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BetMGM 1Q 2025 Business Update
Strong start to 2025 affirms strategic approach and confidence of positive EBITDA in 2025
BetMGM LLC , one of the leading sports betting and iGaming operators across North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on its 1Q 2025 performance.
- BetMGM’s strong momentum from 2H 2024 continued during 1Q 2025, driven by its leading iGaming offering and strengthened sports product, and refined approach to player management
- 1Q Net Revenue up +34% YoY with strong growth across both iGaming (+27%) and Online Sports (+68%)
- Positive 1Q EBITDA and underlying trends reaffirm confidence that FY 2025 will be EBITDA positive1
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“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 unfavorable sports outcomes during key moments in the 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.”
1Q 2025 Key Financial Highlights
| 1Q 2025 BetMGM Financial Summary1,2,3 | |||
| Three months ended March 31 |
|||
| $ millions, unless otherwise noted | 2025 | 2024 | YoY Change |
| Net Revenue | |||
| iGaming | $443 | $348 | +27% |
| Online Sports | $194 | $116 | +68% |
| Handle | $4,088 | $3,174 | +29% |
| GGR Hold % | 8.2% | 8.7% | (50)bps |
| NGR Hold % | 4.8% | 3.6% | +110bps |
| Retail / Other | $20 | $26 | (22)% |
| Total Net Revenue | $657 | $489 | +34% |
| Contribution | $116 | ($38) | +$153 |
| EBITDA | $22 | ($132) | +$154 |
| Average Monthly Actives (thousands)4 | 1,067 | 1,009 | +6% |
Financial Highlights
- 1Q Net Revenue of $657 million, up +34% YoY, continuing acceleration with strong underlying player engagement metrics
- iGaming Net Revenue up +27% YoY driven by leading iGaming offering
- Online Sports Net Revenue up +68% YoY demonstrating strengthened product offering, expansion of NGR margin, and enhanced player engagement
- Handle up +29% YoY5
- NGR margin improvement of +110 bps YoY
- Average Monthly Actives up +6% YoY, reflecting significant growth in iGaming players, partially offset by improved OSB approach to player segmentation and management
- 1Q EBITDA of $22 million (up $154 million YoY), with iGaming Contribution of $133 million and positive Contribution from Online Sports
- 1Q EBITDA benefited from one-time accounting items offset by the impact of customer friendly sports results
- Continued stabilization of GGR market share in active markets with iGaming (22%) and Online Sports (8%), further cementing BetMGM’s podium position in the market6,7
- $150 million revolving credit facility remains undrawn
Operational highlights
- Market leading iGaming offering
- 1Q Average Monthly Actives up +43% reflecting our leading iGaming offering and focused marketing investment
- Active Player Days up +39% YoY driven by unique and exclusive content across both real-money and free-to-play engagement games8
- Improved cross-sell engagement with +13 ppt YoY increase in percent of Online Sports players playing iGaming9
- Strengthened Online Sports product coupled with focus on premium mass players and improved engagement
- Broader market range, improved pricing and enhanced parlay offering contributed to strong gains in player economics and activity metrics
- Growth of +4.8 ppt in parlay bet mix (inclusive of SGPs)10
- Bets per Active increased +28% YoY11
- Broader market range, improved pricing and enhanced parlay offering contributed to strong gains in player economics and activity metrics
- Refined approach to player retention with improved segmentation and promotional strategy
- Handle per Active up +37% YoY12
- Active Player Days up +20% YoY
Outlook
- BetMGM’s year-to-date performance provides increased confidence in exceeding guidance, however we remain mindful it is still relatively early in the year. As such, we reaffirm our expectations for FY 2025 to be EBITDA positive, and Net Revenue guidance of $2.4 billion to $2.5 billion
- Reiterated expectations of Online Sports to be Contribution positive for FY 2025
- Reaffirmed confidence in BetMGM’s pathway to $500 million EBITDA in the coming years
Industry News
Gaming and Leisure Properties Inc. Names Carlo Santarelli Senior Vice President, Corporate Strategy and Investor Relations
Gaming and Leisure Properties Inc. announced that Carlo Santarelli has been appointed Senior Vice President, Corporate Strategy and Investor Relations, a new position at the Company. Mr. Santarelli will begin his new position on August 18, 2025 and will report to GLPI President and Chief Operating Officer, Brandon Moore.
Mr. Santarelli brings over 25 years of Wall Street experience in Equity Research and Investment Banking to his new role and joins the Company from Deutsche Bank where he was Managing Director of Gaming & Lodging Equity Research. Prior to Deutsche Bank, Mr. Santarelli held similar positions at Bear Stearns, JP Morgan and Wells Fargo. He consistently ranked highly in Institutional Investor and other sell-side analyst research polls as a thought leader in the space, providing unique perspectives on industry events and trends with his data-driven approach and stock picking talent. Carlo Santarelli graduated from the University of Pennsylvania with a B.A. in Economics in 2000.
Peter Carlino, Chairman and Chief Executive Officer of GLPI, said: “We’ve known and respected Carlo’s research work on the gaming, lodging and gaming REIT sectors for many years. Carlo brings to GLPI an in-depth knowledge of the industry and its participants, having experienced GLPI’s original formation of the gaming triple-net-REIT structure from a research analyst and capital markets perspective. We value his deep network of contacts among institutional investors, sell-side analysts and a wide range of gaming industry operators and we look forward to the value of his contributions.”
In his new role, Mr. Santarelli will work with Mr. Carlino and GLPI’s senior management to develop and evaluate growth opportunities and strategic relationships, and will oversee investor relations interactions.
VIP Play, a technology-driven leader in interactive consumer engagement, announced that Jim Mackey, the Company’s Chief Financial Officer, will step down from his role, effective August 8, 2025.
The Company has initiated a transition process and is in the process of identifying a successor. Mackey will assist in an orderly transition over the coming weeks.
“We thank Jim for his contributions to the Company, particularly during a transformative period for our business. We remain focused on executing our strategic priorities, including financial visibility, operating efficiency, and delivering value to our stakeholders,” said Les Ottolenghi, CEO of VIP Play.
BETBY, the premium supplier of cutting-edge sportsbook solutions, has published a detailed report titled “The Peruvian Breakthrough: A Market Ready for Takeoff”, offering a thorough analysis of the country’s newly regulated iGaming industry.
Following the implementation of Peru’s online gambling framework in 2024, this report explores the legislative transformation, market growth trends, and consumer behavior shaping one of Latin America’s most promising emerging markets.
The report covers several key aspects, including:
✅ Evolution of Peru’s gambling legislation and its impact on market structure and operator licensing;
✅ Market performance analysis, including land-based vs. online growth and mobile channel adoption;
✅ Economic indicators, such as GDP contribution, per capita GGR, and projected market size through 2030;
✅ Player profiles and betting behavior, with insights into frequency, motivations, and engagement across age and gender groups;
✅ Digital readiness, including mobile usage, internet speeds, and device preferences;
✅ Competitive landscape, with a breakdown of leading operators and changes in market share.
🔗 DOWNLOAD the report to discover strategic insights and unlock growth opportunities in Peru’s regulated gambling ecosystem.
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