Q1 has already closed its doors to the iGaming field, leaving different kinds of regulatory and strategic shifts behind itself. In this report, we will explore how leading operators Betsson Group, BetMGM, Entain, Wynn Resorts, and DraftKings navigated through Q1 2025. Q1 2025: Overview of the iGaming Industry After concluding 2024 with a challenging Q4,
Q1 has already closed its doors to the iGaming field, leaving different kinds of regulatory and strategic shifts behind itself. In this report, we will explore how leading operators Betsson Group, BetMGM, Entain, Wynn Resorts, and DraftKings navigated through Q1 2025.
Q1 2025: Overview of the iGaming Industry
After concluding 2024 with a challenging Q4, the iGaming industry confidently shed its skin and debuted in 2025. Being a snake year, 2025 came in with regulations and legislations in hand. In North America, states like Michigan and New Jersey have embraced fully regulated iGaming markets. Europe hasn’t remained behind. Countries like Germany and Sweden have integrated new frameworks for consumer protection and responsible gambling.
In Latin America, despite some challenges in Q1, Brazil is moving forward with full regulation. Over in Asia, the Philippines remains a vital hub for iGaming, while Japan is slowly warming up to the idea of legalization, considering adding two more casinos as well.
Breaking Down Quarterly Reports of iGaming Operators
If one should pay attention to actions and not words, then in the iGaming industry, it is revenues and results that keep the show. To make the show a bit less complicated, AffPapa reviewed and analyzed the top companies in their Q1 to give YOU a quick breakdown of it all. In case you want to dig deeper, just scroll down for the full reports on each company; we’ve got you covered!
|
COMPANY |
Q1 REVENUE |
YOY GROWTH |
EBITDA |
2025 STRATEGY |
|
Betsson |
€293.7M |
+18.3% |
|
Geographic expansion with a focus on LatAm and Nordics. |
|
BetMGM |
$657M | +34% |
$22M |
Aggressive iGaming growth and market leadership. |
|
Entain |
~0.5B |
+9% total, +11% adj |
$22M |
Focus on well-regulated markets, BetMGM growth, and cash flow generation. |
|
Wynn Resorts |
$1.70B |
~-9% (8.7%) |
$532.9M |
Focus on UAE expansion and recovery in core markets. |
|
DraftKings |
$1.41B | ~20% (19.9%) | $103M |
Growth through acquisitions (Jackpocket) and new markets. |
Betsson Group
Betsson Group started 2025 with a good note, posting positive Q1 results with €293.7 million in revenue. When compared to Q1 2024, this is an 18% increase. Casino revenue claimed the top spot, bringing in €212.3 million, while sportsbook income increased by 22% to €79.7 million, with the customer base expansion from 1.3 million to 1.4 million year-over-year, reflecting a player engagement.
Betsson’s net income for the Q1 reached €48.4 million, with operating profit hitting €64 million, maintaining a healthy 21.8% margin. According to CEO Pontus Lindwall, Betsson’s growth is driven by a strategy of geographic expansion, particularly in the Nordics and LatAm markets, where the company continues to strengthen its footprint by recently opening a new office in Buenos Aires.
Moreover, in early Q1, Betsson Group secured a Brazilian license and extended its partnership with Argentine football club Boca Juniors. As a result of this dedication, the LatAm iGaming market accounted for 25% of the Group’s total Q1 revenue.
But Q1 wasn’t all about positivity. The European segment recorded a decline, with the company facing regulatory challenges in Sweden and the Netherlands. Despite this, Betsson Group remains optimistic, with Lindwall noting that even during challenging economic times, the high demand for gaming products is a historically proven fact.
BetMGM
Unlike Betsson, which is pushing into highly competitive markets like Brazil and Argentina, BetMGM has the advantage of operating in a more consolidated U.S. market, where regulatory structures are clearer and growth rates remain strong. The company reported $657 million in net revenue for Q1, a $194 million increase from the same period in 2024, reflecting a 42% year-over-year growth. Of this, $198 million came from its sports betting operations, while the rest was driven by its iGaming business.
When talking about the success, CEO Adam Greenblatt credited it to the momentum built in late 2024, which carried into the new year. Strategic investments made earlier in the year, focused on both betting and gaming sectors, enabled BetMGM to achieve $22 million EBITDA for Q1, the first time ever positive EBITDA. This resulted in a stock price increase for both joint owners, MGM Resorts and Entain, seeing upward movement before stabilizing. Looking ahead, BetMGM aims to hit $2.5 billion in EBITDA for the full year 2025, supported by continued investments in technology and customer experience.
Entain
Despite strategic changes in its workforce and legal challenges, Entain also started 2025 on a good note, reporting a 9% year-over-year increase in total Group Net Gaming Revenue (NGR) for Q1. This includes its 50% share in BetMGM, which has also been a key driver of growth.
While the company hasn’t shared exact Q1 revenue figures, it did confirm a 12% increase in online NGR, or 15% when adjusted for currency, reflecting strong results from its core markets like the UK and Ireland. Without the U.S. market, online NGR grew by 6%, or 10% on a constant currency basis, driven by solid performance in sports betting.
Entain’s retail NGR also saw a slight 2% increase, reflecting stable foot traffic despite some softness in gaming volumes. The UK and Ireland posted impressive numbers, with online NGR rising 23% on a constant currency basis, while Brazil stood out with a 31% increase.
With a clear focus on well-regulated markets, Entain’s Q1 EBITDA reached $22 million, supported by strong contributions from its iGaming and online sports divisions.
Wynn Resorts
Wynn Resorts faced a not easy Q1. The company’s revenues declined to $1.70 billion, marking a 9% decline in comparison with Q1 2024. Unlike Betsson, which is mainly focused on its LatAm operations, or BetMGM, which is focused on its digital presence, Wynn Resorts focuses mainly on its land-based properties, particularly in Macau, where each day comes with a wide range of new regulations. Sounds tough, right? Anyways, Wynn reported $532.9 million in adjusted property EBITDA, showing the power of its operations. It is significantly less than Q1 2024’s $646.5 million. However, looking ahead, Wynn plans to score more goals through international growth, with projects like its Al Marjan Island, which expects to transform the UAE market.
DraftKings
DraftKings, as a digital-first competitor, posted a strong Q1 with a 20% rise in revenue to $1.41 billion, mainly due to its recent acquisition of Jackpocket. While this move has parallels with Betsson’s expansion strategy, DraftKings’ reliance on high-volume, lower-margin players sets it apart from premium-focused operators like Wynn and Entain. The company’s decision to lower its full-year guidance, despite strong quarterly results, shows the unique challenges facing the U.S.-focused operators, including high customer acquisition costs and intense market competition.
Explore Full Q1 Reports
Final thoughts
With Q1 officially in the rearview, the iGaming industry steps into Q2, a quarter that promises just as much excitement and uncertainty. As operators navigate through ever-changing regulations and fierce competition, the game becomes more challenging than ever. From Betsson’s push into Latin America to BetMGM’s continued dominance in the U.S., each player is positioning itself for a successful year. As the dust settles from Q1, now everyone is watching who will take the lead in Q2.