BetMGM reports first-quarter profit due to online sports growth

From Yahoo Finance: 2025-04-28 07:45:00

BetMGM, the U.S. sports-betting service, saw a core profit in Q1 driven by iGaming and online sports growth. Entain’s shares rose by 10.1%, while MGM’s were up 1.8%. Despite tough sports outcomes, BetMGM’s online sports division saw a 68% revenue increase. CEO Adam Greenblatt remains positive about the company’s future. BetMGM aims to exceed its full-year guidance and expects to be EBITDA positive by 2025. Core profit for Q1 was $22 million, a significant improvement from the previous year’s loss of $132 million. Davy Research analysts note strong revenue growth in iCasino and sports divisions with no signs of a weak U.S. consumer market.

Read more: BetMGM swings to first-quarter profit in e-betting surge