Operator BetMGM released its financial results for the first quarter of 2025, highlighting a total revenue of $657 million during the three-month period, with growth in both online sports and iGaming.
In the first quarter of this year, the operator's turnover increased by 29% compared to the same period last year, reaching $4.08 billion. Additionally, earnings before interest, taxes, depreciation, and amortization (EBITDA) turned from a loss of $132 million in the first quarter of 2024 to a profit of $22 million.
Financial Results for the First Quarter of 2025
In fact, the joint venture between MGM Resorts and Entain in its online gaming and online sports betting sectors achieved year-over-year growth—iGaming revenue increased by 27% to $443 million, and online sports betting revenue reached $194 million, up 68% from last year. Despite these significant revenue increases, the operator's retail sector revenue decreased by 22% year-over-year, with first-quarter 2025 revenue at $20 million.
BetMGM's EBITDA increased by $154 million compared to the first quarter of last year, and its NGR profit margin also grew by 110 basis points year-over-year. However, the operator is more focused on EBITDA, and specifically noted that the recent growth in EBITDA was primarily due to a $133 million contribution from iGaming, as well as additional contributions from the company's online sports department.
Furthermore, as part of the latest performance, BetMGM emphasized its continued stability in GGR market shares in iGaming (22%) and online sports (8%), reaffirmed its financial guidance for the fiscal year 2025, and expressed confidence in the potential for exceeding expected revenues this year.
Good news: BetMGM reported a revenue of $2.1 billion for the fiscal year 2024, with an expected increase to $2.4 to $2.5 billion for the fiscal year 2025
Quarterly Highlights
For BetMGM, the start of the year has been exceptionally busy. In January, the company introduced EveryMatrix to the West Virginia market through a partnership with a live content company. Additionally, in March, as part of MGM Resorts' "Problem Gambling Awareness Month" activities, BetMGM expanded its responsible gambling program in the US market.
Also last month, the company launched its first online casino advertisement starring actor and musician Jamie Foxx.
Comments from the CEO
BetMGM CEO Adam Greenblatt, speaking about the latest performance, said: "With our revised strategic plan implemented, BetMGM has had an encouraging start to 2025. We continued the strong momentum built in the second half of 2024 into the first quarter, as we implemented a robust iGaming strategy, allowing us to achieve growth at a rate above the market."
In the online sports sector, even though key sports event outcomes were not favorable this quarter, we are enhancing our brand image and achieving better performance. As May approaches, we remain confident in achieving a positive EBITDA for the full year of 2025, thanks to solid underlying activity trends and our success in achieving a positive EBITDA in the first quarter.
