BetMGM has increased its full-year guidance for the second consecutive quarter after the operator exceeded expectations during Q2, with EBITDA now set to amount to at least $150 million in 2025, up 50% from its previous forecast.
The figure, revealed in an update ahead of its full Q2 earnings report on Tuesday, is some way ahead of the initial “EBITDA positive” guidance issued during BetMGM’s full-year 2024 results. It also exceeds the subsequent guidance of “at least $100 million” following a positive Q1 for BetMGM.
If achieved, it would be in stark contrast to the $244 million EBITDA loss reported in FY24.
BetMGM also increased its FY revenue target to “at least $2.7 billion”. This would be 12.5% above the initial forecast of $2.4 billion.
“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 CEO Adam Greenblatt said. “The momentum we have built since the second half of 2024 accelerated through the first half of 2025.
“Our stronger than expected performance through H1 2025 positions us well for the rest of the year. It reinforces our confidence in the future and the many opportunities ahead.”
What drove BetMGM’s Q2 revenue uptick?
Going into detail on Q2, BetMGM said revenue for the three months to 30 June was $692 million, up 36% year-on-year. This was driven by double-digit growth across both its online sports betting and iGaming operations.
iGaming remained the primary source of revenue at $449 million, a rise of 29% from the previous year. BetMGM said this was helped by exclusive content, differentiated engagement tools and enhanced player management.
BetMGM also noted a 14% gross gaming market share in active markets, with this at 22% for iGaming and 8% sports betting.
Sports betting revenue jumped 56% to $228 million, which BetMGM said reflected a strengthened product and refined player engagement. Betting handle for the quarter was also 25% higher at $3.43 billion.
However, retail and other revenue during Q2 fell 5% to $16 million. BetMGM did not go into detail on the reasons for this decline.
Overall, the average number of monthly active players across the operator’s platforms was up 7% during Q2.
All this contributed to an EBITDA of $86 million, some $78 million more than Q2 last year.
BetMGM H1 revenue tops $1.35 billion
Looking to the first half, revenue for the six months to 30 June amounted to $1.35 billion, an increase of 35%. The period followed a similar pattern to that of Q2, with double-digit increases for both iGaming and sports betting.
Revenue from iGaming was up 28% in H1 to $891 million, while sports betting revenue hiked 61% to $422 million. On top of this, sports wagering handle for the period was 27% higher at $7.5 billion. Average monthly active players across all BetMGM platforms was up 6%.
On the back of this, group EBITDA reached $109 million, in contrast to the $123 million loss reported in H1 2024.
“Our iGaming business continues to deliver new records as we showed why BetMGM is the go-to destination for all players and, in online sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board,” Greenblatt said.
“BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business.”
BetMGM remains a joint venture between MGM Resorts and Entain. MGM is scheduled to publish its Q2 and H1 results on 29 July, and Entain on 12 August.
Q2 revenue at BetMGM jumped 36% YoY, thanks to growth across both betting and iGaming. Growth was seen across almost all verticals in Q2 except retail.