business have never been more inspiring. And you can see from the numbers we've shared with you today.

Adam Greenblatt: Thank you, Gary. To summarize, the first half of the year has undoubtedly been a success. Doubling down on what I said in April, the business is as healthy as it's ever been. We're executing well against the strategy we outlined earlier this year, and we've demonstrated sustainable and profitable growth to the tune of $232 million in EBITDA improvement. Year on year, we continued momentum across both of our core businesses. Now that we are halfway through the year, we are confident in our updated full year guidance both on the top and bottom lines. Beyond 2025, we will continue to see benefits of operating leverage as we grow revenue sustainably. Our path to $500 million of EBITDA is within reach, assuming continued execution, and eventually we will look beyond this horizon.

With that, back to Adam to wrap up.

Thank you, Gary.

To summarize.

The first half of the year has undoubtedly been a success and doubling down on what I said in April.

The business is as healthy as its ever been.

We are executing well against the strategy, we outlined earlier this year and we've demonstrated to sustainable and profitable growth to the tune of 232 million in ebita Improvement year on year.

Adam Greenblatt: Beyond 2025, we will continue to see benefits of operating leverage as we grow revenue sustainability.

We continued momentum across both of our core businesses and now that we are halfway through the year. We are confident in our updated full year guidance. Both on the top and bottom lines.

Adam Greenblatt: Our path to $500 million of EBITDA is within reach, assuming continued execution, and eventually we will look beyond this horizon.

Sustainably.

Our path to $500 million of ebita is Within Reach. Assuming continued execution.

Adam Greenblatt: With that, I'd like to hand over the call to the operator for Q and A. Thank you very much.

With that, I'd like to hand over the call to the operator for Q and A. Thank you very much.

Tiffany: With that, I'd like to hand over the call to the operator for Q&A. Thank you very much. At this time, if you would like to ask a question, press star, then the number 1 on your telephone keypad. To withdraw your question, simply press star 1 again. We kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q&A roster.

And eventually, we will look Beyond this Horizon.

With that, I'd like to hand over the call to the operator for Q&A. Thank you very much.

Operator: At this time, if you would like to ask a question, press Star, then the number one on your telephone keypad. To withdraw your question, simply press Star one. Again, we kindly ask that you limit your questions to one and one follow-up for today's call. We will pause for just a moment to compile the Q and A roster. Your first question comes from Ed Young with Morgan Stanley. Please go ahead.

Your telephone keypad.

To withdraw your question, simply press star 1 again.

We kindly ask that you limit your questions to 1 and 1 follow up for today's call.

Ed Young: Your first question comes from Ed Young with Morgan Stanley. Please go ahead. Hello, thank you for the presentation. My main question is on your marketing approach. It was very useful, Adam, to run through the slide 60, slide 6, to show how you're adjusting marketing and the knock-on effect you could still get on player days and actives, etc.

We will pause for just a moment to compile the Q&A roster.

Your first question comes from Ed young with Morgan Stanley. Please go ahead.

Adam Greenblatt: Hello. Thank you for the presentation. My main question is on your marketing approach. It was very useful, Adam, to run through the slide 50, slide 6 to show how you were adjusting marketing and the knock on effect you could still get on player days and actives, etc. From a philosophical point of view, how do you balance this kind of very, I guess, very rational and very numbers driven approach to also the optionality about investing into states where returns might not look as good, but you might feel that there's some sort of iGaming liberalization opportunity ahead. How do you sort of find that balance? And then my follow up is just a very brief details one for Gary. Could you perhaps give the quantification of the tax impact you're expecting in H2 just to help us understand the conservatism that bridge.

Edward Young: Hello. Thank you for the presentation. My main question is on your marketing approach. It was very useful, Adam, to run through the slide 50, slide 6 to show how you were adjusting marketing and the knock on effect you could still get on player days and actives, etc. From a philosophical point of view, how do you balance this kind of very, I guess, very rational and very numbers driven approach to also the optionality about investing into states where returns might not look as good, but you might feel that there's some sort of iGaming liberalization opportunity ahead. How do you sort of find that balance? And then my follow up is just a very brief details one for Gary. Could you perhaps give the quantification of the tax impact you're expecting in H2 just to help us understand the conservatism that bridge.

Ed Young: From a philosophical point of view, how do you balance this kind of very, I guess, very rational and very numbers-driven approach to also the optionality about investing into states where returns might not look as good, but you might feel that there's some sort of eye-gaming liberalisation opportunity ahead? How do you sort of find that balance?

Ed Young: And then my follow-up is just a very brief details one for Gary.

Um hello, thank you for that presentation. Um my uh my main question is on uh on your marketing approach, it was very useful Adam to run through, uh, the slide 6, the slide 6 to show how you're adjusting marketing and the knock on effect. You could still get on on player days and actives Etc from a philosophical point of view. How do you balance this kind of very? Um, I guess very rational and very, um, numbers driven approach to also the optionality about investing into states, where returns might. Look, look as good, but you might feel that there's some sort of igaming liberalization opportunity ahead. How do you sort of find that balance?

Gary: Could you perhaps give the quantification of the tax impact you're expecting in H2, just to help us understand the conservatism in that bridge? Thank you.

Adam Greenblatt: Thank you.

Thank you.

Gary: Hi Ed, and thanks for the question. Look, philosophically, we are focused primarily on demonstrable ROI. So paybacks is our North Star, paybacks are our North Star, but obviously a rational investor, a rational allocator of capital will invest in option value. Now, as it stands today, part of your question is, well, what is the proximity of new iGaming States? And naturally we would take that into account in our capital allocation, but first and foremost, and the vast majority of weighting is towards demonstrable and certain ROI. And on the on the tax question, we, you know, it's in the neighborhood of 25, impacting the second half of the year, you know, we'll look to see how that can be managed.

Adam Greenblatt: Hi and thanks for the question. Look, philosophically we are focused primarily on demonstrable ROI. So paybacks is our North Star. Paybacks are our North Star. But obviously a rational investor, a rational allocator of capital, will invest in options value as it stands today. Part of your question is, well, what is the proximity of new iGaming states and naturally we would take that into account in our capital allocation. But first and foremost, and the vast majority of weighting is towards demonstrable and certain ROI.

And my follow-up is just a very brief detail, one for Gary. Could you perhaps give the quantification of the tax impact you're expecting for H2, just to help us understand the conservatism in that bridge? Thank you.

Yeah, hi and thanks for the question. Um look your your philosophically. We are focused primarily

On demonstrable Roi.

So payback is a, is our Northstar paybacks are our Northstar. But August, the a rational investor a rational Market allocator of capital will invest in option value, you know, as it stands today. You know, the part of your question is, well, what is the proximity of new? I gaming States and naturally we would

Take that into account in our Capital allocation. Uh, but first and foremost, and the vast majority of of of of waiting is towards demonstrable and certain uh Roi

Gary Fritz: Ed, on the tax question, we, you know, it's in the neighborhood of 25 impact in the second half of the year. You know, we'll look to see how that can be managed, but then that's what we put through.

Gary Deutsch: Ed, on the tax question, we, you know, it's in the neighborhood of 25 impact in the second half of the year. You know, we'll look to see how that can be managed, but then that's what we put through.

Yeah, on the uh, on the tax question. We, uh,

Gary: But then that's what we put through.

You know, it's in the neighborhood of 25% impact in the second half of the year. We'll look to see how that can be managed, but then that's what we put through.

Adam Greenblatt: Perfect. Thank you.

Unknown Executive: Perfect, thank you.

Perfect, thank you.

Operator: Your next question comes from Dan Politzer with J.P. Morgan. Please go ahead.

Operator: Your next question comes from Dan Politzer with JPMorgan. Please go ahead.

Dan Politzer: Your next question comes from Dan Politzer with J.P. Morgan. Please go ahead. Hey, good morning, everyone, and thank you for joining us today. First question, Adam, I think you mentioned the, you know, something you're monitoring is the impact. sector.

[Analyst]: Hey, good morning everyone. Nice results. First question, Adam, I think you mentioned something you're monitoring is the impact of adjacent businesses on the sector. Could you maybe just talk a little bit more about this and how you kind of envision this evolving ecosystem with regard to risk and opportunities? And then just for my follow up, at that $500 million EBITDA level that you said you can envision in the medium term, how do you kind of think about margins? You were helpful with flow through and some of the parameters and marketing costs, but kind of any kind of, you know, bridge to kind of getting to a normalized margin, how you think about it. Thanks.

Daniel Politzer: Hey, good morning everyone. Nice results. First question, Adam, I think you mentioned something you're monitoring is the impact of adjacent businesses on the sector. Could you maybe just talk a little bit more about this and how you kind of envision this evolving ecosystem with regard to risk and opportunities? And then just for my follow up, at that $500 million EBITDA level that you said you can envision in the medium term, how do you kind of think about margins? You were helpful with flow through and some of the parameters and marketing costs, but kind of any kind of, you know, bridge to kind of getting to a normalized margin, how you think about it. Thanks.

Your next question comes from Dan Pulitzer with JP Morgan. Please go ahead.

Dan Politzer: Could you maybe just talk a little bit more about this and how you kind of envision, you know, this evolving ecosystem with regard to risk and opportunities? And then just for my follow-up, you know, at that $500 million EBITDA level that you said you can envision in the medium term, how do you kind of think about margins? You were helpful with flow-through and some of the parameters and marketing costs, but kind of any kind of, you know, bridge to kind of getting to a normalized margin. Thanks, Dan.

Adam Greenblatt: Thanks, Dan. I'll let Gary take the second part of your question. I'll just deal with the first. Which are the adjacent, adjacent activities or the adjacent sectors, risks and opportunities associated with that? Really in my mind, that's a reference to both the sweeps and the prediction markets. We're pretty clear, or we are clear that we believe sweeps to be illegal iGaming. And it's bad for the regulated sector, it's bad for state revenues, it's bad for players. And so we're delighted to see lots of states now, increasingly, not lots, increasingly states, adopting just legislation against the sweeps industry. You know, what we would love to see and what we are certainly advocating for is more regulated iGaming states. I think BetMGM more than anyone stands to gain relatively most in the event that it happens. And we fully anticipate over time that to happen.

Hey, good morning, everyone and nice results. Uh, first question, Adam, I think you mentioned the you know something you're monitoring monitoring is the impact of adjacent businesses on the sector. Could you maybe just talk a little bit more about this and and how you kind of Envision? You know, this evolving ecosystem with regard to risk and opportunities and it just for my follow-up. Um you know at that 500 million dollar level that you said you can Envision in a medium term, how do you kind of think about margins? Um, you get, you, you are helpful with flow through and and some of the parameters and marketing costs, but kind of any, any kind of, you know, bridge to kind of get into a normalized margin. I think about, thanks.

Gary: I'll let Gary take the second part of your question.

Adam Greenblatt: I'll just deal with the first, which are the adjacent activities or the adjacent sectors, risks and opportunities associated with that. Really, in my mind, that's a reference to both the sweeps and the prediction markets. We're pretty clear or we are clear that we believe sweeps to be illegal iGaming. and it's bad for the regulated sector, it's bad for state revenues, it's bad for players. And so we're delighted to see lots of states now increasingly, not lots, increasingly states adopting just legislation against the sweeps industry.

