Online sports betting net revenue surged 68%, climbing from $116 million in Q1 2024 to $194 million in the first quarter of 2025, with betting handle up 29% to $4.09 billion.
BetMGM has kicked off 2025 with impressive momentum, reporting a 34% year-on-year rise in revenue to $657 million for the first quarter, as online sports betting emerged as the key growth driver for the Entain and MGM Resorts joint venture.
Online sports betting net revenue surged 68%, climbing from $116 million in Q1 2024 to $194 million in the first quarter of 2025, with betting handle up 29% to $4.09 billion. However, performance in retail sports betting dipped, with revenue down 22% year-on-year to $20 million.
BetMGM’s igaming division also performed strongly, posting a 27% increase in net revenue, rising from $348 million to $443 million.
After a challenging 2024, the company posted a significant EBITDA turnaround. Adjusted EBITDA hit $22 million, a notable improvement from the $132 million loss recorded in Q1 last year.
“2025 is off to an encouraging start for BetMGM as we execute our revised strategic plan,” said Adam Greenblatt, CEO of BetMGM.
“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.”
The operator also saw average monthly active users grow by 6%, maintaining a 22% share of the US igaming marketand an 8% share in online sports betting.