BetMGM Reports Strong Q1 2025 Results with 34% Revenue Growth to $657 Million
BetMGM has kicked off 2025 with impressive momentum, reporting significant growth across its online sports betting and iGaming sectors. The operator announced $657 million in revenue for the first quarter, marking a 34% year-on-year increase, primarily fueled by the expansion of its online operations.
BetMGM's Q1 2025 Financial Performance
The joint venture between MGM Resorts and Entain has shown robust results for the opening quarter of 2025. Key financial highlights include:
Revenue: $657 million, up 34% year-on-year
EBITDA: Positive $22 million, a major turnaround from a $132 million loss in Q1 2024
Handle: $4.08 billion, a 29% year-on-year increase
iGaming Revenue: $443 million, up 27%
Online Sports Betting Revenue: $194 million, up 68%
Despite strong gains online, BetMGM’s retail revenue declined by 22%, generating $20 million in Q1 2025. Nevertheless, overall profitability improved significantly, thanks to a $154 million rise in EBITDA compared to the previous year.
Additionally, BetMGM’s Net Gaming Revenue (NGR) margin rose by +110 basis points (bps) year-on-year, further cementing the company's financial strength.
Market Share and Strategic Initiatives
BetMGM maintained a stable market share during the quarter:
iGaming Market Share: 22%
Online Sports Market Share: 8%
The company has reaffirmed its FY 2025 financial guidance, maintaining its revenue forecast of $2.4 billion to $2.5 billion, building on its FY 2024 total revenue of $2.1 billion. With such solid Q1 results, BetMGM has expressed enhanced confidence in surpassing its expected targets for the year.
In addition to financial successes, BetMGM has been proactive on strategic fronts:
Partnerships: In January 2025, BetMGM introduced EveryMatrix’s content to the West Virginia market, enriching its gaming portfolio.
Responsible Gambling: In March 2025, BetMGM expanded its responsible gambling initiatives, aligning with MGM Resorts' wider program during Problem Gambling Awareness Month.
Marketing: The company launched its first-ever online casino commercial featuring actor and musician Jamie Foxx, strengthening brand recognition and engagement.
CEO Adam Greenblatt’s Comments
Commenting on the Q1 2025 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."
Looking Ahead
With a strong Q1 performance and strategic initiatives taking shape, BetMGM is positioned for a dynamic year ahead. The company's focus on scaling its online gaming operations, expanding responsible gambling programs, and enhancing brand visibility sets a strong foundation for sustained growth throughout 2025.
As competition intensifies across the online sports betting and iGaming markets, BetMGM’s continued innovation and financial resilience will be key drivers in its quest to lead the industry.