Earnings Summary: Highlights of BetMGM (MGM) Q1 2025 financial results

MGM Resorts International (NYSE: MGM) Monday reported first-quarter 2025 results for BetMGM LLC, a sports betting and i-Gaming operator in North America jointly owned by the company and Entain plc.

• Net Revenue increased 34% YoY to $657 million, continuing acceleration with strong underlying player engagement metrics
• iGaming net revenue increased 27% from last year, driven by leading iGaming offering
• Handle, which refers to the total amount of money that has been wagered by all bettors, rose 29% year-over-year
• Average Monthly Actives rose 6% annually, reflecting strong growth in iGaming players, partially offset by improved OSB approach to player segmentation and management
• EBITDA increased to $22 million, benefitting from one-time accounting items offset by the impact of customer-friendly sports results
• The management reaffirmed its expectations for FY25 to be ‘EBITDA positive’, and net revenue guidance of $2.4 billion to $2.5 billion
• It also reiterated expectations of Online Sports to be ‘Contribution positive’ for FY 2025