BetMGM H1 revenue jumps 35% as FY 2025 guidance raised to $2.7bn

Key points:

– H1 2025 net revenue rose 35% to $1.35bn, with EBITDA reaching $109m (up from a $123m loss in H1 2024) 

– Q2 2025 net revenue climbed 36% year-on-year to $692m, including iGaming revenue of $449m (+29%) and online sports revenue of $228m (+56%)

– Full-year revenue forecast upgraded to at least $2.7bn, with EBITDA expected to exceed $150m

BetMGM, the joint venture between Entain and MGM Resorts, has upgraded its FY 2025 guidance after reporting strong revenue and profitability gains in the second quarter and first half of the year.

The company’s Q2 2025 Net Revenue grew 36% year-on-year to $692m, with iGaming and online sports betting segments both posting significant gains. 

iGaming revenue reached $449m, up 29%, while online sports revenue increased 56% to $228m. Retail revenue, by contrast, declined 5% to $16m.

Quarterly EBITDA rose to $86m, a $78m improvement. First-half EBITDA totalled $109m, a $232m swing from a $123m loss in H1 2024, underpinned by consistent iGaming contribution and improving sports betting margins.

iGaming leads while sports growth accelerates

BetMGM’s iGaming offering continues to perform strongly in the North American market, maintaining a 22% gross gaming revenue (GGR) share across active markets. In Q2, Net Gaming Revenue (NGR) margin expanded by 130 basis points to 6.6%, while average monthly active users increased 7% to 901,000.

In online sports, the operator reported a 25% increase in Q2 betting handle to $3.4bn. Net revenue from online sports rose 56% to $228m, supported by a higher GGR hold of 9.8% and improved user engagement. BetMGM cited better CRM, broader product offerings and enhanced UX as key factors in its performance.

The business also reported a 34% increase in handle per active user and a 70% increase in NGR per active during the first half. Player activity improved across the board, with bets per active up 24% and active player days up 14%. 

Good to know: BetMGM ended H1 with its $150m revolving credit facility undrawn and confirmed no further capital contributions are expected from parent companies in 2025

Momentum builds after early-year initiatives

The Q2 update builds on a strong Q1, where revenue climbed 34% to $657m, supported by 68% growth in online sports and a 27% increase in iGaming revenue. 

That period also saw the operator post a positive EBITDA of $22m, led by a $133m iGaming contribution. The company’s total betting handle for Q1 reached $4.08bn, up 29% from the year prior. 

Earlier in the year, BetMGM launched its first national iCasino commercial featuring Jamie Foxx, introduced EveryMatrix content in West Virginia and rolled out new responsible gambling initiatives across the US in collaboration with MGM Resorts.

Omnichannel and market positioning

The operator reported stabilised market share positions of 22% in iGaming and 8% in online sports by GGR. In Nevada, monthly actives rose 30% in H1, with a fourfold increase in players continuing activity after returning home, reflecting the rollout of its flagship app and nationwide digital wallet.

Approximately half of BetMGM’s top-grossing slots are now omnichannel titles, including recent additions from The Wizard of Oz series. 

Revised forecast and future targets

Following its stronger-than-expected first half, BetMGM has upgraded its full-year 2025 guidance. The operator now anticipates net revenue of at least $2.7bn and EBITDA of $150m or more – up from previous projections of $2.4bn–$2.5bn and breakeven EBITDA. 

The business reiterated its confidence in achieving $500m in EBITDA over the longer term.

BetMGM said its improved performance reflects increasing operational leverage, stronger player economics and long-term confidence in its integrated iGaming and sports betting model.