Uh, thanks Dan. Um, I'll let Gary take the the second part of your of your question. I'll just deal with the first which are the adjacent uh adjacent activities or the adjacent sectors at risks and opportunities associated with that. Really, in my mind, those are that uh a reference to both the the sweeps?

and the prediction markets, the

we're pretty clear or we are clear that uh we believe sweeps to be illegal. I gaming

and it's bad for the regulated sector. It's bad for State revenues. It's bad for players.

Adam Greenblatt: What we would love to see and what we are certainly advocating for is more regulated iGaming states, I think, but MGM more than anyone stands to gain relatively most in the event that it happens and we fully anticipate over time that to happen. But the message to our lawmakers is the sweeps activity is happening anyway. As I've said... The good guys aren't benefiting. And so we would like to see that that situation unwind and in fact reverse.

Adam Greenblatt: But the message to our lawmakers is the sweeps activity is happening anyway. As I've said, the good guys aren't benefiting. And so we would like to see that situation unwind and in fact reverse in relation to prediction markets. We have monitoring this very, very closely. You know, very closely means daily, including all the court proceedings, including, you know, the new entrants returning to the US that are going to fight it out with the, you know, very vocal, most vocal incumbent, including while, you know, assessing daily the wide range of possible outcomes and, you know, what I will say is that we won't be caught flat-footed, but nothing to talk about today.

But the message to our lawmakers is the sweeps activity is happening anyway. As I've said, the good guys aren't benefiting. And so we would like to see that situation unwind and in fact reverse in relation to prediction markets. We have monitoring this very, very closely. You know, very closely means daily, including all the court proceedings, including, you know, the new entrants returning to the US that are going to fight it out with the, you know, very vocal, most vocal incumbent, including while, you know, assessing daily the wide range of possible outcomes and, you know, what I will say is that we won't be caught flat-footed, but nothing to talk about today.

as I've said,

The um, the good guys aren't benefiting.

Adam Greenblatt: In relation to prediction markets, we're monitoring this very, very closely. You know, very closely means daily, including all the court proceedings, including, you know, the new entrants returning to the U.S. that are going to fight it out with the, you know, very vocal, most vocal incumbent, including the wide, you know, assessing daily the wide range of possible outcomes, and, you know, what I will say is that we won't be caught flat-footed, but nothing to talk about.

And so we would like to see that uh that situation uh unwind. And in fact reverse

Uh, in relation to prediction markets, we have been monitoring this very closely.

you know, very closely means daily

Including all the court proceedings including, you know, the new entrance returning to the us that are going to fight it out with the, you know, very vocal uh most vocal incumbent including the white, you know, assessing daily, the wide range of possible outcomes. And you know, what I will say is that we won't be caught flat-footed

Um, but nothing to talk about today.

Gary: To your EBITDA question, when we look at a normalized version of where we are with a couple of states launching right now, what we have in the plan is we know that Alberta is going to go next year. We're anticipating Alberta will go next year. And we've got Missouri coming on in Q4. You take that model forward, I think that we hit $500 million, plus or minus a 15% EBITDA margin. Things can change. And as you know, if we launch in a state at a given year, that can have an impact on marketing and margin this year with the benefit coming to revenue the next year.

Gary Fritz: Curie, with that question. When we look at a normalized version of where we are with a couple of states launching right now, what we have in the plan is we know that Alberta is going to go next year. We're anticipating Alberta will go next year. And we've got Missouri coming on in Q4. You take that model forward. You know, I think that we hit $500 million ±15% EBITDA margin. Things can change. And as you know, if we launch in a state at a given year, that can have an impact on marketing and margin this year with the benefit coming to revenue the next year. But I think at a normalized sort of level, it's that ±15% is where we hit 500 million.

Gary Deutsch: Curie, with that question. When we look at a normalized version of where we are with a couple of states launching right now, what we have in the plan is we know that Alberta is going to go next year. We're anticipating Alberta will go next year. And we've got Missouri coming on in Q4. You take that model forward. You know, I think that we hit $500 million ±15% EBITDA margin. Things can change. And as you know, if we launch in a state at a given year, that can have an impact on marketing and margin this year with the benefit coming to revenue the next year. But I think at a normalized sort of level, it's that ±15% is where we hit 500 million.

Gary: But when we get a normalized sort of level, it's that plus or minus 15% is where we hit $500 million.

[Analyst]: Very helpful. Thanks so much.

Daniel Politzer: Very helpful. Thanks so much.

Unknown Executive: very helpful. Thanks so much.

To you either that question. When we look at a normalized version of where we are with a couple of States launching right now, what we have in the plan is we know that Alberta is going to go next year. We're anticipating our B will go next year and we've got Missouri coming on in the in Q4. You take that model forward, you know I think that we hit 500 million dollars and thoughts or minus the 15% EBA margin. Um things can change and as you know, if we launched in a state at a given year that can have an impact on marketing and margin this year with the benefit coming to revenue the next year, but let me get a normalized sort of level. That's, that's such a minus 15% is where we hit 500 million.

Very helpful. Thanks so much.

Operator: Your next question comes from Ben Shelley with UBS. Please go ahead.

Ben Shelley: Your next question comes from Ben Shelley with UBS. Please go ahead. Hi, thanks for taking my questions. I mean, question one is what serving is upside to the $150 million EBITDA guide? And then question two is, have you altered your H2 EBITDA guide or the sort of assumption around that since the start of the year? Thank you.

[Analyst]: Hi. Thanks for taking my questions. I mean, question one is what's serving as upside to the $150 million EBITDA guide? And then question two, have you, have you altered your H2 EBITDA guide or the sort of assumption around that since the start of the year? Thank you.

Ben Shelley: Hi. Thanks for taking my questions. I mean, question one is what's serving as upside to the $150 million EBITDA guide? And then question two, have you, have you altered your H2 EBITDA guide or the sort of assumption around that since the start of the year? Thank you.

Your next question comes from Ben Shelly with UBS. Please go ahead.

Adam Greenblatt: Gary, do you want to take that one? Yeah.

Gary: Gary, do you want to take that one? His British terminology on the first question, I didn't understand that one about upside. Ben, won't you please repeat just the first part of your question? Sure. Thank you. What's serving as upside to the $150 million EBITDA guide? So what could generate a beat against that? I mean, we have, you know, certainly there's a world in which football results, for one, I mean, we had a tough football season last year. You know, we obviously planned a sort of a normalized CO margin, but football results can take it up big.

Hi. Thanks for taking my questions. I mean, question 1 is what serving is upside to the 150 million dollar ebit dog guide and then question 2 is have you have you altered your H2 ebit dog guide or or or the sort of assumption around that since the start of the Year? Thank you.

Gary Fritz: His British terminology on the first question, I didn't understand the one about upside.

Gary Deutsch: His British terminology on the first question, I didn't understand the one about upside.

Gary, do you want to take that 1?

Adam Greenblatt: Why don't you please repeat just the first part of your question?

[Analyst]: Sure. Thank you. What's serving as upside to the $150 million EBITDA guide? So what could generate a beat against.

Ben Shelley: Sure. Thank you. What's serving as upside to the $150 million EBITDA guide? So what could generate a beat against.

Yeah, his British terminology on the first question. I don't understand the 1 about upside then, won't you, please repeat just the first part of your question.

Adam Greenblatt: Yeah, I mean, we, you know, certainly.

Gary Deutsch: Yeah, I mean, we, you know, certainly.

Sure what and thank you. What's serving as upside to the 150 million ebit dog guide. So what's what what what could you do to generate a beat against that? Yeah, yeah, yeah yeah.

Gary Fritz: There's a world in which football results, for one, I mean, we had a tough football season last year. You know, we obviously planned a sort of a normalized hold margin, but football results can take it up big. You know, we're also executing a more efficient marketing strategy that we've talked about. You know, we'll see how that develops. There's certainly just players that we can gain. And one of the things that's really, really, really interesting from the first half of the year is the handle growth. So from what we saw, you know, for Q1, at least in our public comps, you know, we think that we were well above the level of the market for handle, the 27% growth. We, you know, we really had two things that were happening in the first half of the year.

There's a world in which football results, for one, I mean, we had a tough football season last year. You know, we obviously planned a sort of a normalized hold margin, but football results can take it up big. You know, we're also executing a more efficient marketing strategy that we've talked about. You know, we'll see how that develops. There's certainly just players that we can gain. And one of the things that's really, really, really interesting from the first half of the year is the handle growth. So from what we saw, you know, for Q1, at least in our public comps, you know, we think that we were well above the level of the market for handle, the 27% growth. We, you know, we really had two things that were happening in the first half of the year.

Gary: You know, we're also executing a more efficient marketing strategy that we've talked about. You know, we'll see how that develops. There's certainly just players that we can gain. And one of the things that's really, really, really interesting from the first half of the year is the handle growth. So from what we saw, you know, for Q1, at least in our public comps, you know, we think that we were well above the level of the market for handle, the 27% growth. You know, we really had two things that were happening in the first half of the year.

I mean, we have, you know, certainly there's a world in which football results for 1. I mean, we had a tough football season last year. You know, we obviously planned a sort of a normalized CO margin, but football results can take it up big. Um, you know, we're also executing a more efficient marketing strategy that we've talked about. You know, we'll see how that develops. There are certainly just players that we can gain, and one of the things that's really, really, really interesting from the first half of the year.

Gary Fritz: We talked about the recalibration of marketing and how that dropped to the bottom line. Adam made mention that it's, you know, something that's not going to be the big bottom line driver going forward. But when you look at handle, that's where we really exceeded our expectations. And you know, one thing I want to highlight about handle that's really important to understand is that compared to last year, last year had a big promotional environment and promotional environments drive and spin up handle. It's not just the handle that's generated by free bets. It's also the downstream handle that's generated by the winnings from those. So that, you know, can be a factor of 10 times, 15 times the free bet amount leads to the handle.

We talked about the recalibration of marketing and how that dropped to the bottom line. Adam made mention that it's, you know, something that's not going to be the big bottom line driver going forward. But when you look at handle, that's where we really exceeded our expectations. And you know, one thing I want to highlight about handle that's really important to understand is that compared to last year, last year had a big promotional environment and promotional environments drive and spin up handle. It's not just the handle that's generated by free bets. It's also the downstream handle that's generated by the winnings from those. So that, you know, can be a factor of 10 times, 15 times the free bet amount leads to the handle.

Gary: We talked about the recalibration of marketing and how that dropped to the bottom line. Adam may have mentioned that, you know, something that's not going to be the big bottom line driver going forward. But when you look at handle, that's where we really exceeded our expectations. And, you know, one thing I want to highlight about handle that's really important to understand is that compared to last year, last year had a big promotional environment. And promotional environments drive and spin up handle. It's not just the handle that's generated by free bets. It's also the downstream handle that's generated by the winnings from those.

Gary: So that, you know, it can be a factor of 10 times, 15 times the free bet amount leads to the handle. So we do that. And we've also had, you know, a small push in our business towards a mix of more parlay-oriented bets and then recreational bets that have smaller handle but higher margin. So those are two factors that made last first half a tough comp. And even against the tough comp of not having that inflation from promotions and having, you know, more mix from high margin bets with low staking, we, you know, really very, very happy with that.

