BetMGM has reported stronger-than-anticipated financial results for the second quarter and first half of 2025, prompting the company to revise its full-year guidance upward. The joint venture between MGM Resorts and Entain revealed substantial year-over-year growth in both revenue and profitability, with a standout performance in its iGaming and online sports betting divisions.

H1 Revenue Surpasses $1.35B as BetMGM Lifts Full-Year Outlook

For Q2 2025, BetMGM posted $692 million in net revenue, reflecting a 36% increase from the same period in 2024. Across the first half of the year, revenue reached $1.35 billion, marking a 35% year-over-year rise. The company’s EBITDA also turned sharply positive, totaling $109 million for H1, a major turnaround from the $123 million loss recorded in the first half of 2024.

CEO Adam Greenblatt commented in MGM Resorts’ press release, “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. The momentum we have built since the second half of 2024 accelerated through the first half of 2025.”

The iGaming segment remains the bedrock of BetMGM’s business, contributing $449 million in Q2 revenue, up 29% from the previous year. This performance was fueled by an exclusive content library—including branded titles such as The Wizard of Oz, Price is Right and Family Feud—alongside enhanced player engagement features and refined management tools. First-half iGaming revenue totaled $891 million, an increase of 28%.

Meanwhile, online sports betting showed even sharper gains. Q2 revenue from this vertical climbed 56% to $228 million, supported by a 25% increase in handle to $3.43 billion. The company noted that improved user targeting, CRM, and a more diverse product offering contributed to this growth. First-half sports betting revenue reached $422 million, a 61% increase, while the total handle for the period hit $7.5 billion, up 27%.

In terms of market share, BetMGM maintained its podium position with 22% of gross gaming revenue (GGR) in iGaming and 8% in online sports across active U.S. markets.

Monthly active user counts also trended positively. In Q2, the operator recorded 901,000 average monthly actives, up 7% year-on-year. Bet frequency and engagement also improved, with a 24% rise in bets per active user and a 14% increase in active player days during H1.

Omnichannel and Operational Advances Strengthen Position

BetMGM’s omnichannel approach continued to yield results in H1 2025. The company reported a 30% boost in monthly active users in Nevada, alongside a fourfold increase in users who continued betting after returning home, thanks in part to its flagship app and digital wallet expansion. Nearly half of the operator’s top-performing slots are now omnichannel games, including new releases tied to The Wizard of Oz series.

The business also confirmed that its $150 million revolving credit facility remains unused, with no additional funding from parent companies expected for the remainder of the year.

Looking ahead, BetMGM has raised its FY2025 forecast to at least $2.7 billion in revenue and $150 million in EBITDA. This revised guidance marks a significant jump from previous estimates, which projected EBITDA around breakeven and revenue between $2.4 and $2.5 billion.

“Our stronger than expected performance through H1 2025 positions us well for the rest of the year,” Greenblatt added. “It reinforces our confidence in the future and the many opportunities ahead.”

The company reiterated its long-term goal of reaching $500 million in annual EBITDA, citing growing operational leverage and improved player economics as key drivers of future profitability.