SBC News Voice of the Sports Betting Industry
Entain and MGM Resorts International have maintained profitable momentum with their BetMGM joint venture going into Q2.
According to the financial preliminary for the period ending 13 June, the North America-facing operator has kept an upwards trajectory in terms of net revenue growth.
Contributing to this were strong net revenue developments across both the operator’s iGaming and online sportsbook platforms – complimented by handle growth. Full results will be announced on 29 July.
Overall growth in H1
The latest information comes off the back of consistent Q1 tailwinds for BetMGM, which brought it 34% YoY growth in net revenue for the three months ending March – or $657m compared to the $489m for the same period in 2024.
In the previous quarter, iGaming net revenue grew by 27% YoY, going up from $348m to $443m YoY. Meanwhile, betting revenue went up 68% from $116m in Q1 2024 to $194m in Q1 2025.
EBITDA came at $22m, reaching a net positive after going up by $154m YoY from the same quarter the year prior.
On the Q1 results, Adam Greenblatt, CEO of BetMGM, commented: “The momentum we built in the second half of 2024 continued into the first 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.”
In line with the Q1 growth and the Q2 preliminary, BetMGM has now updated its FY2025 guidance.
Full-year net revenue expectations now sit at a minimum of $2.6bn, up from the previous guidance of between $2.4bn and $2.5bn.
Predictions for positive FY2025 contributions from betting and iGaming have been reinforced, while FY25 EBITDA is now expected to reach $100m – a positive step towards BetMGM’s long-term strategy to reach EBITDA of $500m.
