BetMGM Announces 34% Q1 Revenue Increase

Sports betting and iGaming operator BetMGM has announced a 34% revenue increase for the first quarter of the year, reporting a total of $657 million, up from the previous year’s $489 million. 

In a new update, the company revealed that it had continued the growth recorded during the second half of 2024 into its first quarter of 2025, with a 34% year-over-year increase. That revenue increase was primarily driven by the company’s online gaming division, which rose 27% from $348 million to $443 million. 

Still, online sports had the most significant year-over-year change, with revenue rising from $116 million to $194 million, a 64% year-over-year increase. 

"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,” said the Chief Executive Officer of BetMGM, Adam Greenblatt, commenting on Monday’s update.

Increased Confidence

In its update, BetMGM said the results in the 2025 first quarter have increased confidence that the company will exceed predicted guidance on the full year’s revenue. However, the statement also expressed caution at a relatively early stage of the year. It has reaffirmed its expectation that net revenue in 2025 will be between $2.4 billion and $2.5 billion.

Elaborating on the results, BetMGM drew attention to what it described as unique and exclusive content, which drove engagement across real money and free-to-play gaming. It also pointed to an expanded sports betting product that offered a wider range of markets and bet types, such as parlays, along with a refined promotional strategy.

BetMGM Receives Fine from Pennsylvania Regulator

BetMGM hopes that the first quarter revenue increase will help to conceal the negative publicity associated with the regulatory fine it received in January. 

The Pennsylvania Gaming Control Board fined the company over $260,000 after it found over 150 instances of customers who had self-excluded being allowed to wager through the BetMGM site.

The self-exclusion system in Pennsylvania allows those affected by or at risk from problem gambling to voluntarily exclude themselves from all forms of gambling for a length of time of their choice. However, the regulator found that the company had allowed over $430,000 in deposits from self-excluded players over the three-year period.

In response to the fine, BetMGM accepted the regulator’s findings, paid the fine in full, and donated to the Pennsylvania Council on Problem Gambling.