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Who’s Driving BetMGM’s Growth
The MGM Resorts and Entain joint venture BetMGM reported $657 million in Q1 2025 revenue, jumping 34% from the same period last year. This continues their upward trend from late 2024.
The total handle reached $4.08 billion, a 29% increase year-on-year, which contributed to them posting a profit.
BetMGM achieved a $22 million EBITDA profit compared to a $132 million loss in Q1 2024. That’s a $154 million improvement in just twelve months.
Why Digital Gambling Dominates Their Business
Online segments powered the strong results while physical locations struggled. iGaming revenue climbed 27% to $443 million during the quarter, showing continued strength in their casino products.
Sports betting showed even stronger growth online, with a 68% jump to $194 million. But retail operations fell by 22%, generating only $20 million.
The improved EBITDA came primarily from iGaming’s $133 million contribution, with additional profits from online sports betting. Their digital strategy is clearly working.
NGR margin also improved, rising 110 basis points from last year. This means more profit from each dollar customers bet, boosting overall earnings.
What BetMGM Has Done Recently
The operator maintained steady market share, holding 22% of iGaming and 8% of online sports betting. These figures have the company confident about meeting or exceeding their full-year revenue targets of $2.4-2.5 billion.
BetMGM stayed active with new partnerships too. In January, they brought EveryMatrix to West Virginia through a content deal, expanding their game offerings.
March saw expanded responsible gambling programs during Problem Gambling Awareness Month. They also launched their first online casino commercial featuring actor Jamie Foxx.
How This Positions The Company
CEO Adam Greenblatt called the quarter “an encouraging start” that builds on momentum from late 2024. He noted the company is growing “faster than the market and at scale” in iGaming.
The online sports segment improved despite what Greenblatt called “unfavourable sports outcomes during key moments” in the quarter.
BetMGM now expects positive EBITDA for the full year 2025, supported by Q1 results and what Greenblatt described as “solid underlying activity trends.”
This performance boosted parent company Entain as well. Their shares rose 6.4% after the announcement. Investors clearly like the direction BetMGM is headed.
