BetMGM Turns EBITDA-Positive as Q1 Report Shows Strength

Sports betting and online gaming giant BetMGM has reported its financials for the first quarter of the year, highlighting spectacular performance across both verticals. Most importantly, the brand posted EBITDA-positive results for the first time ever, heralding a new era for the business.

The growth of the company, which is jointly owned by Entain and MGM Resorts, led to a surge in the two companies’ stock.

BetMGM Was EBITDA-Positive

BetMGM, which has been experiencing a rapid growth and pursuing further expansion opportunities, reported $198 million in sports betting revenue alone which represents a staggering 68% increase year-on-year. The betting handle for the period stood at over $4 billion.

In the meantime, the company’s iGaming division saw its revenue increase 27% to $443 million, showing the online casino vertical’s tremendous potential.

All and all, the total Q1 net revenue stood at $657 million, marking an increase of $194 million year-on-year. EBITDA for the same period reached $22 million, which is the first time the BetMGM brand has been EBITDA-positive.

These significant achievements were made possible by the company’s strategic investments in 2024, which saw the leadership reinforce both major segments, ensuring long-term success.

BetMGM reiterated its revenue and EBITDA guidance for 2025, saying that it expects the former metric to reach $2.4-2.5 billion for the year. At the same time, BetMGM continues to look forward to an EBITDA-positive year.

CEO Greenblatt Was Pleased with the Results

Adam Greenblatt, BetMGM’s chief executive officer, commented on the results, noting that the year seems to be off to an “encouraging start.” He added that the company continues to work on its revised strategic plan and is looking forward to continuing its momentum.

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.

Adam Greenblatt, CEO, BetMGM

In terms of sports betting, the CEO noted that his team is focused on further supporting the division and delivering even better results. Greenblatt reaffirmed the company’s confidence in achieving full-year positive EBITDA in 2025, supported by “solid underlying activity trends.”

MGM and Entain’s Stock Improved

In the wake of the report, MGM Resorts International’s share price experienced a spike and is currently at $32.21.

Entain’s shares likewise experienced a sharp increase before falling back to GBX 591.80 as of the time of this writing.