BetMGM revenue grows 34% in Q1
BetMGM has reported revenue of $657m for the first quarter of the year.
US.- BetMGM, the US joint venture owned by MGM Resorts International and Entain, has reported financial results for the quarter ended March 31. Revenue reached $657m, up 34 per cent compared to the same period last year, supported by strong growth in igaming and online sports betting.
EBITDA rose to a positive figure of $22m from a reported loss of $132m during the first quarter of 2024. The handle grew by 29 per cent to $4.08bn.
Igaming revenue increased 27 per cent year-on-year to $443m, while online sports reached $194m, up 68 per cent. The retail sector generated $20m, a decrease of 22 per cent year-on-year.
Adam Greenblatt, BetMGM CEO, 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.”
