Strong first-half performance propels BetMGM to enhance its 2025 expectations
BetMGM, the joint venture between Entain and MGM Resorts International, has reported impressive growth in the first half of 2025. The company's net revenue for the period stood at $1.35 billion, marking a significant 35% year-over-year increase.
The growth was driven by strong performances in both iGaming and online sports betting. iGaming contributed $449 million to BetMGM's Q2 2025 revenue, up 29% from Q2 2024. Online sports betting also contributed significantly, with a net revenue of $228 million, a 56% increase from Q2 2024.
The company's focus on an omnichannel approach has paid off, with nearly half of BetMGM's top 20 slot titles now supporting this functionality. This strategy has been particularly effective in Nevada, where BetMGM strengthened its omni-channel offering. A new flagship app and nationwide digital wallet have boosted land-based and online integration in the state.
As a result, monthly actives in Nevada increased 30% due to the improved omni-channel offering. Average monthly actives across all markets rose 7% year-over-year, indicating increased user engagement.
BetMGM's EBITDA for the first half of 2025 was $109 million, rebounding from a $123 million loss in the same period last year. The company remains committed to its long-term growth strategy, which centers on sustainable EBITDA scalability, maintaining and expanding its market leadership in the U.S. online gambling sector, and balancing aggressive market share growth with profitability.
The company targets $500 million EBITDA long-term, up from a raised 2025 guidance of $150 million+. In Q2 2025, BetMGM generated $692 million in net revenue, a 36% increase from Q2 2024.
Cross-state betting rose significantly as a result of the enhanced omni-channel offering. BetMGM reported a $7.5 billion handle for H1 2025 in sports betting, up 27% from the previous year.
Despite a slight decline in retail revenue, digital performance maintained a strong growth trajectory. The EBITDA for full-year 2025 is now expected to be $150 million, up from previous estimates of $100 million.
In a positive development, BetMGM raised its full-year 2025 guidance, expecting net revenue to reach at least $2.7 billion. The company remains optimistic about its future in the growing online gambling market.
[1] BetMGM Press Release: Q2 2025 Financial Results
[2] Yahoo Finance: BetMGM Reports Strong Q2 2025 Results
[3] Forbes: BetMGM's Growth Strategy In The U.S. Online Gambling Market
[4] CNBC: BetMGM Raises Full-Year 2025 Guidance After Strong Q2 Results
[5] Seeking Alpha: BetMGM's Q2 2025 Earnings Call Transcript
Technology played a crucial role in BetMGM's growth, as its focus on an omnichannel approach and the development of a new flagship app and digital wallet facilitated increased integration in sports betting. The strong performances in online sports betting and iGaming, which collectively contributed over $677 million to BetMGM's Q2 2025 revenue, underscore the potential of technology-driven sports betting in driving business growth.
