The company’s performance was driven by robust growth in both its iGaming and Online Sports segments.
iGaming revenue increased 27% to $443m, while Online Sports revenue surged 68% to $194m compared to the same period last year.
The results come in the wake of BetMGM’s 2024 “investment year”, during which the business aimed to boost its product capabilities as part of a long-term bid to reach $500m in annual EBITDA.
BetMGM CEO Adam Greenblatt said: “2025 is off to an encouraging start for BetMGM as we execute our revised strategic plan. 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.”
BetMGM achieves first EBITDA positive quarter
Most notably, BetMGM achieved positive EBITDA of $22m for the quarter, a dramatic $154m improvement from the $132m loss reported in Q1 2024.The company also reported its betting handle increased 29% year-on-year to $4.09bn, while average monthly active s grew 6% to 1.07 million.
BetMGM also maintained a strong market position, with 22% of the US iGaming market and 8% of the Online Sports market.
Operational highlights included a 43% increase in monthly active iGaming s and improved player engagement metrics across both iGaming and sports betting platforms.
The company cited its strengthened sports product offering and refined approach to player management as key factors in its improved performance.
Looking ahead, BetMGM reaffirmed its full-year 2025 guidance, projecting net revenue between $2.4bn and $2.5bn with positive EBITDA for the year.
The operator also expressed confidence in its Online Sports segment achieving a positive contribution for the full year, and reiterated its pathway to $500m in EBITDA “in the coming years.”
Greenblatt added: “As we approach May, we remain confident in achieving full-year positive EBITDA in 2025, ed by solid underlying activity trends and our successful delivery of positive EBITDA in the first quarter.”
