BetMGM shared its business update for the first quarter of 2025. The focus is clearly on the strong BetMGM 1Q 2025 results. The company reported significant year-over-year growth and confirmed its full-year outlook.

  • BetMGM’s net revenue reached $657 million, up 34% compared to Q1 2024, highlighting robust expansion in both iGaming and Online Sports.

  • IGaming revenue alone climbed 27% year-over-year while online sports revenue surged by 68%. The BetMGM 1Q 2025 results also included a 29% increase in overall betting handle.

  • BetMGM’s iGaming market share stabilized at 22% while online sports stood at 8% across active markets. The company’s player engagement also rose, with Average Monthly Actives growing by 6%. BetMGM’s revolving credit facility of $150 million remains undrawn, providing financial flexibility.

  • Positive EBITDA of $22 million was recorded, a major turnaround from a $132 million loss in Q1 2024. iGaming contributed $133 million to the EBITDA figure, offsetting minor negative factors from Online Sports. CEO Adam Greenblatt stated, “2025 is off to an encouraging start for BetMGM as we execute our revised strategic plan.”

  • Operational highlights show strong momentum with a 43% year-over-year rise in iGaming monthly actives. Active Player Days increased 39% year-over-year thanks to exclusive content and improved engagement. Cross-sell rates improved as well, with a 13 percentage point rise in Online Sports players participating in iGaming.

  • In online sports, the parlay bet mix grew by 4.8 percentage points, and Bets per Active rose by 28% year-over-year. Handle per Active also climbed by 37%, supported by better player segmentation and promotional strategies. Active Player Days for Online Sports were up 20% year-over-year.

  • For the full year, BetMGM maintains its guidance of $2.4 billion to $2.5 billion in net revenue and positive EBITDA. The company reiterated its long-term goal to achieve $500 million in EBITDA. Management remains confident but cautious as it is still early in the year.

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