BetMGM tells markets that it is operating with “stronger confidence than ever” in achieving its long-term growth and value for investors.

The statement comes at the close of a period of significant underlying growth, as H1 saw BetMGM generate net revenues of $1.35bn, up 35% in 2024, compared to $999m in the same period of 2023.

Confidence is underlined as the Entain Plc and MGM Resorts’ US-facing joint-venture delivered its best quarter in business, generating Q2 income of $692m, marking a 36% year-on-year increase and a step-change in profitability.

Q2 trading is seen as a turning point for a better-balanced BetMGM, generating iGaming revenues of $449m and sports betting revenues of $228m, period growth rates of +29% and +56% respectively.

Improved headline results saw BetMGM net a Q2 EBITDA of $86m, a 10x jump of 2024 results of $8m, as on a year-basis, group EBITDA stands at $109m. 

Leadership of BetMGM states that improved trading stabilises its position in regulated US states with a stabilised 14% GGR market share across its active states, including 22% in iGaming and 8% in Online Sports.

“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,” said Adam Greenblatt, CEO of BetMGM.

“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.” 

H1 highlights saw Entain point investors to a refreshed online sportsbook strategy centred on a “premium mass approach and enhanced CRM”, delivering a more engaged and higher-value player base.

The upgraded sportsbook platform drove a 34% increase in handle per active and a 70% uplift in NGR per active, alongside a 14% rise in active player days and 24% more bets per active.

BetMGM also reported a +120 basis point improvement in NGR margin year-on-year, supported by a strengthened product offering, broader parlay capabilities, and improved UX navigation and app speed.

Looking back over its Q2 trading, BetMGM has pointed to advancements made across sports betting, iGaming, and omnichannel gambling – the latter an area where Entain’s experience as operator of Ladbrokes and Coral in the UK may have come in handy.

It is also interesting to see BetMGM move towards omnichannel operations, given MGM Resorts status as one of the biggest bricks-and-mortar casino operators in the US.

The launch of the company’s nationwide digital wallet earlier this year was a critical moment in this omnichannel journey. The firm states it has improved integration across omni channel touch points over the following months, supporting more efficient customer acquisition and retention.

BetMGM remains the third-largest sportsbook in the US by market share, though it is still falling heavily behind FanDuel and DraftKings. It is hoped that upgrades to its sports betting platform, particularly in the growing iGaming space, will help it gain ground.

Closing its interim trading update, BetMGM leadership has upgraded full-year 2025 guidance, due to stronger-than-expected Q2 results.

Leadership expects to deliver net revenue of at least $2.7bn and EBITDA of no less than $150m. Profitability is still evading the JV, but corporate management is becoming more and more confident of achieving this with every quarterly update.

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