BetMGM Boosts 2025 Revenue Forecast Following Strong Q1

BetMGM, the US-based online sports betting and iGaming operator, has raised its full-year 2025 revenue guidance to at least $2.6 billion, up from a previous forecast range of $2.4 billion to $2.5 billion. This upgrade comes after the company reported a strong 34% increase in net revenue during the first quarter, driven by higher activity in both its iGaming and sports betting segments.

According to Entain, BetMGM’s majority owner, the positive momentum from Q1 has continued into the second quarter, boosting confidence in the operator’s overall performance for the year. The primary driver of revenue growth was an increase in sports betting handle, with sustained elevated player spending in Q2 reinforcing the company’s upward revision.

In addition to the revenue upgrade, BetMGM now expects adjusted EBITDA to reach at least $100 million in 2025, a substantial improvement from its earlier guidance that only anticipated an EBITDA-positive outcome. This marks a significant turnaround from recent years, as the company posted an adjusted EBITDA loss of $244 million in 2024—a 29% increase in losses compared to 2023’s $62 million deficit.

Entain highlighted online sports betting as the main contributor to growth but also noted that iGaming will provide a strong supporting role. The group expressed optimism about BetMGM’s future, stating: “BetMGM remains excited about the significant opportunities ahead. Its strengthened business, revised strategic approach and performance momentum further reinforce its confidence in future growth prospects and pathway to $500 million EBITDA in the coming years.”

 

Metric	Q1 2024	Q1 2025	Full Year 2024	Full Year 2025 Guidance
Net Revenue	$330 million	$443 million	$X billion	At least $2.6 billion
Adjusted EBITDA	–	$22 million	– $244 million	At least $100 million
Sports Betting Revenue Growth (YoY)	–	+68%	Primary growth driver for 2025
iGaming Revenue Growth (YoY)	–	+27%	Strong contributor to growth
Market Expansion	Secured approval for Missouri online sports betting market opening in December 2025

 

Resilience amid economic boosts

BetMGM’s Q1 2025 results, released in April, demonstrated notable resilience despite challenging macroeconomic conditions. The operator recorded $443 million in net revenue for the quarter, representing a 34% year-over-year increase. Adjusted EBITDA swung into positive territory at $22 million, an improvement of over $150 million compared to Q1 2024.

The breakdown of growth showed online sports betting revenue up 68% and iGaming revenue rising 27%. These trends have set the stage for the company’s increased guidance for the remainder of the year.

Geographically, BetMGM also expanded its market presence by securing regulatory approval in Missouri, positioning itself among the first operators to enter the state’s online sports betting market when it opens in December 2025.

 

BetMGM remains excited about the significant opportunities ahead. Its strengthened business, revised strategic approach and performance momentum further reinforce its confidence in future growth prospects and pathway to $500 million EBITDA in the coming years.

 

Future Expectations

Entain reported a 9% increase in net gaming revenue for Q1 2025, with BetMGM contributing significantly to this growth. Excluding BetMGM’s results, Entain’s revenue growth stood at a more modest 6%.

Leadership changes at Entain saw Stella David appointed as the company’s permanent CEO in April, following Gavin Isaacs’ departure earlier in the year. David had served as interim CEO since February and is now tasked with guiding the group’s strategic initiatives. Entain plans to provide a detailed update on BetMGM’s Q2 performance and a half-year report on July 29.

BetMGM’s revised outlook signals a clear financial turnaround for the operator, underpinned by strong growth in sports betting and iGaming. With expanded market access and strategic shifts, the company appears well positioned to improve profitability and deliver sustained growth in the competitive US market.