BetMGM Q1 revenue rises 34% to $657m
The operator has reported year-on-year growth across both online sports and iGaming.
Key points:
– Operator BetMGM has reported a $657m revenue for Q1 2025
– This figure represents growth of 34% year-on-year, primarily driven by rising online revenues
– EBITDA also rose by $153m, with the organisation’s retail sector revenue declining by 22%
Operator BetMGM has released its Q1 2025 financial results, highlighting an overall revenue figure of $657m for the three-month period – with growth reported across online sports and iGaming.
During the year’s initial quarterly period, the operator’s handle also grew by 29% in comparison to results from the year prior, settling at a total of $4.08bn. Elsewhere, EBITDA rose to a positive figure of $22m from a reported loss of $132m during the first quarter of 2024.
Q1 2025 Financial results
Indeed, the MGM Resorts and Entain joint venture saw yearly upswings in both its online gaming and online sports betting sectors – with iGaming revenue jumping 27% year-on-year to $443m and online sports reaching $194m, up 68% in comparison to results from the year prior. Despite these notable upswings, the operator’s retail sector reported a downturn in revenue of 22% year-on-year, generating $20m during Q1 2025.
Alongside the $154m increase in EBITDA compared to last year’s Q1 – BetMGM’s NGR margin also experienced a rise of +110bps year-on-year. Drawing an enhanced focus on EBITDA, however, the operator has specified that this recent improved figure was primarily driven by a significant iGaming contribution of $133m, alongside additional contributions from the company’s online sports segment.
Also as part of these latest results, BetMGM has highlighted the continued stabalisation of its GGR market share in both iGaming (22%) and online sports (8%), with the company reiterating its FY 2025 financial guidance and stating enhanced confidence relating to the potential of exceeding its expected revenues this year.
Good to know: BetMGM reported a FY 2024 revenue of $2.1bn, with its expected FY 2025 revenue set to rise to $2.4bn-$2.5bn
Quarterly highlights
It was a busy start to the year for BetMGM, who introduced EveryMatrix to the West Virginian market via a live content partnership in January. Also, in the US market in March, the operator expanded its responsible gambling initiatives as part of an initiative by MGM Resorts as part of Problem Gambling Awareness Month.
Also last month, the company debuted its first-ever online casino commercial starring actor and musician Jamie Foxx.
CEO’s comments
Speaking on these latest results, BetMGM CEO, Adam Greenblatt, said: “2025 is off to an encouraging start for BetMGM as we execute our revised strategic plan. The momentum we built in the second half of 2024 continued into the first quarter as we implement our powerful iGaming strategy, enabling us to grow faster than the market and at scale.
“In Online Sports, we are elevating our brand and delivering improved performance, even in the face of unfavorable sports outcomes during key moments in the quarter. As we approach May, we remain confident in achieving full year positive EBITDA in 2025, supported by solid underlying activity trends and our successful delivery of positive EBITDA in the first quarter.”
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