Shares in Entain PLC (LSE:ENT) jumped 9% on Monday after its US joint venture BetMGM posted a $22 million profit in the first quarter, up from a $132 million loss a year ago.
The update boosted confidence that the operation will deliver full-year positive EBITDA in 2025.
The business, jointly owned with MGM Resorts, reported a 34% rise in net revenue to $657 million, with iGaming revenue up 27% and online sports revenue soaring 68%.
"2025 is off to an encouraging start," BetMGM CEO Adam Greenblatt said, citing strong player engagement and improved sports betting performance.
It maintained its forecast for 2025 net revenue of $2.4 billion to $2.5 billion and reiterated a longer-term goal of $500 million in annual EBITDA. Growth was driven by improved margins, expanded player activity, and a refined player management strategy.
In afternoon trading, Entain shares were up 52.8p at 641p.