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After a shaky 2024, BetMGM has come out swinging in 2025.
Backed by double-digit growth across both iGaming and online sports, the operator is now forecasting a record-breaking year, and the numbers show it’s more than just optimism.
H1 revenue climbs 35% as profitability improves
The numbers tell the story.
In H1 2025, BetMGM reported net revenue of $1.35bn, up 35% year-on-year, alongside a dramatic EBITDA shift to $109m, compared to a $123m loss in the first half of 2024.
The operator’s Q2 2025 results showed net revenue of $692m, growing 36% from the same period last year. This included iGaming revenue of $449m (+29%) and online sports revenue of $228m (+56%), although retail betting dropped 5% to $16m.
iGaming leads the charge, with sports not far behind
iGaming remains BetMGM’s top performer.
With a 22% gross gaming revenue (GGR) share across active North American markets, BetMGM’s iGaming business continues to show strength. In Q2, the Net Gaming Revenue margin expanded to 6.6%, up 130 basis points, while monthly active users rose 7% to 901,000.
In online sports betting, the company posted a 25% increase in betting handle, reaching $3.4bn. Stronger CRM tools, a broader product range and improved user experience drove a 56% jump in revenue, alongside a healthy 9.8% GGR hold.
The business also reported improved player metrics:
- Handle per active user: up 34%
- NGR per active: up 70%
- Bets per active: up 24%
- Active player days: up 14%
No new capital needed as credit remains untouched
A strong balance sheet backs this momentum.
BetMGM confirmed that it ended H1 with its $150m credit facility undrawn and that no additional capital contributions from Entain or MGM Resorts are expected this year. The company’s current structure appears sustainable as revenue and margins continue to climb.
Q1 success laid the groundwork
This solid Q2 follows a strong start to the year.
In Q1, revenue rose 34% to $657m, led by 68% growth in online sports betting and 27% growth in iGaming. The quarter also brought in positive EBITDA of $22m, with iGaming alone contributing $133m.
Earlier in the year, BetMGM also:
- Released its first national iCasino advert starring Jamie Foxx
- Rolled out EveryMatrix content in West Virginia
- Expanded responsible gambling efforts across the US
Strong market share and omnichannel strategy
BetMGM’s position is holding steady.
The operator maintained a 22% share in iGaming and 8% in online sports. In Nevada, monthly active players rose 30%, with a fourfold increase in those continuing to play after returning home, highlighting its national digital wallet and unified app.
Omnichannel performance is also growing, with half of BetMGM’s top-grossing slots now coming from crossover titles like The Wizard of Oz series.
Full-year forecast now raised to $2.7bn
The revised outlook shows confidence.
BetMGM now expects to bring in at least $2.7bn in net revenue this year, with EBITDA to exceed $150m, up from earlier projections of $2.4bn–$2.5bn and breakeven profitability. This revision closely mirrors earlier market assumptions, as Entain had previously forecast BetMGM’s 2025 revenue in the $2.4bn–$2.5bn range, with EBITDA finally moving into the positive.
In the long term, BetMGM says it’s aiming for $500m in EBITDA, driven by stronger player economics, greater operational efficiency and continued growth in its integrated iGaming and sports model.
Source: Gambling Insider