Gary Fritz: So we did that and we've also.

So we did that and we've also.had, you know, a small push in our business towards a mix of more parlay oriented bets and recreational bets that have smaller handle but higher margin. So those are two factors that made last first half a tough comp. And even against the tough comp of not having that inflation from promotions and having more mix from high margin bets with low staking, we really very, very happy with that. So that, you know, that obviously can carry forward into the second half and we'll see. You know, we've had a lot of VIP play. The handle there has grown enormously. So we're really happy. So yeah, there's, there's some definite part of the business that could drive big upside. And that's not even mentioning that our iGaming business is rolling forward. And you know, it continues to grow.

Gary Fritz: had, you know, a small push in our business towards a mix of more parlay oriented bets and recreational bets that have smaller handle but higher margin. So those are two factors that made last first half a tough comp. And even against the tough comp of not having that inflation from promotions and having more mix from high margin bets with low staking, we really very, very happy with that. So that, you know, that obviously can carry forward into the second half and we'll see. You know, we've had a lot of VIP play. The handle there has grown enormously. So we're really happy. So yeah, there's, there's some definite part of the business that could drive big upside. And that's not even mentioning that our iGaming business is rolling forward. And you know, it continues to grow.

Is the handle growth. So, from what we saw, you know, for q1 at least in our public comps. You know, we think that we were well above the the level of the market for handle the 27% growth. We, you know, we really had 2 things that were happening in the first half of the year and we talked about the recalibration and marketing and how that dropped to the bottom line. And Adam made mention that's, you know, something that's not going to be the big bottom line driver going forward. Um but when you look at handle that's where we really exceed our expectations and you know, 1 thing I want to highlight about handle is really important to understand is that compared to last year last year had a big promotional environment and promotional environments drive and spent a handle. It's not just the handle that's generated by by free bets. It's also the downstream handle is generated by the Linings from those. So that, you know, it's can be the factor of 10 times, 15 times the free that amount leads to the handle. Um, so we do that and we also have, you know, a small push in our business, towards a mix of more, parlay oriented bets, and then recreational bets that have smaller handle but higher margin.

Gary: So that, you know, that obviously can carry forward into the second half. And we'll see, you know, we've had a lot of VIP play. The handle there has grown enormously. So we're really happy. So, yeah, there's definitely part of the business that could drive a big upside. And that's not even mentioning that, you know, our iGaming business is rolling forward and, you know, it continues to grow. And we always joke that the depth of the market is very deep as we look at these same states that we've been in.

So those are 2 factors that made last first half a tough call and even against the the top comp of not having that inflation for promotions and having you know, more mixed from high margin Bets with little with low staking we you know, really very, very happy with that. So that, you know, that obviously can carry forward into the second half and we'll see, you know, we we've had a lot of VIP play the, the handle there has grown enormously so we're really happy. Um so yeah, there's there's some definitely part of the business to

Drive, big upside and that's not even mentioning that.

Gary Fritz: We always joke that the depth of the market is very deep as we look at these same states that we've been in.

We always joke that the depth of the market is very deep as we look at these same states that we've been in.

Adam Greenblatt: Yeah, if I could just add, it's Adam again, if I could just add one point. One of the things that continues to surprise and impress on the upside is actually how strong New Jersey is. 10 years down the line more, 10 years plus down the line following the introduction of iGaming, New Jersey continues to grow ahead of our expectations in iGaming. And so if that's the reference point against which other states' journeys are likely to follow, mature in that way, the depth of this iGaming market is remarkable. And we can remain very confident of really attractive growth rates going forward.

Adam Greenblatt: Yeah, I mean. If I could just add. It's Adam again. If I could just add one point. One of the things that continues to surprise and impress on the upside is actually how strong New Jersey is. You know, 10 years down the line. More, 10 years plus down the line following the introduction of iGaming, New Jersey continues to grow ahead of our expectations in iGaming. And so if that's the reference point against which other states' journeys are likely to follow, mature in that way, the depth of the iGaming market is remarkable, and we can remain very confident of really attractive growth rates going forward.

Your eye gaming business is rolling forward. And, you know, it continues to grow and, and we always joke that the depth of the market is very deep as we look at these, uh, same states that we've been in. Yeah, I mean that that's the if I could just add it's Adam again. Uh if I could just add 1 Point, 1 of the thing that continues to surprise and impress on the upside.

Is actually how strong New Jersey is.

Unknown Executive: Thank you.

Short, um, in that in that way. Um, the depth of the side gaming Market is remarkable. And uh and and we can remain very confident of of really attractive growth rates in going forward.

[Analyst]: Thank you.

Ben Shelley: Thank you.

Operator: Your next question comes from Barry Jonas with Truist Securities. Please go ahead.

Barry Jonas: Your next question comes from Barry Jonas with Truist Securities. Please go ahead. Hey guys, I wanted to follow up on the tax increases for the second half of the year or beyond. Maybe just walk through how you're thinking about mitigation strategies, particularly interested in Illinois.

Thank you.

Your next question comes from Barry Jonas. With truist Securities. Please go ahead.

Adam Greenblatt: Hey guys. I wanted to follow up on the tax increases for the second half of the year or beyond. Maybe just walk through how you're thinking about mitigation strategies, particularly interested in Illinois. Thank you. Hey Barry, thanks for the question. Yep. So in terms of mitigation strategy for tax. Just speak plainly. We are not going to pass on. We have not passed on the surcharge to our players. BetMGM is a surcharge free zone for now. Now our approach is we've increased our minimum bet size to $2.50 in the state of Illinois to ensure that at our theoretical expected margin we at least cover the surcharge. So we're not underwater on small staking bets. And we'd like our players, the players in Illinois to choose their preferred operators in that, in that context. But like most. Well like everything in our business, we'll make a decision.

Barry Jonas: Hey guys. I wanted to follow up on the tax increases for the second half of the year or beyond. Maybe just walk through how you're thinking about mitigation strategies, particularly interested in Illinois. Thank you.

Barry Jonas: Thank Hey Barry, thanks for the question. So, in terms of mitigation strategies for tech, I'll just speak plainly. We are not going to pass on, we have not passed on the surcharge to our players. Bed MGM is a surcharge-free zone for now. Our approach is we've increased our minimum bet size to $2.50 in the state of Illinois to ensure that our theoretical expected margin, we at least cover the surcharge. So we're not underwater on small staking bets. And we'd like our players, the players in Illinois to choose their preferred operators in that context. But like most things, well, like everything in our business, we'll make a decision.

Gary Deutsch: Hey Barry, thanks for the question. Yep. So in terms of mitigation strategy for tax. Just speak plainly. We are not going to pass on. We have not passed on the surcharge to our players. BetMGM is a surcharge free zone for now. Now our approach is we've increased our minimum bet size to $2.50 in the state of Illinois to ensure that at our theoretical expected margin we at least cover the surcharge. So we're not underwater on small staking bets. And we'd like our players, the players in Illinois to choose their preferred operators in that, in that context. But like most. Well like everything in our business, we'll make a decision.

Hey guys. Uh I wanted to follow up on uh the tax increases uh for the second half of the year or Beyond maybe just walk through how you're thinking about mitigation strategies uh particularly interested in Illinois. Thank you.

Um, hey Barry, thanks for the question. Yep. Um,

so in terms of mitigation strategy for tax like just I'll speak plainly

We are not going to pass on. We have not, uh, passed on the search charge to our players.

Bet MGM is a search charge free zone for now.

Our approach is, we have increased our minimum bet size to uh, to 2.50 in the state, of Illinois to ensure that our theoretical expected margin. We at least uh cover the search charge. So we're not underwater on small staking bets and we'd like our players. The the the players in in in Illinois to to choose their preferred operators in that uh in that context.

Adam Greenblatt: We evaluate outcome and then we refine. Yeah. So you know, we note that others have introduced a surcharge, passing on the full cost of that surcharge to players in the short term. We feel like this is a relative competitive opportunity for BetMGM, and you know, other players that feel that that might be somewhat punitive. So look, what happens in the future will depend on the financial impact of the approach we're taking at the moment. But we want at least for now BetMGM to be a surcharge-free zone. In terms of other mitigation strategies, they're outside of direct tax pass-on. It's about promotional intensity, promotional intensity, generosity, the form of, of how we give out promotions. Is it bonus money versus odds boost, things like that, which are methods of managing the tax consequences of the promotional environment.

We evaluate outcome and then we refine. Yeah. So you know, we note that others have introduced a surcharge, passing on the full cost of that surcharge to players in the short term. We feel like this is a relative competitive opportunity for BetMGM, and you know, other players that feel that that might be somewhat punitive. So look, what happens in the future will depend on the financial impact of the approach we're taking at the moment. But we want at least for now BetMGM to be a surcharge-free zone. In terms of other mitigation strategies, they're outside of direct tax pass-on. It's about promotional intensity, promotional intensity, generosity, the form of, of how we give out promotions. Is it bonus money versus odds boost, things like that, which are methods of managing the tax consequences of the promotional environment.

Barry Jonas: we evaluate outcome and then we refine. We have the, yeah, so, you know, we note that others have introduced a surcharge passing on the full cost of that surcharge to players. In the short term, we feel like this is a relative competitive opportunity for Bed MGM and, you know, other players that feel that that might be somewhat punitive. So, but what happens in the future will depend on the financial impact of the approach we're taking at the moment. But we want, at least for now, Bed MGM to be a surcharge free zone.

Um, but like most things, well, like everything in our business, we will make a decision.

We evaluate outcomes, and then we refine.

Barry Jonas: In terms of other mitigation strategies, they're outside of directly tax pass on. It's about promotional intensity, promotional intensity, generosity, the form of how we give out promotions, is it bonus money versus odds boost, things like that, which are methods of managing the tax consequences of the promotional environment.

Um, we have the yeah. So so uh you know, we note that others have introduced a a search charge passing on the full cost of that search charge to players in the short term. We feel that this is an a a relative competitive opportunity for bmgm and and you know, other players that feel that that might be somewhat punitive. So look what happens in the future will depend on on the financial impact of of the approach. We're taking at the moment, but we want uh at least for now, been MGM to be a search charge for Zone.

Adam Greenblatt: But I think for right now that's all we're in a position to say. That's really helpful. Then just for a follow up, maybe just a general question. Any thoughts on the ramifications of the one big beautiful bill, particularly touching on the 90% deductibility of gambling losses? Thank you. Yes, I'll tell you my opinion because it's some crystal ball stuff here, Barry. I think this is going to go away. I think there are enough smart people who recognize that this may not have been the best approach to take. There are a number of books, as you'll be aware, to the number of bills underway to unwind the 90% cap, and frankly we've run all the scenarios and the numbers, and the current framework can result in really some anomalous just outcomes which don't make sense.

But I think for right now that's all we're in a position to say.

Barry Jonas: But I think for right now, that's all we're in a position to say. That's really helpful.

In terms of other mitigation strategies there outside of directly tax pass on. Yeah, it's about promotional intensity. Um, promotional intensity generosity that the the form of how we give our promotions is, is it bonus money versus Odds? Boost things like that which which are methods of managing, uh, the tax consequences of the promotional environment. Um,

Barry Jonas: That's really helpful. Then just for a follow up, maybe just a general question. Any thoughts on the ramifications of the one big beautiful bill, particularly touching on the 90% deductibility of gambling losses? Thank you.

