BetMGM Increases 2025 Outlook Driven by Strong iGaming and Sports Betting Growth
On July 29, 2025, BetMGM raised its forecast for the year. The move came after strong results in iGaming and online sports betting. We saw revenue climb sharply in the first half of the year, with digital casino games leading the growth. Sports betting also posted double‑digit gains, thanks to new features and better customer engagement.
This is not just about higher numbers. It shows how fast the U.S. online gambling market is maturing. BetMGM, a joint venture between MGM Resorts and Entain, now targets more than $2.7 billion in revenue for 2025. It also expects core earnings of at least $150 million, almost 50% higher than earlier goals. That confidence signals a shift, from chasing scale to building profitable growth.
Mid‑Year Financial Highlights
In the first half of 2025, BetMGM posted $1.35 billion in net revenue, a 35% year-over-year increase. Even more impressive, EBITDA jumped to $109 million, improving by $232 million from a loss of $123 million in 1H 2024. In Q2 alone, net revenue hit $692 million (+36% YoY), and EBITDA reached $86 million ($78 million improvement YoY). These numbers reflect better monetization, higher engagement, and clearer strategy execution.
Segment Performance: iGaming vs Online Sports Betting
iGaming
The iGaming business generated $449 million in Q2 (+29%) and $891 million in 1H (+28%). Growth was driven by exclusive branded games like The Wizard of Oz, Price Is Right, and Family Feud, as well as creative engagement tools and live‑dealer content. These features helped attract more players, increase active player days, and boost retention in 2025 cohorts.
Online Sports Betting
Online sports revenue reached $228 million in Q2 (+56%) and $422 million in 1H (+61%). The company achieved stronger results through refined CRM, better targeting, and improved product experience. The handle per active user increased by 34%, and net gaming revenue per active user climbed by 70%. Active player days and the number of bets per active player also climbed significantly.
Customer & Engagement Metrics
Average monthly active users in Q2 stood at approximately 901,000, up 7% year-over-year. In 1H, the average reached about 984,000, up 6%. We saw growth in handle per user, more active days per player, and improved NGR per active, all signs of stronger user quality and retention. These are key indicators of a healthier, more profitable model.
Market Position & Competitive Landscape
BetMGM controls about 14% of the gross gaming revenue (GGR) in active U.S. markets. Markets, split roughly 22% in iGaming and 8% in sports betting. It competes with FanDuel and DraftKings but has carved out a strong position, especially in states where MGM’s land-based properties and Bonvoy loyalty program provide synergy advantages.
Upgraded 2025 Outlook & Longer‑Term Potential
With rising confidence, BetMGM has raised its full-year 2025 revenue guidance to at least $2.7 billion, up from a previous baseline of $2.6 billion, and EBITDA guidance to at least $150 million, vs prior target of $100 million or more. CEO Adam Greenblatt highlighted the positive turnaround and said the company now expects to reach $500 million in EBITDA in the coming years, without needing fresh capital from its parent companies.
Strategic Drivers & Outlook
BetMGM’s strategy includes multi-channel integration via MGM Resorts’ land properties, plus a national digital wallet and app. This creates cross-sell opportunities and deeper loyalty engagement, especially in Nevada, where omnichannel adoption is strong. We also see deeper investment in analytics, player targeting, and experience personalization. Exclusive titles and omnichannel gaming reinforce differentiation and help retain high‑value players.
Risks & Considerations
Even with strong growth, risks remain. These include regulatory changes across U.S. states, fierce competition from rivals, and margin pressure due to promotional spending. BetMGM also faces execution risks as it expands its operations and works to maintain rapid growth. Future guidance is forward‑looking, so variability remains a factor.
Implications for Investors & Industry
The upgraded outlook led to a surge in BetMGM-related stocks. MGM Resorts’ shares climbed about 6–6.5%, and Entain’s stock in London also gained following the company’s updated forecast announcement. Other casino and sports betting equities like Wynn Resorts and Las Vegas Sands also saw positive momentum, showing investor confidence in the broader sector’s trajectory.
Conclusion
BetMGM’s strong first-half performance underlines its ability to drive both scale and profitability through its iGaming and sports betting operations. We now expect full-year revenue of $2.7 billion+ and EBITDA of $150 million+, supported by deep customer engagement, exclusive content, and omnichannel integration. As the company pivots toward its longer-term goal of $500 million EBITDA, it stands as a compelling example of profitable growth in a fast‑evolving market.
FAQS:
The biggest cost is marketing and promotions. Companies spend a lot on ads, bonuses, and free bets to get new customers and keep them playing regularly.
Flutter Entertainment, which owns FanDuel, is often seen as the most profitable. It leads the U.S. market in sports betting and earns billions yearly from steady customer growth.
The United States spends the most. Legal sports betting expanded after 2018, and Americans wager tens of billions of dollars each year, especially during major sports events.
Disclaimer:
This content is for informational purposes only and not financial advice. Always conduct your research.