Categories Earnings, Leisure & Entertainment
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
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