But I think for right now, that's all we, we're in a position to say.

Barry Jonas: Then just for a follow up, maybe just a general question, any thoughts on the ramifications of the one big beautiful bill, particularly touching on the 90% deductibility of gambling losses? Thank you. Yes. I'll tell you my opinion because there's some crystal ball stuff here, Barry, I think this is going to go away. I think there are enough smart people who recognize that it's... that this may not have been the best approach to take. There are a number of bills, as you'll be aware, a number of bills underway to unwind the 90% cap. And frankly, we've run all the scenarios and the numbers, and the current framework can result in really some anomalous outcomes which don't make sense.

Adam Greenblatt: Yes, I'll tell you my opinion because it's some crystal ball stuff here, Barry. I think this is going to go away. I think there are enough smart people who recognize that this may not have been the best approach to take. There are a number of books, as you'll be aware, to the number of bills underway to unwind the 90% cap, and frankly we've run all the scenarios and the numbers, and the current framework can result in really some anomalous just outcomes which don't make sense.

That's that's really helpful. Then just for a follow-up maybe just a general question. Any thoughts on the ramifications of the uh 1 big beautiful Bill? Particularly touching on the uh new 90% uh, deductibility of gambling losses. Thank you. Yes. Um,

uh,

I tell you my opinion because it's some crystal ball stuff.

I think this is going to go away.

I think there are enough smart people who recognize that uh it's that that this may not have been the best approach to take. There are a number of books as as you'll be aware to uh number of bills underway to to unwind the 90% cap.

Barry Jonas: So we think the rational outcome will prevail, and we think that this is going to go away. Oh, cool. Thank you very much.

Adam Greenblatt: So we think the rational outcome will prevail, and we think that this is going to go away. Helpful. Thank you very much. Good.

So we think the rational outcome will prevail, and we think that this is going to go away.

Barry Jonas: Helpful. Thank you very much. Good.

Um, and frankly the the you know, we we've run all the the scenarios and the numbers and uh, the current framework can result in really some anomalous, you know, just just outcomes, which don't make sense. Um, so we think the rationale outcome will prevail and we think that uh, this is going to go away.

Helpful, thank you very much.

Operator: Your next question comes from Joe Stauff with Susquehanna. Please go ahead.

Joe Stauff: Your next question comes from Joe Stauff with Susquehanna. Please go ahead. Good morning, Adam, Gary. On the Las Vegas customer acquisition channel, just wondering, you know, how relevant this is for your user growth. Any way you can give us an idea of what portion of your seven percent user growth in the quarter, you know, came or source from Las Vegas?

Good.

Adam Greenblatt: Good morning, Adam. Gary on the Las Vegas customer acquisition channel. Just wondering how relevant this is for your user growth. Any way you can give us an idea of what portion of your 7% user growth in the quarter, you know, came or sourced from Las Vegas? And then the second larger question was, you know, the, what are the larger obviously product initiatives you have in the pipeline, especially the ones that we'll see you launch at least before the football season and or by the end of the year. Thanks, Joe. Yep. So we don't break down where we source players, break down by state. What I will say however is that consistently Las Vegas is one, two or three of new players acquired in a standard week. So really an important source of players. What's been really delighting me is that.

Joe Stauff: Good morning, Adam, Gary. On the Las Vegas customer acquisition channel. Just wondering how relevant this is for your user growth. Any way you can give us an idea of what portion of your 7% user growth in the quarter, you know, came or sourced from Las Vegas? And then the second larger question was, you know, the, what are the larger obviously product initiatives you have in the pipeline, especially the ones that we'll see you launch at least before the football season and or by the end of the year.

Your next question comes from Joe stoff with susque. Hannah, please go ahead.

Uh, good morning, Adam Gary.

On the Las Vegas. Customer acquisition Channel. Just wondering, you know how relevant this is for your user growth. Anyway you can

Joe Stauff: And then the second larger question was... You know, the what are the the larger obviously product initiatives you have in the pipeline? um especially the ones that you know we'll see uh you launch at least before the football season and or by the end of Thanks, Joe. Yep. So we don't break down where we source players, the breakdown by state. What I will say, however, is that consistently Las Vegas is one, two, or three. of new players acquired in a standard week. So really an important source of players. What's been really delighting me is that despite the normal summer slowdown, we've continued to have some really strong weeks of player acquisition coming out of Nevada.

Give us an idea of what portion of your 7% user growth in the quarter. You know, came or sourced from from Las Vegas.

and then the second larger question was,

you know, the what are the, the larger obviously product initiatives you have in the pipeline,

Adam Greenblatt: Thanks, Joe. Yep. So we don't break down where we source players, break down by state. What I will say however is that consistently Las Vegas is one, two or three of new players acquired in a standard week. So really an important source of players.

Um, especially the ones that, you know, will see, uh, you launch at least before the football season and or by the end of the year.

So we don't break down uh where we Source uh players the the the um breakdown by State. Uh what I will say however, is that consistently?

Las Vegas is 1, 2 or 3.

Of new players acquired on, you know, in a, in a standard week.

What's been really delighting me is that despite the normal summer slowdown, we've continued to have some really strong weeks of player acquisition coming out of Nevada. So, that I've talked about this in communications before. What we are delighted about, given the relationship with MGM, is the evergreen nature of that customer base. And that's being borne out by the fact that week after week we're seeing a really good number of players, new players, new first time depositors coming out of Vegas. And then when you parlay that, excuse me pun, parlay that into combine that with the single account, single wallet framework, as we mentioned, I think in the prepared remarks, we are seeing a 4x increase in the number of players that continue to be BetMGM as when they go home, go back to regulated states. So we like the direction of travel. We think there's more to go.

Adam Greenblatt: Despite.

Adam Greenblatt: The normal summer slowdown, we've continued to have some really strong weeks of player acquisition coming out of Nevada. So, that I've talked about this in communications before. What we are delighted about, given the relationship with MGM, is the evergreen nature of that customer base. And that's being borne out by the fact that week after week we're seeing a really good number of players, new players, new first time depositors coming out of Vegas. And then when you parlay that, excuse me pun, parlay that into combine that with the single account, single wallet framework, as we mentioned, I think in the prepared remarks, we are seeing a 4x increase in the number of players that continue to be BetMGM as when they go home, go back to regulated states. So we like the direction of travel. We think there's more to go.

Adam Greenblatt: I've talked about this in communications before. What we are delighted about given the relationship with MGM is the evergreen nature of that customer base. And that's being borne out by the fact that week after week, we're seeing a really good number of players, new players, new first-time depositors coming out of Vegas. And then when you parlay that into or combine that with the single account, the wallet framework, as we mentioned, I think in the prepared remarks, we're seeing a 4X increase in the number of players that continue to be better MGM is when they go home, go back to regulated states.

So really an important source of players. Um, what, what's been really Delight? The lighting me is that despite, um, you know, the normal summer slowdown, we've we've continued to have some really strong weeks of uh, of play acquisition coming out of of, uh, Nevada. So so that um, I've talked about this in in Communications before, you know what? We are delighted about, given the relationship with MGM is the Evergreen nature of that, customer base,

Adam Greenblatt: So we like the direction of travel. We think there's more to go.

Adam Greenblatt: Your second part of your question was about product initiatives. The relationship with MGM Resorts and Omnichannel is one of the areas of focus. So we're seeking to supercharge what is already a performance that we're pleased with. So we would expect there to be more new players acquired via that MGM relationship than ever before. I'm looking forward to speaking to that in future sessions.

Adam Greenblatt: Your second part of your question was about product initiatives. The relationship with MGM Resorts and the product and Omnichannel is one of the areas of focus. So we're seeking to supercharge what is already a performance that we're pleased with. So we would expect there to be more new players acquired via that MGM relationship than ever before. I'm looking forward to speaking to that in future, future sessions.

Your second part of your question was about product initiatives. The relationship with MGM Resorts and the product and Omnichannel is one of the areas of focus. So we're seeking to supercharge what is already a performance that we're pleased with. So we would expect there to be more new players acquired via that MGM relationship than ever before. I'm looking forward to speaking to that in future, future sessions.

So, and that's being borne out by the the fact that we week after week, we're seeing, you know, a really good number of players, new players, new first-time depositors, uh, coming out of Vegas. And then when you parlay that excuse the parlay that into or combine that with, um, the, uh, single account single wallet framework. As, as we mentioned, I think, in the, in the, uh, prepared remarks, we are seeing a 4X increase in the number of players that continue to be better. MGM is when they go home, you know, go back to uh, to to regulated States. Um, so we like the direction of travel. We think there's more to go.

Use your second part of your question was about product initiatives.

uh, the the relationship with MGM Resorts and the product of it is

And Omnichannel is one of the areas of focus.

Adam Greenblatt: In terms of product initiatives. We've got a busy few weeks ahead. The areas that we're focused on include the core betting experience, so we're making improvements to bet slip, we're making improvements to, further improvements to speed. One thing I want to call out specifically is fundamental architectural change, like how our app works, has change. We've changed the framework of how the different components of our app fit together. And that's had what we've measured to be a 40% improvement, 40% plus improvement to aspects of the speed of our app in hand. So this is very, very exciting for us.

Adam Greenblatt: In terms of product initiatives, we've got.

In terms of product initiatives, we've got.A busy few weeks ahead. The areas that we are focused on include the core betting experience. So we're making improvements to bet slip, we're making improvements to further improvements to speed. One thing I want to call out specifically is a fundamental architectural change like how our app works has changed. We've changed the framework of how the different components of our app fit together, and that's had what we've measured to be a 40% improvement, 40% plus improvement to aspects of the speed of our app in hand. So this is very, very exciting for us. And actually there's more to go. Coming on that probably later in the year as opposed to just prior to the football season. As I talked about bet slip, the things that we're focusing in on are the live experience.

Adam Greenblatt: A busy few weeks ahead. The areas that we are focused on include the core betting experience. So we're making improvements to bet slip, we're making improvements to further improvements to speed. One thing I want to call out specifically is a fundamental architectural change like how our app works has changed. We've changed the framework of how the different components of our app fit together, and that's had what we've measured to be a 40% improvement, 40% plus improvement to aspects of the speed of our app in hand. So this is very, very exciting for us. And actually there's more to go. Coming on that probably later in the year as opposed to just prior to the football season. As I talked about bet slip, the things that we're focusing in on are the live experience.

So we're seeking to supercharge. What is already a a performance that we're we're we're pleased with. Um so we would expect there to be more uh more new players acquired via that MGM relationship than ever before. I'm looking forward to speaking to that in future, uh, in in future sessions, in terms of product initiatives.

We've got a busy few weeks ahead.

Um, the areas that we are focused on uh include um the the, the core betting experience. So we're making improvements to uh bet slip. We're making improvements to uh, further improvements to speed 1 thing. I want to call out specifically is, uh,

Fundamental architectural change, like how our app works.

uh, has

Adam Greenblatt: And actually, there's more to come on that probably later in the year, as opposed to just prior to the football season.

