BetMGM, the joint venture between Entain and MGM Resorts International, has revised its full-year guidance upward following a strong showing in the first half of 2025.
The operator reported $1.35 billion in net revenue for H1, up 35% year-over-year, alongside a major EBITDA swing to $109 million, rebounding from a $123 million loss in the same period last year.
The company’s growth was fuelled by continued momentum in both iGaming and online sports betting. iGaming led with $891 million in net revenue, a 28% YoY increase, while online sports betting surged 61% to $422 million.
Second-quarter results were a standout, generating $692 million in net revenue, a 36% increase from Q2 2024. This included $449 million from iGaming (up 29%) and $228 million from sports betting (up 56%). The growth was underpinned by enhanced player targeting, new content offerings, and a stronger overall product experience. Average monthly actives in Q2 also rose 7% YoY, indicating increased user engagement.
Exclusive titles such as The Wizard of Oz, Price is Right, and Family Feud franchises continued to anchor the iGaming vertical. BetMGM’s strategy also included advanced engagement tools, expanded live dealer content, and effective cross-sell promotions between verticals.
In sports betting, BetMGM reported a $7.5 billion handle for H1 2025—up 27% from the previous year. Improvements in user interface and parlay features supported this growth. Notably, handle per active user jumped 34%, while NGR per active climbed 70%. The NGR margin improved by 120 basis points YoY.
Revenue from retail and other sources declined slightly to $36 million, down from $42 million in H1 2024. Nonetheless, digital performance outweighed these declines, maintaining a strong growth trajectory.
The company also strengthened its omni-channel offering, especially in Nevada. A new flagship app and nationwide digital wallet boosted land-based and online integration. As a result, monthly actives in Nevada increased 30% and cross-state betting rose significantly. Nearly half of BetMGM’s top 20 slot titles now support omni-channel functionality.
In light of these results, BetMGM has raised its full-year 2025 guidance. The operator now expects net revenue to reach at least $2.7 billion, with EBITDA of $150 million-up from previous estimates of $2.6 billion and $100 million, respectively.
Long-term, BetMGM remains committed to its $500 million annual EBITDA target, supported by a 14% GGR share across active U.S. markets, including 22% in iGaming and 8% in online sports betting.
While the company continues to grow in a competitive and evolving regulatory space, it sees operational efficiency and product innovation as key differentiators. BetMGM confirmed no further capital injections from Entain or MGM Resorts are planned, with a $150 million credit line remaining untouched.
