BETMGM 2Q/1H 2025 UPDATE & FY2025 GUIDANCE INCREASE

Rhea-AI Summary

BetMGM (GMVHY) reported strong growth in Q2/1H 2025, with Q2 Net Revenue up 36% YoY to $692 million and EBITDA of $86 million (up $78 million YoY). The company's 1H 2025 performance showed Net Revenue of $1.35 billion (+35% YoY) and EBITDA of $109 million (up $232 million YoY).

The growth was driven by strong performance in both segments: iGaming revenue grew 29% to $449 million in Q2, while Online Sports revenue increased 56% to $228 million. The company maintained a 14% GGR market share with iGaming at 22% and Online Sports at 8%.

Based on strong performance, BetMGM increased FY2025 guidance to Net Revenue of at least $2.7 billion and EBITDA of at least $150 million, expressing confidence in reaching $500 million EBITDA in coming years.

Positive

• Q2 Net Revenue increased 36% YoY to $692 million
• Q2 EBITDA of $86 million, up $78 million YoY
• iGaming revenue grew 29% to $449 million in Q2
• Online Sports revenue increased 56% to $228 million in Q2
• Average Monthly Actives up 7% YoY
• $150 million revolving credit facility remains undrawn
• Increased FY2025 guidance to at least $2.7 billion revenue and $150 million EBITDA
• Maintained strong 14% GGR market share with iGaming at 22%

Negative

• Retail/Other revenue declined 5% YoY in Q2
• Online Sports GGR market share at relatively low 8%

Insights

Financial Analyst

BetMGM's strong Q2/H1 results show accelerating profitability with 36% revenue growth and dramatically improved EBITDA, prompting increased FY25 guidance.

BetMGM has delivered exceptional financial performance in Q2 and 1H 2025, significantly outpacing expectations and demonstrating that its strategic initiatives are yielding tangible results. The headline numbers are impressive - Q2 net revenue reached $692 million (+36% YoY) with EBITDA of $86 million (a $78 million improvement YoY). For the first half, net revenue hit $1.35 billion (+35% YoY) with EBITDA of $109 million, representing a dramatic $232 million swing from the $123 million EBITDA loss in 1H 2024.

The company's dual-growth engine is firing on all cylinders. iGaming revenue grew 29% in Q2 to $449 million, while Online Sports revenue surged 56% to $228 million. This balanced growth across both segments demonstrates the effectiveness of BetMGM's strategic execution, particularly in player acquisition and retention.

The underlying KPIs are equally encouraging. Average Monthly Actives increased 7% YoY in Q2, while iGaming metrics showed 38% growth in Monthly Actives and 34% increase in Active Player Days. In sports betting, the company achieved 34% higher Handle per active user and an impressive 70% jump in NGR per active user, indicating significant improvements in monetization efficiency.

The margin story is particularly compelling. NGR Hold percentage in Online Sports improved by 130 basis points YoY to 6.6% in Q2, driving substantial contribution margin expansion. The company appears to have successfully transitioned from a growth-at-all-costs approach to a more disciplined "premium mass" strategy that prioritizes profitable player acquisition.

Based on these strong results, management has raised FY25 guidance to at least $2.7 billion in net revenue (previously $2.6 billion) and at least $150 million in EBITDA (previously $100 million). The company also reiterated its confidence in reaching $500 million EBITDA "in the coming years," suggesting a clear path to significantly higher profitability.

Notably, BetMGM's $150 million revolving credit facility remains undrawn, and the company expects no further capital from parent companies MGM Resorts and Entain, indicating a sustainable financial position with operations now self-funding. The omnichannel strategy appears to be gaining traction, particularly in Nevada where monthly actives grew 30% in 1H, suggesting potential for further cross-selling opportunities between digital and retail offerings.

Gaming Industry Specialist

BetMGM's strategic execution is delivering exceptional results across both iGaming and sports betting segments while maintaining capital efficiency.

BetMGM's strategic repositioning is clearly bearing fruit, with the company successfully executing a sophisticated multi-pronged approach that's delivering both growth and profitability. The company has cemented its position as a top-tier operator with 14% overall GGR market share, maintaining particular strength in iGaming (22% share) while improving its position in Online Sports (8% share).

The iGaming business remains BetMGM's crown jewel, generating $891 million in 1H revenue (+28% YoY). The company's exclusive content portfolio—featuring recognizable brands like The Wizard of Oz, Price is Right, and Family Feud—provides meaningful differentiation in an increasingly competitive market. The data shows this strategy is working, with 50% of BetMGM's top 20 grossing slot titles being omnichannel games that leverage these recognizable properties.