Adam Greenblatt: As I talked about, the things that we're focusing in on are the live experience. So, live SGP we'll have for the first time ahead of the football season is the target. We're making improvements to what we get out of, you know, we stopped talking about Angstrom. Angstrom is now just part of the Entame ecosystem, but the output and productivity of Angstrom is going to be available and incorporated into our product. So, you will see improved combinability, you will see a consistent experience of building parlays between pre-live and live. You will see an expanded player props offering, an improved player props offering.

Changed. We've changed the framework of of how the the different components of our app fit together and that's had what we've measured to be a 40% Improvement. 40% plus Improvement to to aspects of of uh, the speed of our app in hand. So this is very, very exciting for us. And actually there's, there's more to come on that probably later in the year as opposed to just prior to the foot.

Adam Greenblatt: So live SGP will have for the first time ahead of the football season is the target we're making improvements to what we get out of. You know, we've stopped talking about Angstrom. Angstrom is now just part of the entire ecosystem. But the output and productivity of Angstrom is going to be available and incorporated into our product. So you will see improved combinability. You will see a consistent experience of building parlays between pre live and live. You will see an expanded player props offering, an improved player props offering. So quite a lot. And we've talked about the iGaming side already, looking forward to delivering only at BetMGM content rooted in entertainment with, you know, with an omnichannel orientation and yeah, just only at BetMGM. So we're looking forward to that and that's all coming over the next few months. Thanks a lot, Adam. Sure.

So live SGP will have for the first time ahead of the football season is the target we're making improvements to what we get out of. You know, we've stopped talking about Angstrom. Angstrom is now just part of the entire ecosystem. But the output and productivity of Angstrom is going to be available and incorporated into our product. So you will see improved combinability. You will see a consistent experience of building parlays between pre live and live. You will see an expanded player props offering, an improved player props offering. So quite a lot. And we've talked about the iGaming side already, looking forward to delivering only at BetMGM content rooted in entertainment with, you know, with an omnichannel orientation and yeah, just only at BetMGM. So we're looking forward to that and that's all coming over the next few months.

Full season. As I talked about best lip, the things that we're focusing in in on on the live experience.

Adam Greenblatt: So, quite a lot, and we've talked about the iGaming side already. Looking forward to delivering early at-bet MGM content rooted in entertainment with an omni-channel orientation. and yeah, just only have bad income. So we're looking forward to that and that's all coming over the next few months. Thanks a lot, Adam.

Um, so live SGP, will have for the first time for ahead of the football season is the target. Um, we're making improvements to what we get out of. You know, we've stopped talking about angst from angstrom is now just part of the inane ecosystem, but, uh, the the output and productivity of ancram is going to be available and incorporated into our product. So you will see improved combination. Uh, you will see uh, a consistent experience between of building parlays between pre-life and live. You will see an expanded, uh, player props offering an improved player props offering so quite a lot. Uh, and and we've talked about the, the, uh, I gaming side already. Looking forward to, to delivering, uh,

only at betmgm uh, content uh, rooted in entertainment with uh with you know, with a an omni channel uh orientation

Joe Stauff: Thanks a lot, Adam.

And, um, yeah, just only have been, so we're looking forward to that, and that's all coming over the next few months.

Adam Greenblatt: Sure.

Thanks a lot, Adam.

David Katz: Your next question comes from David Katz with Jeffreys, please go ahead. Morning, everybody. Thanks for all the information and for taking my question. I wanted to just go back to, you know, this concept of you seem to be sort of finding your people better and better. And Adam, I think you may have just answered that, you know, the MGM resource is accelerating over time. And I just wonder, what are the gating factors toward that sort of access to those MGM players? And within the mix, you know, can you talk about sort of the 80-20 rule or the concentrations, you know, where you are today and where you aspire to be?

Operator: Your next question comes from David Katz with Jefferies. Please go ahead.

Sure.

Your next question comes from David Katz with Jeffrey's, please go ahead.

Adam Greenblatt: Morning everybody. Thanks for all the information and for taking my question. I wanted to just go back to, you know, this concept of you seem to be sort of finding your people better and better, and Adam, I think you may have just answered that. You know, the NGR MGM resource is accelerating over time, and I just wonder what are the gating factors toward that sort of access to those MGM players. And within the mix, you know, can you talk about sort of the 80/20 rule or the concentrations, you know, where you are today and where you aspire to be. Those are my question and my follow up.

David Katz: Morning everybody. Thanks for all the information and for taking my question. I wanted to just go back to, you know, this concept of you seem to be sort of finding your people better and better, and Adam, I think you may have just answered that. You know, the NGR MGM resource is accelerating over time, and I just wonder what are the gating factors toward that sort of access to those MGM players. And within the mix, you know, can you talk about sort of the 80/20 rule or the concentrations, you know, where you are today and where you aspire to be. Those are my question and my follow up. Thanks.

Sort of access to those MGM players, and we are within the mix.

David Katz: Those are my question and my follow-up. Thanks. Sure. We are finding people better and better, Dave, that observation is absolutely right. We're being, frankly, we're being helped by the sophistication of our marketing ecosystem. you know, we are we're being able targeting and retargeting and using our first party data in how we spend money is proving to be very effective. So for example, to the extent that Connected TV, a logged in session by a user, which consumes media and content, allows us to target that individual through marketing in a much more refined manner. And actually, this is where the two parts of your question come together, because one of the opportunities for us is to enhance that MGM data with MGM data to a much greater degree.

Gary Fritz: Thanks.

Adam Greenblatt: Sure. We are finding people better and better. Dave, that observation is absolutely right. We're being, frankly, helped by the sophistication of our marketing ecosystem. You know, we're being able to target and retarget and using our first party data in how we spend money is proving to be very effective. So for example, to the extent that Connected TV, a logged-in session by a user which consumes media and content, allows us to target that individual through marketing in a much more refined manner. And actually this is where the two parts of your question come together because one of the opportunities for us is to enhance BetMGM data with MGM data to a much greater degree. Now the second part of your question asks, during 80/20, some kind of balance between now and future state and the scale of the opportunity.

Um you know can you talk about sort of the 8020 rule or the concentrations? You know where you are today and where you aspire to be? Those are my question of my follow-up. Thanks.

Sure. Um,

We are all finding people better and better. Dave, that observation is absolutely right. Frankly, we’re being helped by the sophistication of our marketing ecosystem.

You know, we are being able to target and retarget, and using our first-party data in how we spend money is proving to be very effective. So, for example, to the extent that...

Adam Greenblatt: Now, you know, the second part of your question asks, you know, do an 80-20 some kind of balance between now and future state and the scale of the opportunity? I'm not sure yet. What I know, what I know, because we haven't unlocked the full potential of of the MGM data. And that's, you know, part of the plumbing that's that's underway. And But what I do know is that how we use the data is incredibly refined. And so the extent to which we can enhance the data that we use to filter how we spend money We'll learn over the coming months.

Adam Greenblatt: I'm not sure yet what I know because we haven't unlocked the full potential of the MGM data, and that's part of the plumbing that's underway. But what I do know is that how we use the data is incredibly refined. And so the extent to which we can enhance the data that we use to filter how we spend money, we'll learn over the coming years, months. So, you know, to put a scale on it. I'm not yet in a position to do that, David, but certainly I think that there is tremendous value ahead given the sheer magnitude of the MGM Rewards program. Okay, that'll do. Thank you. Thank you.

I'm not sure yet what I know because we haven't unlocked the full potential of the MGM data, and that's part of the plumbing that's underway. But what I do know is that how we use the data is incredibly refined. And so the extent to which we can enhance the data that we use to filter how we spend money, we'll learn over the coming years, months. So, you know, to put a scale on it. I'm not yet in a position to do that, David, but certainly I think that there is tremendous value ahead given the sheer magnitude of the MGM Rewards program.

Uh, we connected TV, you know, a a logged in session, by a user, which consumes, uh, media and content, uh, allows us to Target that, uh, uh, individual through Marketing in a much more refined Manner. And actually, this is where the 2 parts of your question, uh, come together because 1 of the opportunities for us is to enhance bmgm data, uh, with uh, with MGM data to a much greater degree. Now where what, you know the second part of your question, asks, you know, do an 8020. Some kind of dis what balance between now and future State and, and the the scale of the opportunity.

Opportunity. I'm not sure yet.

What? I know what I know, because we haven't unlocked the full potential of, uh, of the MGM data. Um, and that's, you know, part of the plumbing; that's underway.

and,

But what I do know is that how we use the data is incredibly refined, and so the extent to which we can enhance our, um,

Uh, the data that we use to, uh, filter how we spend money.

Unknown Executive: So to put a scale on it, I'm not yet in a position to do that, David, but certainly I think that there is tremendous value ahead given the sheer magnitude. of the MGM Rewards Program. Okay, that'll do. Thank you.

We we'll we'll learn over the coming months so, you know, to, to, to put a a scale on it. I'm, I'm not yet in a position to do that, David, but certainly I think that there is tremendous value ahead given the, the, the sheer magnitude.

David Katz: Okay, that'll do. Thank you.

Of, uh, of the MGM Rewards program.

Adam Greenblatt: Thank you.

Okay, that'll do. Thank you.

Operator: Your next question comes from Monique Pollard with Citi. Please go ahead. Hello. Thank you for taking my questions. The first question was just to Gary's point, on the potential soon for BetMGM to be able to start returning cash to the parents and paying to MGM Resorts International. I just wanted to get a sense for potentially the level of EBITDA or whatever the metric might be, before you would need to be at, you think, to feel comfortable for that cash returns process to start potentially. And then the second follow up was just whether you could give us the split of the H1 contribution or the Q2 contribution between OSB and iGaming. Please understand that the OSB is positive. If you could give a number, that'd be great.

Operator: Your next question comes from Monique Pollard with Citi. Please go ahead.

Monique Pollard: Your next question comes from Monique Pollard with City. Please go ahead. Hello, and thank you for taking my questions.

Thank you.

Monique Pollard: Hello. Thank you for taking my questions. The first question was just to Gary's point, on the potential soon for BetMGM to be able to start returning cash to the parents and paying to MGM Resorts International. I just wanted to get a sense for potentially the level of EBITDA or whatever the metric might be, before you would need to be at, you think, to feel comfortable for that cash returns process to start potentially. And then the second follow up was just whether you could give us the split of the H1 contribution or the Q2 contribution between OSB and iGaming. Please understand that the OSB is positive. If you could give a number, that'd be great.

Your next question comes from Monique Pard with City. Please go ahead.

Gary: The first question was just To Gary's point on the potential soon for MGM to be able to start returning cash to the parents and paying an MGM Resorts International, I just wanted to get a sense for, you know, potentially the level of EBITDA or EBIT whatever the metric might be you would need to be at you think to feel comfortable for that cash returns process to start potentially. And then the second follow-up was just whether you could give us the split of the 1H contribution or the 2Q contribution between OSB and iGaming, please understand that OSB is positive.

Hello. Um, thank you for taking my questions. Um, the first question was just.

Um, to to Gary's point on the potential soon for that, MGM to be able to start returning cash to the parents and paying an MGM Resorts International. I just wanted to get a sense for, you know, potentially the, the level of ebit Dal or ebit, whatever the metric might be

Gary: If you could give a number, that'd be great.

Adam Greenblatt: Gary, you want to take those?

