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Entain's BetMGM swings to profit as Q1 revenues rise
(Sharecast News) - Entain reported a jump in revenue at BetMGM and a swing to profit on Monday as momentum from the second half carried into the first quarter. Entain said the US sports betting and iGaming operator - a joint venture with MGM Resorts - saw net revenue rise 34% year-on-year in the three months to the end of March, driven by its "leading iGaming offering and strengthened sports product, and refined approach to player management".
The company pointed to strong growth across both iGaming and online sports, which saw increases of 27% and 68%, respectively.
BetMGM swung to a core profit of $22m in the first quarter, versus a loss of $132m in the same period the year before.
Entain, which also owns Ladbrokes, said positive first-quarter earnings before interest, tax, depreciation and amortisation and underlying trends reaffirm confidence that FY2025 will be EBITDA positive. It also reaffirmed guidance for net revenue of $2.4bn to $2.5bn.
Adam Greenblatt, chief executive officer of BetMGM, said: "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.
"In Online Sports, we are elevating our brand and delivering improved performance, even in the face of unfavourable sports outcomes during key moments in the quarter. As we approach May, we remain confident in achieving full year positive EBITDA in 2025, supported by solid underlying activity trends and our successful delivery of positive EBITDA in the first quarter."
At 1250 BST, the shares were up 6.4% at 625.98p.
Entain is due to publish a first-quarter trading update on Tuesday.
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