Gold prices steady ahead of Fed decision, Trump’s tariff deadline
NEW YORK - BetMGM LLC, a prominent sports betting and iGaming operator in North America, has reported a significant revenue increase in the first quarter (Q1) of 2025. The company, jointly owned by Entain plc (LSE:ENT) and MGM Resorts International (NYSE:MGM), announced a 34% year-over-year (YoY) growth in net revenue, attributing the performance to its robust iGaming platform and enhanced sports betting products.
The first quarter saw BetMGM’s net revenue reach $657 million, up from $489 million in the same period last year. The iGaming segment contributed a 27% increase, generating $443 million, while online sports revenue saw an even larger jump of 68%, amounting to $194 million. The company also experienced a 29% YoY rise in betting handle, with a total of $4,088 million wagered.
BetMGM’s Chief Executive Officer, Adam Greenblatt, expressed confidence in the company’s trajectory, citing the continuation of momentum from the latter half of 2024 and a strategic approach that has led to growth surpassing market rates. Despite encountering unfavorable sports outcomes during key events in the quarter, Greenblatt remains optimistic about achieving a positive EBITDA for the full year, supported by strong underlying activity trends.
The first quarter EBITDA stood at $22 million, marking a significant improvement from the $132 million loss recorded in the previous year. This positive EBITDA was partly due to one-time accounting items balanced against customer-friendly sports results. BetMGM also highlighted a positive contribution from both iGaming, which contributed $133 million, and online sports.
In terms of user engagement, the average monthly active users increased by 6% YoY to 1,067 thousand. The company credits its market-leading iGaming offering and focused marketing investment for the growth in active users, particularly in the iGaming segment, which saw a 43% increase in average monthly actives.
Looking ahead, BetMGM reaffirmed its full-year 2025 guidance, expecting to achieve an EBITDA-positive result and maintain net revenue projections between $2.4 billion and $2.5 billion. The company also reiterated its confidence in reaching a $500 million EBITDA in the coming years.
The financial update was based on a press release statement from BetMGM. The company held a conference call and Q&A session today to discuss the first-quarter results, providing an opportunity for analysts and investors to delve deeper into the company’s performance and outlook.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.