Gary: Gary, do you want to take those? Yeah. Cashwise, we You know, the guidance we gave gives us the cash that we could be in position to start sending money back. So we started the year with a good cash balance. You know, we're going to add, we're going to do $150 million at least of EBITDA, so we will have excess cash. So, you know, the question is how much goes back and when we'll be in the position to figure that out. But we, you know, with this guidance, we're in a position that we can, if we choose, or if the parents choose to receive back cash, that transfer can be made.

Gary Fritz: Yeah. The catch was, we, the guidance we gave gives us the cash that we could be in position to start sending money back. So we started the year with a good cash balance. You know, we're going to add, we're going to do $150 million at least of EBITDA, so we will have excess cash. So, you know, the question is how much goes back and when. We'll be in the position to figure that out. But we, you know, with this guidance, we're in position that we can, if we choose, or if the parents choose to receive back cash, that transfer can be made.

Gary Deutsch: Yeah. The catch was, we, the guidance we gave gives us the cash that we could be in position to start sending money back. So we started the year with a good cash balance. You know, we're going to add, we're going to do $150 million at least of EBITDA, so we will have excess cash. So, you know, the question is how much goes back and when. We'll be in the position to figure that out. But we, you know, with this guidance, we're in position that we can, if we choose, or if the parents choose to receive back cash, that transfer can be made.

You would need to be at a comfortable level for that cash returns process to start potentially. And then the second follow-up was just, um, whether you could give us the split of the 1H contribution or the 2022 contribution between OSB and iGaming. Please understand that the OSB is positive, so if you could give a number, that'd be great.

Gary, do you want to take those? Yeah? Uh, Cashwise. We, you know, the guidance we gave gives us the cash that we could be in a position to start sending money back. So, we started the year with a good cash balance.

Gary Fritz: You know, we're very happy that sports is now contribution positive, but I mean, it's still, you know, gaming is going to be, you know, two to three times the size of the contribution that we get from sports.

You know, we're very happy that sports is now contribution positive, but I mean, it's still, you know, gaming is going to be, you know, two to three times the size of the contribution that we get from sports.

Gary: You know, we're very happy that I that I'm sorry that sports is now contribution positive, but I mean, it's still, you know, gaming is going to be, you know, two to two to three times the size of the of the contribution that we get from sports. Excellent, thank you.

You know, we're going to add, we're going to do 150 million dollars at least of of evida. So we will have excess cash. So you know the question is how much goes back and when will it be in the position to figure that out? But we, you know, with this guidance we're in position that we can if we choose or if the if the parents choose to receive back cash, that transfer can be made um,

you know, we're very happy that I that I I'm sorry that Sports is now contribution positive but I mean that's still you know gaming is going to be you know 2 to 2 to 3 times the size of the uh

Of the contribution that we get from sports.

Operator: Excellent. Thank you. Your next question comes from Brandt Montour with Barclays. Please go ahead.

Monique Pollard: Excellent. Thank you.

Operator: Your next question comes from Brandt Montour with Barclays. Please go ahead.

Excellent, thank you.

Brandt Montour: Your next question comes from Brandt Montour with Barclays. Please go ahead. Good morning, everybody. Good afternoon. Just a quick one for me.

Adam Greenblatt: Good morning, everybody. Good afternoon. Just a quick one for me. Maybe, Adam, if you could just give us a State of the Union on the iGaming new legislation. Momentum in the States specifically. You know, obviously we didn't get anything across the finish line this year, but maybe going beneath the surface, if you were surprised, good or bad, anything you saw and if there's anything sort of, you know, green shoots or reasons to be more or less hopeful for future legislation. Yep. Thank you for the question. As I referenced in one of my earlier answers, we are incredibly motivated to see more iGaming states and frankly I'm personally encouraged that 2026 saw the. Sorry, excuse me, 2025 has seen the highest number of new bills introduced, frankly since then, since Michigan introduced iGaming.

Brandt Montour: Good morning, everybody. Good afternoon. Just a quick one for me. Maybe, Adam, if you could just give us a State of the Union on the iGaming new legislation. Momentum in the States specifically. You know, obviously we didn't get anything across the finish line this year, but maybe going beneath the surface, if you were surprised, good or bad, anything you saw and if there's anything sort of, you know, green shoots or reasons to be more or less hopeful for future legislation.

Brandt Montour: Maybe, Adam, if you could just give us a State of the Union on the iGaming new legislation momentum in the states. Specifically, you know, obviously we didn't get anything across the finish line this year, but maybe going beneath the surface, if you were surprised, good or bad, by anything you saw, and if there's anything sort of, you know, green shoots or reasons to be more or less hopeful for future legislation. Thank you for the question. As I referenced in one of my earlier answers, we are incredibly motivated to see more iGaming states. And frankly, I'm personally encouraged that 2026 saw the, sorry, excuse me, 2025 has seen the highest number of new builds introduced than frankly since Michigan introduced iGaming.

Adam Greenblatt: Yep. Thank you for the question. As I referenced in one of my earlier answers, we are incredibly motivated to see more iGaming states and frankly I'm personally encouraged that 2026 saw the. Sorry, excuse me, 2025 has seen the highest number of new bills introduced, frankly since then, since Michigan introduced iGaming.

Yep. Uh, thank you for the question, because as I referenced in one of my earlier answers, we are...

I'm incredibly motivated to see more from Gaming States. And frankly, I'm personally encouraged.

Adam Greenblatt: So the thing that we know for sure is that there is increased impetus. for new legislation. The on-the-ground reality is that every state has a complex set of considerations. And so that's the offset. My encouragement of new bills being introduced tells me, actually, that... More Eye Gaming States is a function of when and not if.

Adam Greenblatt: So the thing that we know for sure is that there is increased impetus for new legislation. The on-the-ground reality is that every state is a complex set of considerations. So that's the offset, you know, my encouragement of, you know, of new bills being introduced tells me actually that more iGaming states is a function of when and not if. And you know, without wanting to get too out of my lane, it's the reduced support for state coffers, reduced federal support for state coffers drives the need for additional and new revenues at a state level. And frankly, if I put the question about adjacent markets with this question together, you put them together, you've got a sweeps industry which was very developed, players were playing what are essentially iGaming products anyway. You have what are likely to be meaningful budget shortfalls.

So the thing that we know for sure is that there is increased impetus for new legislation. The on-the-ground reality is that every state is a complex set of considerations. So that's the offset, you know, my encouragement of, you know, of new bills being introduced tells me actually that more iGaming states is a function of when and not if. And you know, without wanting to get too out of my lane, it's the reduced support for state coffers, reduced federal support for state coffers drives the need for additional and new revenues at a state level. And frankly, if I put the question about adjacent markets with this question together, you put them together, you've got a sweeps industry which was very developed, players were playing what are essentially iGaming products anyway. You have what are likely to be meaningful budget shortfalls.

that 2026 saw the sorry. Excuse me, 2025 has seen the highest number of new build introduced than in than frankly since then uh since Michigan uh introduced I gaming.

So what I'm the thing that we know for sure is that there is increased impetus.

For new legislation.

The on the ground reality is that every state has a is is is a complex set of considerations

Um, and so that, that's the offset. You know, my encouragement of new bills being introduced tells me actually that...

Adam Greenblatt: And, you know, without wanting to get too, you know, out of my lane, it The reduced support for state coffers. that reduce federal support for state coffers, it drives the need for for additional and new New Revenues at a State Level, and frankly, if I put the question about adjacent markets with this question together, you can put them together. you've got a sweeps industry which was very developed. players were playing what are essentially iGaming products anyway. You have what are likely to be meaningful budget shortfalls. And so what we can, what we are, and The purported impact of the cannibalization concern, we have more and more data to demonstrate that the cannibalization concerns are overstated.

More. I gaming states is a function of when and not if, and you know, without wanting to get too, you know, out of my lane, it's.

The reduced support for states, uh, for state coffers.

That reduce federal support for for state coffers. It drives the need for, for additional and new.

And new revenues at a state level. And frankly, if I put the the, the the question about adjacent markets with this question together, you put them together

You've got.

A sweeps industry which was buried developed.

players were playing, what are

Essentially I gaming products anyway.

You have what is likely to be meaningful?

Adam Greenblatt: And so, what we are and the purported impact or the cannibalization concern. We have more and more data to demonstrate that the cannibalization concerns are overstated. So, you put all that together with more bills being introduced than ever before. I feel like it's only a matter of time before we see a meaningful increase in the number of our gaming states. That's it. Brilliant. Thank you very much.

And so, what we are and the purported impact or the cannibalization concern. We have more and more data to demonstrate that the cannibalization concerns are overstated. So, you put all that together with more bills being introduced than ever before. I feel like it's only a matter of time before we see a meaningful increase in the number of our gaming states. That's it.

Budget, shortfalls.

and so, what we can, what we are, and

Adam Greenblatt: So you put all that together with more bills being introduced than ever before. I feel like it's only a matter of time before we see a meaningful.

The, you know, purported impact of the cannibalization concern, we have more and more data to demonstrate that the cannibalization concerns are overstated.

Adam Greenblatt: in the number of our gaming states.

So you put all that together with more bills being introduced and never before I feel like it's only a matter of time before we see a meaningful increase.

Brandt Montour: Brilliant. Thank you very much.

In the number of like gaming states.

Unknown Executive: Brilliant. Thank you very much.

That's it.

Brilliant, thank you very much.

Operator: Your next question comes from Adrian de Saint Hilaire with Bank of America. Please go ahead.

Adrienne Desaint-Hillier: Your next question comes from Adrienne Desaint-Hillier with Bank of America. Please go ahead. Oh, thanks very much, Adam and Gary. Thanks for squeezing me into a couple of questions. I think you've disclosed to be continued...

[Analyst]: Thanks very much, Adam and Gary, thanks for squeezing me into a couple of questions. I think you've disclosed the capital expenditures for the business for the first time. Obviously that number seems to be a little volatile quarter by quarter. So can you just tell us what's the right way to do about the required capital intensity for business going forward either in absolute terms or as a percentage of sales or whatever metric you prefer.

Adrien de Saint Hilaire: Thanks very much, Adam and Gary, thanks for squeezing me into a couple of questions. I think you've disclosed the capital expenditures for the business for the first time. Obviously that number seems to be a little volatile quarter by quarter. So can you just tell us what's the right way to do about the required capital intensity for business going forward either in absolute terms or as a percentage of sales or whatever metric you prefer.

Your next question comes from Adrien de Saint Hillier with Bank of America. Please go ahead.

Sorry much, Adam and Gary. Thanks for squeezing me in. So, I have a couple of questions, I think.

Capital link spenders for the business.

That number seems to be a little volatile quarter by quarter. So can you just, uh, tell us what's the right way to think about the required capital intensity for the business going forward, either in absolute terms or as a percentage of sales?

Gary: Gary Younan Sorry, he's gone. I was going to say, just following up on something you said in your prepared remarks. Well, on the CAPEX, the numbers we have in there are sort of a representative number of what we would expect on the period. It can go up or down depending on projects, like state legalizations, we can have a data center bill that adds to that. We can have capital expense around the licenses to get into certain states. But overall, the equipment costs, you know, this is representative of a run rate that we're looking at. Look, as we move on in the future, there's different parts we can look at of how we're going to handle our equipment.

