BetMGM Raises Full-Year Revenue Outlook Again After Strong H1 Growth

BetMGM has upgraded its full-year revenue guidance for the second time in two months, following a robust performance in Q2 and the first half of 2025. The joint venture between Entain and MGM Resorts reported total North American net revenue of $692 million in Q2, up 36% year-on-year, with H1 revenue climbing 35% to $1.35 billion.

iGaming net revenue rose 29% in Q2 to $449 million and reached $891 million for H1, a 28% increase. Meanwhile, sports betting revenue surged 56% in Q2 to $228 million, bringing the H1 total to $422 million, up 61%.

Following an initial June upgrade from $2.4–$2.5 billion to $2.6 billion, BetMGM now expects full-year 2025 revenue of at least $2.7 billion. The company also lifted its 2025 EBITDA forecast to $150 million, up from the previous projection of at least $100 million.

CEO Adam Greenblatt commented:

“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.

The momentum we have built since the second half of 2024 accelerated through the first half of 2025. Our igaming business continues to deliver new records… and in online sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board.”

He added that the business is “healthier than it has ever been,” and that strong early-year results reinforce confidence in BetMGM’s long-term prospects.

In Q2, average monthly active players in igaming rose 7% to 901 million, with H1 growth reaching 6% to 984 million. BetMGM also reported a 14% GGR market share in active states, broken down into 22% for igaming and 8% for online sports betting.

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