BetMGM posts $657m in Q1 net revenue

BetMGM has published its financial and business results for the first quarter of 2025. During the quarter, the company reported net revenue reaching $657m.

Net revenue grew by 34% year-over-year.

Revenue from online gaming in Q1 reached $443m, while revenue from sports betting totaled $194m. Another $20m in revenue came from retail betting.

BetMGM’s handle for the quarter grew by 29% when compared to results posted one year ago. The company’s handle totaled more than $4bn during the first quarter.

Adjusted EBITDA reached $22m, reflecting a $154m increase when compared to the loss posted in March 2024. 

Company CEO Adam Greenblatt said the year is off to a stood start and explained BetMGM’s strategic plan moving forward.

He further commented, “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.”

BetMGM offers sports betting and iGaming products to players across North America. The company is jointly owned by Entain and MGM Resorts International.

Laura Mack

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