Gary Fritz: Gary.

Adam Greenblatt: Gary. Sorry, please go on.

Adam Greenblatt: Sorry, please go on.

Whatever metric you prefer. Um,

[Analyst]: No, I was going to say, just following up on something you said in your prepared remarks. Did you say that you feel that your net win margin was now at a sort of steady state, or maybe I misheard that and you referred to promo? I wasn't quite sure.

Adrien de Saint Hilaire: No, I was going to say, just following up on something you said in your prepared remarks. Did you say that you feel that your net win margin was now at a sort of steady state, or maybe I misheard that and you referred to promo? I wasn't quite sure.

Please go on.

So just following up on something. You said in your prepared remarks, did you say that you feel your net win margin is now at sort of a steady state, or maybe I misread that and you referred to promos? I wasn't quite sure.

Adam Greenblatt: Well, on the CapEx, the numbers we.

Gary Deutsch: Well, on the CapEx, the numbers we.

Gary Fritz: have in there a sort of representative number of what we would expect on the period. It can go up or down depending on projects like new state legalizations where we can have a data center build that adds to that. We can have capital expense around the licenses to get into certain states. But overall, the equipment costs, you know, this is representative of a run rate that we're looking at. Look, as we move on in the future, the different parts we can look at of how we're going to handle our equipment. There's stuff that may go into the cloud, we're going to look at that could change the dynamics there. But for now, the numbers you see there are a good representation of sort of a run rate.

have in there a sort of representative number of what we would expect on the period. It can go up or down depending on projects like new state legalizations where we can have a data center build that adds to that. We can have capital expense around the licenses to get into certain states. But overall, the equipment costs, you know, this is representative of a run rate that we're looking at. Look, as we move on in the future, the different parts we can look at of how we're going to handle our equipment. There's stuff that may go into the cloud, we're going to look at that could change the dynamics there. But for now, the numbers you see there are a good representation of sort of a run rate.

Gary: There's stuff that may go into the cloud we're going to look at that could change the dynamics there. But for now, the numbers you see there are a good representation of sort of a run rate.

Well, on the on the capex, the the numbers we have in there are sort of a representative number of what we would expect on the period. It can go up or down, depending on projects like a new state legalization, where we can have a data center build. It adds to that, we can have Capital expense around the licenses to get into certain States. But overall the equipment costs, you know, this is this is representative of of a run rate that we're looking at. Look as we move on in the future of this different parts. We can look at of how we're going to handle our, our equipment through stuff that may go into the cloud. We're going to look at that. Could change to.

Dynamics there. But for now, these are the numbers. You see, they are a good representation of sort of a run rate.

Gary: And then to your second part, which was about net win margin. Look, the improvement we've made, we've described the year-on-year changes to net win margin. The two biggest drivers of that net win margin, of course, are the headline margin, your gross win margin, and then our promotional environment. On the gross win margin, we are not guiding to a meaningful change in the short term. While I personally believe there is some upside in this, you know, the investment we're making with Entain in trading platform and trading tools is focused on exactly that question. You know, until we see the impact The impact in underlying pricing and the impact on our gross win margin, I don't want to guide on that in any way, but there's a lot of work being done to improve the underlying win rate with the same bet mix.

Adam Greenblatt: And then to your second part which was about net win margin. Look, the improvement we've made; we've described the year-on-year changes to net win margin. The two biggest drivers of that net win margin, of course, are the headline margin, your gross win margin, and then the promotional environment on the gross win margin. We are not guiding to a meaningful change in the short term. While I personally believe there is, there is some upside, and the investment we're making with Entain in trading platform and trading tools is focused on exactly that question. Until we see the impact in underlying pricing and the impact on our gross win margin, I don't want to guide on that in any way. But there's a lot of work being done to improve the underlying win rate with the same bet mix.

Um, and then to your second part, which was about net win margin.

Look, the improvement we've made. We've described the year-on-year changes to net win margin. The two biggest drivers of that net win margin, of course, are the headline margin, your gross win margin, and then our promotional environment.

Um, on the growth win margin, um, we are not guiding to a meaningful change in the short term.

Uh, while I personally believe there is some upside, and this, you know, the investment we're making within $10 in trading platform and trading tools is focused on exactly that question.

You know, until we see uh, the impacts.

On our grocery in margin, I don't want to to to guide on that uh in in any way, but there's a lot of work being done to to improve the underlying win rate.

Gary: So, GGO margin is about where we should expect it from the promotional environment. You've seen some operators in the sector are promoting extremely heavily, we would argue uneconomically, and that's just a function of where we and they are at this point in What I will say is that our promotional strategy and the promotional environment generally is stable. Of course, the promotional environment is impacted by the profile of new state launches. So it's, you know, early stages of new states will drive up promotional intensity. It's actually what we're anticipating when we launch in Missouri at the end of the year.

With the same bed, mix.

Adam Greenblatt: So GGR margin is about where we should expect it from the promotional environment you've seen. Some operators in the sector are promoting extremely heavily, we would argue uneconomically, and that's just a function of where we and they are at this point in time. What I will say is that our promotional strategy and the promotional environment generally is stable. Of course, the promotional environment is impacted by the profile of new state launches. So it's early stages of new states will drive up promotional intensity, and actually what we're anticipating when we launch in Missouri at the end of the year. So those are the factors. But I think core to your question is stable-ish promotional environment ignoring new states launch profile, and then on an underlying basis our GGR margin we're not guiding to upgrades. So pretty stable.

So GGR margin is about where we should expect it from the promotional environment you've seen. Some operators in the sector are promoting extremely heavily, we would argue uneconomically, and that's just a function of where we and they are at this point in time. What I will say is that our promotional strategy and the promotional environment generally is stable. Of course, the promotional environment is impacted by the profile of new state launches. So it's early stages of new states will drive up promotional intensity, and actually what we're anticipating when we launch in Missouri at the end of the year. So those are the factors. But I think core to your question is stable-ish promotional environment ignoring new states launch profile, and then on an underlying basis our GGR margin we're not guiding to upgrades. So pretty stable.

um,

So GGR margin is about where we should expect it, from the promotional environment.

Uh, you've seen some of uh, some operators in in the sector are promoting extremely heavily. We would argue uneconomic and that's just a function of where

Where where we and they are at this point in time.

Gary: So those are the factors, but I think core to your question is a stable-ish promotional environment, ignoring a new state's launch profile. And then on an underlying basis, our GGR margin, we're not guiding to upgrades. So pretty stable.

Um, what I will say is that our promotional uh strategy and the promotional environment generally is is stable, of course, the promotional environment is impacted by the profile of new state launches. So it's you know early stages of of new states will will, um, drive up promotional intensity. And it's actually what what we're anticipating when we launched in Missouri at the end of the year.

Gary Fritz: I think a point we might have made last time. There's more than one way to skin a cat. We have higher staking players that like what they like, and we make our growth typically compared to our competitors with more volume of betting and more staking in terms of handle, and then a lower margin than some of the recreational margins you'll see.

Gary Deutsch: I think a point we might have made last time. There's more than one way to skin a cat. We have higher staking players that like what they like, and we make our growth typically compared to our competitors with more volume of betting and more staking in terms of handle, and then a lower margin than some of the recreational margins you'll see.

Gary: I think a point we might have made last time, there's more than one way to skin a cat. We have higher staking players that like what they like, and we make our growth typically compared to our competitors with more volume of betting and more staking in terms of handle and then a lower margin than some of the recreational margins you'll see. very clear. I appreciate it. Thank you.

So, those are the factors. But the, you know, I think Court. Your question is stable, stable is uh, promotional environment, you know, ignoring uh, new States launched profile, uh, and then on an underlying basis, our ggr margin. We're not guiding to upgrades, so, so pretty stable. I think the point we might have made last time, there's more than 1 way to skin a cat. We, uh, we have higher taking players that like what they like and we make our growth, uh, typically compared to our competitors, but more volume of betting, uh, and more staking in terms of handle, and then

A lower margin than some of the recreational margins you'll see.

[Analyst]: Very clear. I appreciate it.

Adrien de Saint Hilaire: Very clear. I appreciate it.

Adam Greenblatt: Thank you.

Very clear. I appreciate it.

Operator: Your next question comes from Shaun Kelley with Bank of America. Please go ahead.

Shaun Kelley: If your next question comes from Shaun Kelley with Bank of America, please go ahead. Hey, great. Good morning.

Thank you.

Your next question comes from Sean Kelly with Bank of America. Please go ahead.

Shaun Kelley: Hey, great. Good morning. Thanks, everyone, for taking my questions. Adam or Gary, maybe just if we wanted to turn the page and think about some of the items for 2026. I just kind of wanted to unpack your comment, Adam, in the prepared remarks about not expecting further reductions in marketing spend. I think we marry that with some of the promotional outlook you just kind of mentioned in the answer to Adrian's question a second ago. Can you just help us think about should you know where maybe within that flow through range the 40% to 50% we should be. We also have to think about tax headwinds for New Jersey and the Alberta launch. I think you're above average strength in Canada. So maybe you can help us marry all those pieces together and think about flow throughs for next year.

Shaun Kelley: Thanks, everyone, for taking my questions. Adam or Gary, maybe just if we wanted to turn the page and think about some of the items for 2026, I just kind of wanted to unpack your comment, Adam, in the prepared remarks about not expecting further reductions in marketing spend. And I think we marry that with some of the promotional outlook you just kind of mentioned in the answer to Adrian's question a second ago. Can you just help us think about where maybe within that flow-through range, the 40 to 50% we should be? We also have to think about tax headwinds for New Jersey and the Alberta launch.

Gary: I think you're above average strength in Canada. So maybe you can help us marry all those pieces together and think about flow-throughs for next year, kind of based on the baseline and all the comments you've aggregated so far. Yep, yep. Well, thank you for that.

Shaun Kelley: Kind of based on the baseline and all the comments you've aggregated so far.

Kind of based on the baseline and all the comments you've aggregated so far.

Adam Greenblatt: Yep. Yep. Well, thank you for that. Now let's focus on the future, which is what we're excited about too. Shaun. So anyway, in terms of flow through rate, Gary, do you want to handle that? Yeah.

Gary: Now let's focus on the future, which is what we're excited about, too, Sean. So anyway, in terms of flow-through rate, Gary, do you want to handle that? Yeah, so we talked about 40 to 50% being sort of normalized. We talked about how 66%, I think is what we had first half, being abnormal. I think when you look at the full-year impact of tax with the fact that we're launching with Alberta, we should expect a lower-than-normal flow-through rate for 2026, and then we would come back and sort of normalize to that 40 to 50% after next year.

Hey great uh good morning. Thanks everyone for taking my questions. Um, Adam Gary, maybe just if we wanted to turn the page and think about some of the items for 2026, uh, I just kind of wanted to to unpack your comment Adam in the prepared remarks about not expecting further. Reductions in marketing spend, I think we marry that with some of the promotional Outlook you just kind of mentioned in the answer to Adrian's question a second ago. Um, can you just help us? Think about, should you know, where, maybe within that flow through range, the 40 to 50%? We should be. We also have to think about tax headwinds for New Jersey and the Alberta launched, I think you're above average strength in Canada, so maybe you can help us marry all those pieces together and think about flow throughs for for next year uh kind of based on the Baseline and all the the comments you've aggregated so far. Yep. Yep. Yep. It's

Gary Deutsch: Yeah. So we talked about 40% to 50%.Being sort of normalized.

