Las Vegas, July 29, 2025 — BetMGM, the U.S. sports‑betting and iGaming joint venture between MGM Resorts and Entain, has delivered a standout performance in the second quarter of 2025, sparking a second earnings upgrade and reinforcing optimism among investors and operators alike.
Momentum by the Numbers
- Net revenue for Q2 reached $692 million, up 36% year-on-year, with first-half revenue at $1.35 billion (+35%)
- EBITDA jumped to $86 million in Q2—an increase of $78 million versus the prior year. H1 EBITDA reached $109 million, reversing a $123 million loss in H1 2024.
Driving Forces: iGaming & Sportsbook
- iGaming revenue: $449 million in Q2, a 29% rise—fuelled by exclusive branded slots, engagement tools, and stronger player management.
- Online sports betting: surged 56% YoY to $228 million, with handle up 25% to $3.43 billion, reflecting improved targeting, product strength, and monetization.
BetMGM now holds approximately 22% of GGR market share in iGaming and 8% in sports across U.S. regulated markets, maintaining its third‑largest operator status behind DraftKings and FanDuel.
Executive Insight
BetMGM CEO Adam Greenblatt commented:
“BetMGM has seen a strong first half of the year, delivering significant revenue and EBITDA growth that is underpinned by the ongoing execution of our strategic plan. … BetMGM is healthier than it has ever been, a testament to the hard work of our teams … Our stronger‑than‑expected performance through H1 2025 positions us well for the rest of the year.”
Guidance Upgraded Again
- Full-year 2025 revenue guidance has been raised to at least $2.7 billion (up from $2.6 billion post‑Q1).
- EBITDA guidance now stands at at least $150 million, versus earlier forecasts of just breaking even or $100 million. This marks a dramatic turnaround from a $244 million EBITDA loss in 2024.
Greenblatt noted the upgraded results reflect “the momentum we have built since the second half of 2024.”
Key Performance Highlights
| Metric | Q2 2025 | H1 2025 | YoY Growth |
|---|---|---|---|
| Net Revenue | $692M | $1.35B | +36%, +35% |
| EBITDA | $86M | $109M | +78M, +232M swing |
| iGaming Revenue | $449M | $891M | +29%, +28% |
| Online Sports Revenue | $228M | $422M | +56%, +61% |
| Handle (Sports) | $3.43B | $7.52B | +25%, +27% |
| Average Monthly Actives | 901K | 984K | +7%, +6% |
Operational & Strategic Levers
- Omnichannel play: Nearly half of BetMGM’s top 20 slots titles are omnichannel, including IP tie-ins like The Wizard of Oz, enhancing cross-channel appeal.
- Nevada user growth: Monthly actives rose 30%, with fourfold growth in players using digital wallets outside the state.
- Capital discipline: The $150 million revolving credit facility remains unused, with no further funding expected.
Looking Ahead
BetMGM now targets:
- At least $2.7 billion in revenue
- At least $150 million in EBITDA
- A long-term goal of $500 million EBITDA in the coming years, supported by operational leverage and improved player ROI.
Industry Takeaway
BetMGM’s Q2 and H1 2025 results reflect a maturation of strategy. Growth across both sportsbook and iGaming, combined with refined player acquisition, engagement tools, and omnichannel integration, has produced real profitability—and the confidence to set bold future targets.
For rivals and analysts alike, the operator’s trajectory signals that scale, product differentiation, and financial discipline now distinguish leading platforms. With EBITDA turning positive post a multi‑hundred‑million dollar loss in 2024, BetMGM is signalling not just growth, but operational stability—clearly establishing itself as an iGaming and sports-betting powerhouse.