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BetMGM just proved it can turn a profit. Backed by MGM Resorts (MGM, Financials) and Entain, the online betting platform delivered its best quarter yet growing revenue, drawing more players, and managing to make money while doing it.
The company reported $22 million in EBITDA a sharp turnaround from the $132 million loss in the same quarter last year.
Online sports betting revenue climbed to $194 million, while iGaming brought in $443 million.
Betting handle rose 29% to $4.1 billion, and average monthly active users ticked up 6% to just over 1 million.
CEO Adam Greenblatt said the team came into 2025 with momentum and executed well especially in casino gaming, where BetMGM's exclusive content and improved promotions kept players engaged.
On the sports side, the company leaned into parlays and refined its targeting, helping drive stronger economics even with a few tough sports outcomes.
Better player segmentation and fewer broad promotions helped lift margins without hurting engagement. Bets per player and spending per player were both up.
This quarter is more than just a win it's a signal that BetMGM's long game might be paying off. Investors have waited for digital sports and casino platforms to prove they can grow and turn a profit at the same time. Q1 offered that proof. The company is still projecting $2.4 billion to $2.5 billion in revenue for the year and is sticking with its full-year profit forecast.
With big sports months ahead and digital betting expanding fast, Q2 will show whether BetMGM can keep the profit streak alive.
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This article first appeared on GuruFocus.