written and last updated by
Sam Smith at
29 Apr 2025
Journalist, Editorial Department
Casino operator BetMGM has reported its financial results for the first quarter of 2025, achieving revenue of $657 million (₽56.5 billion). The company noted strong growth in both online sports betting and the iGaming sector, marking a significant turnaround after a challenging start in 2024.
From January to March, the total betting volume surged by 29% compared to the same period last year, reaching $4.08 billion (₽351 billion). The iGaming sector emerged as the primary driver of this growth, generating $443 million (₽38.1 billion) in revenue, a 27% increase. Meanwhile, the sports betting segment also gained momentum, with revenues rising by 68% to $194 million (₽16.7 billion).
The iGaming sector was the main contributor to the quarter's EBITDA, accounting for $133 million (₽11.4 billion). BetMGM also reported a 1.1% increase in gross gaming revenue margin.
Market share remained stable, with iGaming holding 22% and online sports betting at 8%. The management is confident that they will exceed their revenue forecast for the year, which is set between $2.4 billion and $2.5 billion (₽206-215 billion). In 2024, this figure was estimated at $2.1 billion (₽180.6 billion).
These positive results were made possible by the company's proactive efforts at the beginning of 2025. In January, BetMGM expanded its partnership with EveryMatrix, entering the West Virginia market. In March, the company joined MGM Resorts' responsible gaming initiatives and launched its first television advertisement for the online casino featuring actor and musician Jamie Foxx.
CEO Adam Greenblatt commented, "2025 has started for us with genuine enthusiasm. We are implementing an updated strategy and growing faster than the market. Despite the challenging landscape in sports betting, we have managed to strengthen our brand and achieve successful results. I am confident we will finish the year with positive EBITDA."
It is worth noting that BetMGM is solidifying its position in the iGaming market and is forecasting positive EBITDA for 2025.
