BetMGM’s positive momentum to kick off 2025 has continued into the second quarter, with iGaming being one of the main drivers behind the operator’s growth during the period.
It comes amidst the continued expansion of BetMGM’s content library, with the operator tapping into IP titles such as The Wizard of Oz, Price is Right and Family Feud, as these games were also considered a significant supporting factor.
In reflection, CEO Adam Greenblatt stated that BetMGM is “healthier than it has ever been” with iGaming operations delivering new records, while refined player targeting and management capabilities drove strong engagement and player KPIs in online sports betting.
As a result, the Entain and MGM Resorts International joint venture has upgraded its FY25 guidance, while also increasing its confidence in achieving its long-term goal of $500m EBITDA in the coming years.
Q2 net revenue came in at $692m, a 36% uptick in comparison to the same period last year, and average monthly actives were up 7% year-over-year. Across H1, net revenue was up 35% YoY to $1.35bn (H1 2024: $999m).
iGaming revenue rose by 29% YoY to $449m, attributable to “exclusive content, differentiated engagement tools and enhanced player management”. For H1, iGaming revenue increased by 28% YoY to $891m (H1 2024: $695m).
BetMGM noted that it continued to invest in its iGaming offering to “acquire and retain a broader pool of players at attractive payback periods”.
The operator highlighted player volumes and engagement KPIs in H1, as average monthly actives in the vertical increased by 38% YoY, while active player days each month (total player days over the period divided by total monthly actives over the same period) were up 34%.
Player engagement tools were also spotlighted, improving active player days and 2025 cohort retention, live dealer business investment and promotion targeting and showcasing to cross-sell igaming and online sports betting players in multi-product states.
Greenblatt said: “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.”
Online sports betting revenue increased by 56% to $228m following “strengthened product and refined engagement”. For H1, online sports betting revenue rose by 61% YoY to $422m (H1 2024: $262m).
BetMGM stated that the growth showcases “successful brand repositioning, player acquisition and management, alongside ongoing product improvements”, including a broader offering and parlay capabilities, as well as enhanced UX navigation and app speed.
In addition, a “premium mass” approach and enhanced CRM help to deliver “a more engaged and higher quality player base”, as in H1:
Greenblatt said: “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.”
BetMGM also reflected on differentiated omnichannel opportunities, noting that it continues to benefit from its omnichannel position in Nevada with its app and nationwide digital wallet with better integration across touchpoints to support acquisition and retention.
For H1, the operator has reported a 30% YoY growth in Nevada monthly actives, with a four times increase in the number of Nevada actives continuing to play in their home state. 50% of its top 20 grossing slot titles are omnichannel games.
Q2 EBITDA stood at $86m, increasing by $78m YoY, thanks to the iGaming and online sports betting contributions. For H1 overall, EBITDA stood at $109m, up $232m YoY (H1 2024: minus $123m).
BetMGM stated it has a 14% GGR market share in active markets with iGaming at 22% (five markets) and online sports betting at 8% (24 markets).
The operator added its $150m revolving credit facility “remains undrawn with no further capital from parent companies expected”.
Thanks to the Q2 and H1 performance, BetMGM has decided to increase its FY25 guidance to at least $2.7bn in net revenue and at least $150m in EBITDA, while also continuing to express its confidence in long-term profitability. Previous guidance of $2.4bn to $2.5bn was issued by the operator near the beginning of the year.
Sights also continue to be focused on achieving its long-term goal of $500m EBITDA in the coming years.
“BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business,” Greenblatt concluded.
“Our stronger-than-expected performance through 1H 2025 positions us well for the rest of the year, reinforcing our confidence in the future and the many opportunities ahead.”
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