The sports betting segment has undergone a remarkable transformation, with 1H revenue growing 61% YoY to $422 million. The company's shift to a "premium mass" approach appears to be the key driver, focusing on higher-value customers rather than pursuing market share through unsustainable promotional spending. This is evidenced by the 24% increase in bets per active user and the substantial 120 basis point improvement in NGR margins.

BetMGM's omnichannel strategy is providing a competitive moat that pure-play digital operators can't match. The integration of the Nevada digital wallet and flagship app has created a flywheel effect, with Nevada monthly actives up 30% in 1H and a fourfold increase in players continuing to engage after returning home. This demonstrates the unique value proposition BetMGM can offer through its connection to MGM Resorts' physical properties.

The operational efficiency gains are particularly impressive, with the company transitioning from steep losses to significant profitability while maintaining growth. This suggests that BetMGM has achieved the scale needed to leverage its fixed-cost base and that its technology investments are paying off through improved customer acquisition and retention metrics.

With BetMGM now generating positive EBITDA and requiring no additional capital from its parent companies, the business has reached an inflection point in its development. The raised guidance and clear path to $500 million in EBITDA demonstrates management's confidence in the sustainability of these positive trends and suggests the potential for significant value creation for shareholders of both parent companies.

Stronger than expected 2Q and 1H 2025 from successful strategic execution supports increased FY25 outlook 

LAS VEGAS, July 29, 2025 /PRNewswire/ -- BetMGM LLC ("BetMGM"), one of the leading sports betting and iGaming operators across North America, jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), is today providing an update on its Second Quarter 2025 ("2Q 2025") and First Half 2025 ("1H 2025") performance.

• Strong 2Q and 1H performance as BetMGM's ongoing strategic execution drives strong and profitable growth
  • 2Q Net Revenue up 36% YoY and EBITDA of $86 million (up $78 million YoY)
  • 1H Net Revenue up 35% YoY and EBITDA of $109 million (up $232 million YoY)
• Leading iGaming offering and enhanced player engagement delivered 2Q revenues +29% (1H +28%) with strong growth in player volumes and activity
• Strong Online Sports performance with 2Q revenues +56% (1H +61%) driven by refined player marketing and management and strengthened product
• Upgrade to FY25 guidance and increased confidence in path to $500 million EBITDA in coming years
  • Expect FY25 Net Revenue of at least $2.7 billion and EBITDA of at least $150 million¹

Adam Greenblatt, Chief Executive Officer of BetMGM, 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 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 is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business. 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."

Key Financial Highlights

2Q and 1H 2025 BetMGM Financial Summary1,2,3
$ millions, unless otherwise noted	2Q 2025	YoY Change		1H 2025	YoY Change		1H 2024
Net Revenue
iGaming	$449	+29 %		$891	+28 %		$695
Online Sports	$228	+56 %		$422	+61 %		$262
Handle4	$3,427	+25 %		$7,515	+27 %		$5,914
GGR Hold %	9.8 %	+40bps		8.9 %	(10)bps		9.0 %
NGR Hold %	6.6 %	+130bps		5.6 %	+120bps		4.4 %
Retail / Other	$16	(5) %		$36	(15) %		$42
Total Net Revenue	$692	+36 %		$1,349	+35 %		$999
Contribution	$191	+$88		$307	+$241		$66
EBITDA	$86	+$78		$109	+$232		($123)
Average Monthly Actives (thousands)5	901	+7 %		984	+6 %		926

2Q/1H Financial Highlights 

• 1H Net Revenue of $1.35 billion, +35% YoY delivering 1H EBITDA of $109 million (up $232 million YoY)
• 2Q Net Revenue of $692 million, +36% YoY with continuing momentum and strong underlying growth
  • iGaming Net Revenue of $449 million, +29% YoY, driven by leading offering with exclusive content, differentiated engagement tools and enhanced player management
  • Online Sports Net Revenue of $228 million, +56% YoY, reflecting strengthened product and refined engagement
  • Average Monthly Actives +7% YoY
• 2Q EBITDA of $86 million (up $78 million YoY) underpinned by positive contribution from both iGaming and Online Sports
• Secured stabilized 14% GGR market share in active markets with iGaming (22%) and Online Sports (8%), further cementing BetMGM's podium position in the market^6,7
• $150 million revolving credit facility remains undrawn with no further capital from parent companies expected

