BetMGM, the online gaming powerhouse formed by MGM Resorts and Entain, reported a significant leap in financial performance for Q1 2025, showcasing its strengthening position in the competitive U.S. iGaming and online sports betting market. Revenue for the first quarter surged 34% year-over-year, reaching $657 million, bolstered by strong user engagement and growing market share.
Sports Betting and iGaming Lead Growth
A major contributor to this growth was the 68% increase in online sports betting revenue, totaling $194 million, and a 27% rise in iGaming revenue, which reached $443 million. These figures are a direct reflection of BetMGM’s efforts to expand its footprint across legalized markets while optimizing player acquisition and retention strategies.
The total betting handle increased to $4.1 billion for the quarter, a 29% jump compared to Q1 2024. This growth was achieved despite several less favorable sporting outcomes during March Madness and other high-stakes events.
Turnaround in Profitability
Perhaps the most notable shift was BetMGM achieving a positive EBITDA of $22 million, marking a stark improvement from the $132 million EBITDA loss in Q1 2024. This milestone underscores the company’s focus on operational efficiency and disciplined marketing spend.
CEO Adam Greenblatt praised the progress, noting that momentum from late 2024 has carried into 2025. He reaffirmed the company’s full-year revenue guidance of $2.4 billion to $2.5 billion, with continued profitability expected throughout the year.
Market Position and Outlook
BetMGM currently holds approximately 22% of the U.S. iGaming market and 8% in online sports betting. With plans to deepen user engagement and expand features through technology enhancements, BetMGM is poised to further solidify its market share.
As regulatory landscapes evolve and more states legalize online betting, BetMGM’s strategic investments may yield further dividends in the quarters ahead.
