BetMGM Reports Strong Q2 Growth Driven by Robust Betting and iGaming Strategies
BetMGM’s second-quarter revenue surged by 36% year-over-year, attributed to significant advancements in both sports betting and iGaming. Notably, the company saw comprehensive growth across almost all areas, except its retail segment.
Due to its impressive performance in Q2, BetMGM has raised its full-year revenue predictions for the second consecutive quarter. The estimated EBITDA for 2025 is now projected to exceed $150 million—an increase of 50% from earlier guidance. This revised forecast is a considerable leap from the initial “EBITDA positive” target set during its full-year 2024 results and surpasses the subsequent estimate of at least $100 million following a strong Q1.
If these projections hold true, they would represent a remarkable turnaround from the $244 million EBITDA loss reported in fiscal year 2024. Additionally, BetMGM has increased its yearly revenue target to a minimum of $2.7 billion, reflecting a 12.5% boost from the original estimate of $2.4 billion.
According to CEO Adam Greenblatt, “BetMGM has experienced a robust first half of the year, showcasing substantial revenue and EBITDA growth fueled by the execution of our strategic initiatives. The momentum gained since the latter half of 2024 has continued into 2025.”
Factors Behind BetMGM’s Impressive Q2 Growth
In Q2, BetMGM’s total revenue for the three months ending June 30 reached $692 million, driven by double-digit gains in both online sports betting and iGaming. iGaming remained the cornerstone of revenue, contributing $449 million—a notable 29% increase from the previous year. This rise was bolstered by exclusive content, enhanced engagement tools, and advanced player management strategies.
BetMGM also reported a 14% gross gaming market share in active markets, with iGaming accounting for 22% and sports betting 8%. Sports betting revenue shot up by 56% to $228 million, reflecting improvements in product offerings and a refined approach to player engagement. Betting handle for the quarter reached $3.43 billion, marking an increase of 25%.
On the other hand, revenue from retail and other channels experienced a 5% decline to $16 million, although specific reasons for this drop were not clarified. Nevertheless, the average number of monthly active players across all platforms climbed by 7% during Q2, helping to propel the EBITDA to $86 million, a significant $78 million increase compared to last year.
A Look at the First Half of 2025
For the first half of the year, BetMGM’s revenue topped $1.35 billion, reflecting a 35% growth. The trends were consistent with those in Q2, showcasing double-digit increases in both sectors. iGaming revenue rose by 28% in the first half to $891 million, while sports betting revenue soared by 61% to $422 million. Additionally, the sports wagering handle grew by 27% to $7.5 billion, with the average number of monthly active players rising by 6%.
As a result, the group’s EBITDA reached $109 million, in stark contrast to the $123 million loss recorded during the same period in 2024. Greenblatt emphasized the success of their iGaming initiatives, stating, “Our business continues to redefine standards, solidifying BetMGM as the premier choice for players. In online sports, our enhanced targeting capabilities have significantly boosted engagement and player metrics.”
BetMGM’s operation remains a collaborative venture between MGM Resorts and Entain, with MGM set to release its Q2 and H1 results on July 29, followed by Entain on August 12.