BetMGM Q1 revenues rise 6% to $696m, full year expectations lowered

BetMGM has reported a Q1 2025 revenue figure of $696m, representing a 6% rise year-over-year with iGaming outshining sports betting and retail.  

Indeed, the operator has recorded a positive start to 2026, unveiling rises across key verticals as it comes off the back of a lucrative 2025 which saw revenues soar 33% to $2.8bn.  

BetMGM: Q1 at a glance  

Observing the operator’s leading business segment, iGaming generated $481m of its overall first quarter revenue figure, up 9% in comparison to results from Q1 2025. Trailing behind were sports betting revenues, which settled at $203m – up 4% year-over-year – from a sports betting handle of $4.2bn, up 3% year-over-year.  

BetMGM’s adjusted EBITDA also experienced an 11% upswing in comparison to last year’s first quarter, reaching $25m. However, revenue from BetMGM’s retail segment dropped by a notable 43% to just $11m during this year’s first quarter.  

Elsewhere, a 9% year-over-year drop in average monthly actives was anticipated, according to the operator, due to “ongoing player management” and “disciplined acquisition”. Indeed, in comparison to revenue figures from the last quarter, BetMGM’s Q1 revenue was also down 10.8%.   

Looking back, thinking forwards 

It has been a busy start to the calendar year for the operator, who initiated its first payment of Parent Fees to both Entain and MGM Resorts in Q1. BetMGM also brokered new sports partnerships with the St. Louis Blues and committed $1m to responsible gambling initiatives.  

Looking ahead, the operator has adjusted its expected full year 2026 financial outlook, now stating that it expects to record revenues of $2.9bn-$3.1bn, down from the previously specified expectation of $3.1bn-$3.2bn. Adjusted EBITDA expectations have remained between $300m-$350m, with BetMGM now guiding towards the lower end of that specified spectrum.  

CEO's comments  

Speaking on these latest results, BetMGM CEO Adam Greenblatt said: “Although it has been a steady start to the year, BetMGM is delivering on our strategic plan, carrying forward the initiatives that drove our transformation in 2025. We are generating sustainable, profitable growth and paying cash to our parent companies.  

“Our iGaming business is growing at scale, and our Online Sports business continues to strengthen despite a challenging market in Q1. As we look to the rest of the year, we will continue to focus on our areas of strength, particularly in iGaming, multi‑product states, omnichannel in Nevada, and servicing our premium mass sports players.  

“These give us confidence that we will deliver on our updated 2026 guidance as well as continue on the path to $500 million of Adjusted EBITDA in 2027."