BetMGM, the joint venture between MGM Resorts International and Entain, has announced a strong showing in its second-quarter and first-half 2025 results, prompting an upward revision of its full-year financial guidance. Fueled by growth in both iGaming and Online Sports, the company continues to build momentum in the North American market.
Revenue and EBITDA Surge Amid Strategic Execution
In Q2 2025, BetMGM recorded net revenue of $692 million, a 36% increase year-over-year, contributing to a first-half total of $1.35 billion—up 35% compared to the same period in 2024. EBITDA reached $86 million for Q2, up $78 million from the previous year, while first-half EBITDA stood at $109 million, representing a $232 million year-over-year swing from a prior loss.
CEO Adam Greenblatt attributed these results to focused strategic delivery: “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 and colleagues across the business.”
iGaming Leads with Exclusive Content and Engagement
BetMGM’s iGaming business generated $449 million in revenue during Q2, a 29% increase year-over-year, and $891 million for the first half—boosted by exclusive titles such as The Wizard of Oz, Price is Right, and Family Feud.
The company emphasized its continued investment in player engagement tools and live dealer offerings, which contributed to strong player retention and higher activity levels. Average monthly active users (AMAUs) increased 7% year-over-year in Q2 and 6% across the first half.
Online Sports Bets Pay Off
Online Sports delivered standout growth, with Q2 revenue up 56% to $228 million and first-half revenue climbing 61% to $422 million. These gains were attributed to product enhancements, targeted marketing, and improved customer relationship management.
Player engagement metrics also saw significant improvement, including a 34% rise in handle per active user and a 70% increase in NGR per active in the first half. BetMGM’s refined approach has resulted in a more valuable, engaged customer base, with more bets placed and improved margins.
Omnichannel Approach Shows Strong ROI
In Nevada, where BetMGM launched its flagship app and unified digital wallet, monthly active users surged by 30% in H1. The number of players continuing gameplay in their home state rose fourfold.
About half of BetMGM’s top 20 grossing slot games now feature omnichannel capabilities, further integrating retail and digital experiences. The live dealer and branded title strategy continues to differentiate BetMGM’s offering in a crowded market.
Upgraded Guidance and Long-Term Outlook
Given the better-than-anticipated performance, BetMGM has raised its full-year 2025 forecast. It now expects at least $2.7 billion in net revenue and $150 million in EBITDA. The company also reiterated its long-term ambition to achieve $500 million in annual EBITDA, backed by growing market share, expanding player bases, and increased operational leverage.
With a secured 14% share of the gross gaming revenue (GGR) market across active states—including a 22% share in iGaming and 8% in Online Sports – BetMGM continues to solidify its standing as a top-tier operator in North America.
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Source:
“2025 BetMGM 2Q update”, entaingroup.com, Jul 29, 2025
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