BetMGM Boosts 2025 Outlook Following Huge Q2 Revenue Surge

BetMGM has raised its full-year financial outlook for the second consecutive quarter after reporting a 36% year-on-year revenue increase in Q2, driven by double-digit growth in both online sports betting and iGaming. The company now expects EBITDA to reach at least $150 million in 2025—up 50% from previous guidance—signaling a sharp reversal from the $244 million loss posted in 2024.

The strong performance has also prompted BetMGM to revise its full-year revenue forecast from $2.4 billion to at least $2.7 billion, a 12.5% upward adjustment.Online Growth Offsets Retail Weakness Total Q2 revenue reached $692 million, an increase of 36% from the same quarter last year. iGaming led the way, accounting for $449 million, up 29% year-over-year. According to the company, this was driven by exclusive content offerings, enhanced player engagement tools, and improved player management.

 

Period	Total Revenue	iGaming Revenue	Sports Betting Revenue	EBITDA	Sports Betting Handle	Monthly Active Players
Q2 2025	$692M	$449M	$228M	$86M	$3.43B	+7% YoY
H1 2025	$1.35B	$891M	$422M	$109M	$7.5B	+6% YoY

 

Online sports betting revenue also saw significant growth, rising 56% to $228 million, supported by a 25% increase in betting handle to $3.43 billion. BetMGM attributed the gains to a refined product offering and more targeted player engagement. However, the company’s retail and other revenue dipped 5% to $16 million, making it the only segment to contract during the quarter. No specific reason was given for the decline.

BetMGM reported a 14% gross gaming market share across active U.S. markets, breaking down to 22% in iGaming and 8% in sports betting. The average number of monthly active users rose 7% in Q2, signaling continued traction with customers despite intensifying competition. These results contributed to a quarterly EBITDA of $86 million, a sharp improvement from the $8 million posted in Q2 2024.
H1 Performance Reflects Consistent Gains

For the first half of 2025, BetMGM recorded $1.35 billion in revenue, up 35% year-on-year. iGaming brought in $891 million (+28%), while sports betting revenue surged 61% to $422 million. Sports handle for the six-month period rose 27% to $7.5 billion. Group EBITDA for H1 reached $109 million, compared to a loss of $123 million in the first half of 2024. CEO Adam Greenblatt emphasized the company’s operational momentum:

 

“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.”

 

Strategic Outlook

The upgraded forecasts reflect growing confidence in BetMGM’s business model amid a consolidating U.S. betting and gaming market. The company’s focus on differentiated content and refined engagement strategies appears to be paying off, even as its retail segment shows signs of stagnation. BetMGM remains a joint venture between MGM Resorts and Entain. MGM is expected to release its Q2 and H1 financial results on July 29, followed by Entain on August 12.