Gary Fritz: So we talked about 40% to 50%.

Gary Fritz: Being sort of normalized.

Gary Fritz: We talked about how 66%, I think, is what we had first half being abnormal. I think when you look at the full year impact of tax with the fact that we're launching with Alberta, we should expect a lower than normal flow through rate for 2026, and then we would come back and sort of normalize to that 40 to 50% after next year. Next year puts with what I said were the two things that could vary things. One is the impact of the tax increase, and two, the launch of Alberta.

We talked about how 66%, I think, is what we had first half being abnormal. I think when you look at the full year impact of tax with the fact that we're launching with Alberta, we should expect a lower than normal flow through rate for 2026, and then we would come back and sort of normalize to that 40 to 50% after next year. Next year puts with what I said were the two things that could vary things. One is the impact of the tax increase, and two, the launch of Alberta.

Uh, well, thank you for that. Now, let's focus on the future, which is what we're excited about too soon. So anyway, in terms of flow-through rate, Gary, do you want to handle that? Yeah, so we talked about 40% to 50% being sort of normalized. We talked about how 66% I think is what we had for the first half being abnormal. I think when you look at the full year...

Gary: So next year fits with what I said were the two things that can vary things. One is the impact of the tax increase, and two, the launch of Alberta. Super helpful.

Shaun Kelley: Super helpful. And then, as my follow-up, Adam, just to kind of build off your high-level comment on prediction markets, if we take a step back here, it looks like there's a bit of a land grab going on, on maybe the technology side of what's happening there. I'm curious for your views on that and sort of maybe either your thoughts on moat in that business or your thoughts on sort of ability or desire to be a first mover, especially when it comes to licensing in that business. If again there's sort of limited real estate available to get access to that and maybe a time delay if you choose a different path.

Impact of tax with the fact that we're launching with Alberta, we should expect a lower than normal flow through rate for 26 and then we would come back and sort of normalize to that 40 to 50% after next year. So, you know, next year, what's with, what is where, the 2 things that can vary things. 1 is the the impact of the tax increase and 2 the launch of of Alberta

Adam Greenblatt: And then as my follow-up, Adam, you know, just to kind of build off your high-level comment on prediction markets, you know, if we take a step back here, it looks like there's a bit of a land grab going on, on maybe the technology side of what's happening there. You know, I'm curious for your views on that and sort of maybe either your thoughts on moats in that business or your thoughts on sort of, you know, ability or desire to be a first mover, especially when it comes to licensing, you know, in that business, if, again, there's sort of limited real estate available to get access to that and maybe a time delay if you choose a different path.

Operator: Thanks.

Adam Greenblatt: Thanks. uh But let me be clear, we have the ability, we do not, we do not have the desire. to be a First Mover. Our state regulators have been very clear. Our tribal partners have been very clear. 34 state attorneys general have been very clear. They do not believe prediction markets should serve, should offer sports contracts. because that is sports betting. They would argue that that is sports betting. What I will also say is that the predictions market and these types of markets generally are very much liquidity driven. Right. So there are so you know, your point about, you know, does does first mover have an advantage?

Gary Fritz: Yep.

Adam Greenblatt: Yep.

Super helpful. And then as my follow-up Adam, you know, just to kind of build off your, your high level comment on prediction markets, you know, if we take a step back here, it looks like, um, you know, there's a bit of a land, grab going on on maybe the technology side of what's happening there. Uh, you know, I'm curious for your views on that and sort of maybe either your thoughts on moat in that business or your thoughts on sort of you know ability or desire to be a first mover especially when it comes to to licensing uh you know in that business. If again you know, there's sort of limited real estate available to get access to that and maybe a time delay. Uh if you choose a different path. Thanks.

Yep.

uh,

Adam Greenblatt: Let me be clear. That we have the ability, we do not have the desire to be a first mover. Our state regulators have been very clear. Our tribal partners have been very clear, 34 state attorneys general have been very clear. They do not believe prediction markets should offer sports contracts because that is sports betting. They would argue that that is sports betting. What I will also say is that the prediction markets and these types of markets generally are very much liquidity driven. Right. So there are, you know, your point about, you know, does first mover have an advantage? I think the advantage is conferred by liquidity, not who gets there first.

Let me be clear. That we have the ability, we do not have the desire to be a first mover. Our state regulators have been very clear. Our tribal partners have been very clear, 34 state attorneys general have been very clear. They do not believe prediction markets should offer sports contracts because that is sports betting. They would argue that that is sports betting. What I will also say is that the prediction markets and these types of markets generally are very much liquidity driven. Right. So there are, you know, your point about, you know, does first mover have an advantage? I think the advantage is conferred by liquidity, not who gets there first.

So, let me be clear.

We have the ability. We do not, we do not have the desire.

To be a first mover.

Our state regulators have been very clear.

Our, uh, our tribal partners have been very clear.

34 State Attorneys General.

Have been very clear.

They do not believe prediction markets should serve, uh, should offer sports contracts.

Because that is sports betting.

Um, you know, they would argue that that is sports betting.

um,

What I will also say is that the predictions market and these types of markets generally are very much liquidity-driven.

Adam Greenblatt: I think the advantage is conferred by liquidity, not not who gets there first. And so you the new entrance to the markets, the new entrance, the return to the US. with their You know, planned ownership of technology and, you know, understood scale would be formidable. and the likes of the Robin Hoods and the cryptos and the Coinbase. whose ability to invest and grow a liquidity pool. far out exceeds, I think. Sports Betting Market Incumbent to the point where I feel like it's the prediction markets operators. who are more likely to have an outsized market share than those trying to get into the market new.

Adam Greenblatt: And so you, the new entrants to the markets, the new entrants, the returners to the US with their planned ownership of technology and, and you know, understood skills scale would be formidable and you know, the likes of, and the likes of the Robinhoods and the cryptos and the Coinbases whose ability to invest and grow a liquidity pool far exceeds, I think, sports betting market incumbents to the point where I feel like it's the prediction markets operators who are more likely to have an outsized market share than those trying to get into the market new. And so I don't think we have a, you know, BetMGM has a right to win in trying to, trying to become a leader in what is a very different market from a regulatory perspective, very different from a technical perspective, from a risk management perspective, just very different.

And so you, the new entrants to the markets, the new entrants, the returners to the US with their planned ownership of technology and, and you know, understood skills scale would be formidable and you know, the likes of, and the likes of the Robinhoods and the cryptos and the Coinbases whose ability to invest and grow a liquidity pool far exceeds, I think, sports betting market incumbents to the point where I feel like it's the prediction markets operators who are more likely to have an outsized market share than those trying to get into the market new. And so I don't think we have a, you know, BetMGM has a right to win in trying to, trying to become a leader in what is a very different market from a regulatory perspective, very different from a technical perspective, from a risk management perspective, just very different.

It's like, you know, your point about, you know, does first move have an advantage. I think the advantage is conferred by liquidity, not who gets there first. And so you, the new entrant to the markets, the new entrant, the returner to the U.S.

with their

Uh, you know, planned ownership of technology and and, you know, understood scale would be formidable.

And you know, the likes of and you know the the likes of the, the robin hoods, and the cryptos, and the coinbase's.

Whose ability to invest and grow a liquidity pool?

Far out exceeds. I think, uh,

Sports, betting Market incumbents.

Um, to the point where I I feel like it's the it's the uh prediction markets operators.

Adam Greenblatt: And so I don't think we have a, you know, that MGM has a right to win in trying to become a leader in what is a very different market. You know, from a regulatory perspective, very different. From a technical perspective, from a risk management perspective, just very different. And so we are, as I said, I know an SDM license, you know, to become a partner to a platform is a 12 month process. All right, so we won't be surprised by, frankly, we won't be surprised by anything. in this domain. And as I said before, we are following it very, very closely.

Who are more likely to have an outsized market share than those trying to get into the market news.

And so I don't think we have a, you know, better MGM has a right to win in oat, trying to trying to become uh a, a leader in what is a very different Market.

Adam Greenblatt: So we are, as I said, now a skin license to become a partner to a platform is a.

So we are, as I said, now a skin license to become a partner to a platform is a 12-month process. Right. So we won't be surprised by, frankly, we won't be surprised by anything in this domain. As I said before, we are following it very, very closely. We are not underestimating the possibility that this becomes a meaningful factor in our sector. We are not going to be a first mover in this.

you know, from a regular people perspective, very different from a technical perspective from a risk management perspective, just very different

Adam Greenblatt: 12-month process.

And so we are, as I said, you know, I I know an SDM license, you know, to, to become a, a partner to a platform, is a 12-month.

Adam Greenblatt: Right. So we won't be surprised by, frankly, we won't be surprised by anything in this domain. As I said before, we are following it very, very closely. We are not underestimating the possibility that this becomes a meaningful factor in our sector. We are not going to be a first mover in this.

Process.

Right? So so we won't be surprised by

frankly, we won't be surprised by anything.

Adam Greenblatt: We are not underestimating the possibility. that this becomes a meaningful factor in our in our sector. We are not going to be a first mover in this domain.

In in this domain. And as I said before, we are following it very, very closely. We are not underestimating, um, the possibility.

That this becomes a, a a meaningful factor in our, in our sector. But

We are not going to be a first mover in this domain.

Unknown Executive: Thank you very much.

Shaun Kelley: Thank you very much.

Thank you very much.

Sure.

Adam Greenblatt: That concludes our question and answer session and I will now turn the call back over to Adam Greenblatt for closing remarks. Just a short one from me. Thank you for dialing in, be it the West Coast of the U.S. or further afield to our European colleagues. I hope you share our enthusiasm and excitement for where we are at BELL MGM and our outlook, and just looking forward to a very successful football season.

Operator: That concludes our question and answer session, and I will now turn the call back over to Adam Greenblatt for closing remarks.

Adam Greenblatt: Just a short one from me. Thank you for dialing in, be it the west coast of the US or further afield. To our European colleagues, I hope you share our enthusiasm and excitement for where we are at BetMGM and our outlook, and just looking forward to a very successful football season. Thanks very much and hope to see some of you in the coming months.

That concludes our question and answer session, and I will now turn the call back over to Adam greenblat for closing remarks.

Adam Greenblatt: Thanks very much, and hope to see some of you in the coming months.

Operator: Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect. Please wait. The conference will begin shortly.

Operator: Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

Tiffany: Ladies and gentlemen, this concludes today's call. Thank you all for joining.

Just a short 1 for me. Thank you for dialing in be it the west coast of the US or further a field in to to our European colleagues. I hope you share our enthusiasm and excitement for where we are at bmgm and and and our Outlook and just looking forward to a very successful football season. Thanks very much and hope to see you some of you in the coming months.

Unknown Executive: You may now disconnect.

Ladies and gentlemen, this concludes today's call thank you all for joining. You may now disconnect

Unknown Executive: Please wait, the conference will begin shortly.

Please wait the conference will begin shortly.

Gary Fritz: Sa.

Adam Greenblatt: Sam.

Gary Fritz: It.

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