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

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 market^6,7
• $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
• 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