BetMGM Nets $657M in Q1 2025 with 34% Revenue Surge
BetMGM kicked off 2025 with a total net revenue of $657 million in Q1, up 34% year-over-year. “2025 is off to an encouraging start for BetMGM as we execute our revised strategic plan,” said CEO Adam Greenblatt.
A Solid Start to 2025
“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,” said Greenblatt.
This growth marks BetMGM’s first-ever profitable quarter with a $22 million EBITDA, a $154 million swing from last year’s $132 million loss.
iGaming revenue hit $443 million, up 27%, while online sports betting soared 68% to $194 million, fueled by a $4.09 billion handle.
However, retail sports betting dipped 22% to $20 million. The betting market sees BetMGM holding a 22% iGaming market share and 8% in sports. The company notes a 6% rise in monthly active users to 1.07 million.
Player Engagement on the Rise
BetMGM’s iGaming user base grew 43%, with active player days up 39%, thanks to exclusive content. Online sports bets per user jumped 28%, and handle per user rose 37%.
A sharper focus on premium players and refined promotions boosted cross-sell, with 13% more sports bettors trying iGaming. Net gaming revenue margin improved by 110 basis points.
Despite the $22 million EBITDA, customer-friendly sports results offset one-time accounting items. This nuance suggests core operations face volatility, but BetMGM’s 29% handle growth signals strong demand.
Eyes on Full-Year Profit
BetMGM reaffirmed its 2025 net revenue guidance of $2.4 billion to $2.5 billion, expecting positive EBITDA all year. Greenblatt’s team projects online sports to contribute positively by year-end, eyeing a $500 million EBITDA goal in coming years.
“As we approach May, we remain confident in achieving full year positive EBITDA in 2025,” Greenblatt added. A $150 million undrawn credit facility ensures no parent funding is needed.
The retail segment’s 22% drop hints at challenges, but iGaming’s $133 million contribution overshadows it. BetMGM’s data, unaudited and non-GAAP, carries risks of adjustments. Still, Q1’s 34% revenue leap and 1.07 million active users, up 6%, bolster confidence.
Recommended