Here’s why MGM stock is on the move
The post Here’s why MGM stock is on the move appeared on BitcoinEthereumNews.com.
Online sports betting saw a huge spike in revenue in Q1. MGM Resorts International (NYSE:MGM) stock was surging on Monday, rising some 3% after the gambling stock released promising first quarter results within its BetMGM business. In its first quarter business update released on Monday, BetMGM reported a 34% year-over-year revenue increase in Q1. The net gaming revenue (NGR) revenue hold percentage rose 110 basis points to 4.8% in the quarter. Overall, BetMGM’s handle, the total amount wagered, grew 29% to $4.1 billion, while total monthly active users jumped 6% to 1.1 million. This helped generate positive EBITDA of $22 million, up from a net loss of $154 million in the same quarter a year ago. The strong performance was led by a huge surge in its online sports betting and iGaming. “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,” BetMGM CEO Adam Greenblatt said. “In Online Sports, we are elevating our brand and delivering improved performance, even in the face of unfavorable sports outcomes during key moments in the quarter.’ 68% increase in online sports betting revenue First quarter revenue for online sports betting via the BetMGM app rose 68% to $194 million. BetMGM online sports betting benefitted from having a broader market range, improved pricing, and enhanced parlay offerings. It saw a 4.8 percentage-point jump in parlay bets, while bets per active user increased 28%. The firm also refined its approach to player retention with improved segmentation and increased promotion. Overall, the handle per active user was up 37% year-over-year while active player days climbed 20%. Its…
