BetMGM has delivered strong first-quarter financial results for 2025, achieving profitability as online sports betting and iGaming revenues soared.
The joint venture, owned by Entain and MGM Resorts, announced net revenue growth of 34%, hitting $657 million, boosted primarily by its online sports and casino segments.
The operator reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $22 million which is a pretty fantastic turnaround compared to a $132 million loss during the same period last year.
Online casino revenue rose by 27%, reaching $443 million, thanks to expanded product offerings and exclusive content attracting higher player engagement.
Additionally, online sports revenue climbed an impressive 68% to $194 million, and total wagers placed grew 29% year-over-year, totaling $4.09 billion.
CEO Adam Greenblatt praised the quarter as a promising start, stating, “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.”
Greenblatt also touched on BetMGM’s resilience, since there has been challenging outcomes in popular sporting events, so refined player segmentation and promotional strategies made the difference.
He expressed confidence that the operator is on track to achieve positive full-year EBITDA as previously projected.
BetMGM has experienced steady growth in user numbers, with average monthly active users, increasing by 6% to approximately 1.07 million.
The company credited this rise to its exceptional iGaming content and the aforementioned improvements in player retention and engagement.
What’s more, BetMGM also saw substantial growth in cross-platform engagement, as more sports bettors explored the iGaming offerings, reflecting a stronger overall product.
The positive financial performance further cements BetMGM’s leading position, holding an impressive 22% market share in iGaming and an 8% share in online sports betting markets where it operates.
Looking forward, BetMGM has suggested that its full-year revenue will look to sit between $2.4 billion and $2.5 billion, and remains optimistic about achieving positive EBITDA for 2025.
The company also restated its long-term goal of reaching $500 million EBITDA within the coming years, which hopefully has led to increased investor confidence in its sustainable growth path.
Following the announcement, Entain’s shares rose significantly, closing 7.7% higher on Monday in London trading.
