Profits of BetMGM surpass predictions and guidance for the first quarter
Title: BetMGM's Q1 Performance: A Snapshot into the iGaming Giant's earnings
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In a concise earnings call, BetMGM's CEO, Adam Greenblatt, and CFO, Gary Deutsch, kept the discussion brief but informative, covering the first quarter's results, surpassing Wall Street expectations and the company's guidance, albeit not updating the latter. Greenblatt expressed caution regarding the rest of the year, hinting at an anticipated deceleration in growth.
"Playing it cool' is the way to go when forecasting the remainder of 2022," Greenblatt stated, alluding to the slowdown in growth he expects.
BetMGM recorded a monumental 68% increase in online sports betting net revenue, marking a 29% surge in wagers placed. The allure of parlay wagers witnessed a 4.8% uptick, while average users bet a noteworthy 27% more with BetMGM.
Despite the lack of specific guidance for the rest of 2022 in the earnings call, historical records show BetMGM's impressive growth trajectory in both iGaming and online sports betting sectors, especially in recent years - particularly 2025. For more details on the company's 2022 projections, it's advisable to consult older reports or financial news from that period.
- Greenblatt, the CEO of BetMGM, cautioned about a potential slowdown in growth for the remainder of 2022.
- In the first quarter, BetMGM saw a significant 68% increase in online sports betting net revenue, with a 29% surge in wagers placed.
- The appeal of parlay wagers with BetMGM increased by 4.8% during the same period, and average users wagered 27% more.
- Despite not providing specific guidance for the rest of 2022, historical records demonstrate BetMGM's impressive growth trajectory in the iGaming and online sports betting sectors, with particularly notable growth in 2025.
