BetMGM is anticipating strong financial results in 2025 leading the company to raise its full-year revenue forecast.
The MGM Resorts and Entain joint venture projects net revenue in FY2025 to reach at least $2.6 billion compared to a previous guidance of between $2.4 billion and $2.5 billion.
By comparison, BetMGM posted $2.1 billion in revenue in 2024, up 7% year-over-year.
The operator also anticipates a FY2025 EBITDA of at least $100 million surpassing its estimates. In 2024, BetMGM reported a full-year EBITDA of $244 million. The results in 2024 were a significant increase from the $121 million EBITDA BetMGM reported in 2023.
“BetMGM remains excited about the significant opportunities ahead,” said the company in a press release. “Its strengthened business, revised strategic approach, and performance momentum, further reinforce its confidence in future growth prospects and pathway to $500 million EBITDA in the coming years.”
BetMGM is attributing its latest uptick in revenue to handle growth for both its online casino and sports betting operations. BetMGM revised its outlook in FY2025 amid a strong start to the year with net revenue in Q1 growing by 34% compared to the same period last year.
BetMGM makes changes to its workforce
BetMGM raised its revenue outlook after laying off nearly 90 employees earlier this year.
The operator filed a notice with the New Jersey Department of Labor in February notifying the agency of its plan to lay off 83 employees in the Garden State. BetMGM decided to lay off the group of employees following a strategic review of its operations.
The review led BetMGM to part ways with the employees as a cost-saving measure.
Recent regulatory scrutiny for BetMGM
The Pennsylvania Gaming Control Board (PGCB) levied a $260,905 fine against BetMGM in January for allowing players on the board’s self-exclusion list to gamble. Between 2021 and 2023, the PGCB reported 152 instances of BetMGM allowing players on the list to wager.
The self-excluded players deposited $436,381 between BetMGM and Borgata’s online wagering platforms during that period with $175,476 withdrawn from the accounts.
BetMGM was fined by the Alcohol and Gaming Commission of Ontario (AGCO) in March for violating the regulator’s standards for advertising and marketing for internet gaming.
BetMGM Canada was issued a $110,000 Order of Monetary Penalty by the AGCO for participating in marketing campaigns with companies offering cash in exchange for new account registrations. BetMGM Canada violated the AGCO’s standards in public forums.
The forums included a National Franchise Show held in January 2024 in New Jersey.
