Online sports betting led the charge for BetMGM in Q1 as total revenue rose 34 per cent year-on-year to US$657m.
The Entain and MGM Resorts joint venture operator’s sports betting net revenue climbed 68 per cent from $116m in Q1 2024 to $194m in Q1 2025, and handle was up 29 per cent to $4.09bn.
However, BetMGM’s retail sports betting revenues were down 22 per cent from $26m to $20m.
In igaming, net revenue rose 27 per cent from $348m to $443m.
Adjusted EBITDA was $22m, rising by $154m from Q1 2024’s loss of $132m.
Adam Greenblatt, chief executive officer of BetMGM, 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 unfavourable 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."
Average monthly actives were up six per cent and BetMGM’s market shares in Q1 were 22 per cent in igaming and eight per cent in online sports betting.
