BetMGM has updated its guidance for fiscal year 2025 due to the positive momentum it has achieved throughout the year so far.
The operator, which Entain and MGM Resorts International jointly own, stated in a release that its performance in the first quarter of the year has continued into the second to date, with trading for the period “broadly consistent” with 34% year-over-year net revenue growth achieved in Q1.
With strong iGaming and online sports betting net revenue growth, driven by handle, BetMGM has confidence in its performance for the rest of the year, and as a result, has increased its FY25 guidance to be at least $2.6bn.
This movement is up from the previous set guidance of $2.4bn to $2.5bn, issued by the operator near the beginning of the year.
BetMGM stated that FY25 EBITDA is now expected to be at least $100m, which is up from the previously stated guidance of being EBITDA positive.
The operator also reiterated that online sports betting is expected to have a positive contribution for FY25, while iGaming is expected to provide a strong contribution.
“BetMGM remains excited about the significant opportunities ahead,” the operator said in a statement.
“Its strengthened business, revised strategic approach, and performance momentum further reinforce its confidence in future growth prospects and pathway to $500m EBITDA in the coming years.”
BetMGM is scheduled to publish further details on its Q2 performance and guidance as part of its H1 update on 29 July.
Omnichannel success
Prior to SBC Summit Americas in May, iGaming Expert spoke to BetMGM’s Vice President of Product and Content, Oliver Bartlett, who provided insights into the operator’s omnichannel success and how MGM Resorts plays such an important role.
“Omnichannel is one of BetMGM’s main differentiators because of our relationship with parent company MGM Resorts International,” stated Bartlett.
“Players can enjoy a great selection of rewards where they want and how they want. Whether they prefer to spend their MGM Rewards online or to use them for a night at the Bellagio on their next trip to Vegas. Now we have a partnership with Marriott Bonvoy and points can be exchanged for Marriott Reward points, too.
“We’re proud to offer the consumer options when it comes to how they are individually rewarded. Land and online experiences aren’t competitive, they’re complementary, and it’s a continued mission to show our players the breadth of the world of MGM Rewards.”