Operational highlights

• Market leading iGaming offering
  • Continued investment behind leading iGaming business to acquire and retain a broader pool of players at attractive payback periods
  • Strong player volumes and engagement KPIs underpin 1H outperformance
    • 1H Average Monthly Actives +38% and Active Player Days each month +34%⁸
  • Attractive player economics supported by:
    • Exclusive and unparalleled library of content including The Wizard of Oz, Price is Right and Family Feud
    • Creative player engagement tools improved active player days and 2025 cohort retention
    • Further investment in live dealer business
    • Improved targeting and showcasing of promotions to cross-sell Online Sports and iGaming players in our multi-product states

• Strengthened Online Sports product and enhanced player engagement approach
  • Significant growth in Online Sports demonstrates successful brand repositioning, player acquisition and management, alongside ongoing product improvements
  • Focused "premium mass" approach and enhanced CRM delivering a more engaged and higher quality player base
    • 1H Handle per active +34% and NGR per active +70%⁹
    • 1H Active Player Days +14% with +24% more Bets per active^8,9
    • 1H NGR margin improvement of +120 bps YoY
  • Strengthened product with broader offering and parlay capabilities, plus enhanced UX navigation and app speed

• Unlocking differentiated omnichannel opportunities
  • Growing flywheel benefits from Nevada omnichannel position with launch of flagship app and nationwide digital wallet
    • Improved integration across omnichannel touchpoints supports efficient acquisition and retention funnel offering unique player experiences
    • 30% growth in NV monthly actives in 1H; 4x increase in number of NV actives continuing play in home state in 1H¹⁰
  • Omnichannel game titles and differentiated live dealer offering provide BetMGM exclusive experiences
    • c50% of BetMGM's Top 20 grossing slot titles are omnichannel games, including recently launched titles from The Wizard of Oz franchise¹¹

Outlook

• BetMGM's performance in 2Q and 1H 2025 provides increased confidence in the long-term profitability and opportunities for the business
• Stronger than expected second quarter supports further upgrade to FY25 guidance¹²:
  • Net Revenue guidance of at least $2.7 billion
  • EBITDA guidance of at least $150 million
• Secured podium position in a large and growing total addressable market with increasing operating leverage benefits, reinforces our confidence in delivering EBITDA of $500 million in the coming years

1H 2025 Conference Call & Audio Webcast

• An analyst call will be held today, Tuesday, July 29 at 2:00pm UK, 9:00am EST.
• Participants may join via webcast or by conference call; dial in approximately 10 minutes before the start of the call.
• Live webcast link: https://app.webinar.net/GLRe4xP4xr6
• There will be a 30 minute Q&A session. To participate in the Q&A, please use dial ins below and register via the following link: https://registrations.events/direct/Q4I72749949
  US Toll free      +1.888.500.3691
  US                    +1 .646.307.1951
  UK Toll free      +44.800.358.0970
  UK                    +44.20.3433.3846
  Global Dial-In Numbers
  Access Code:   72749
• A replay and transcript will be available on our website: Investor Communications | BetMGM Corporate

Contacts: BetMGM

Witek Wacinski – SVP Strategy & Development                                                                   witek.wacinski@betmgm.com

MGM Resorts International

Investment Community Sarah Rogers – Senior Vice President, Corporate Finance                                                       srogers@mgmresorts.com Howard Wang – Vice President, Investor Relations                                                                    hwang@mgmresorts.com   News Media Brian Ahern – Executive Director, Communications                                                                     media@mgmresorts.com

Entain plc

Investor Relations                                                                                                                  investors@entaingroup.com   Media                                                                                                                                           media@entaingroup.com

Notes:

1. Net Revenue, Contribution, and EBITDA are based on how management analyzes the performance of the business, which are not prepared in accordance with GAAP. EBITDA reflects the impact of employee long-term incentive compensation programs. Refer to "Non-GAAP Financial Information" section below for additional detail. 
2. BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments. 
3. Totals may not sum due to rounding.
4. Handle reflects the total Online Sports handle (inclusive of cash and bonus bets) taken in the period.
5. Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played; monthly actives include players that place 1+ bets within the month.
6. BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 24 markets.
7. Consolidated Gross Gaming Revenue (GGR) market share consists of last three months latest reported for U.S. sports betting markets where BetMGM was active (online and retail), last three months ending June 2025 for U.S. iGaming markets where BetMGM was active, and last three months ending June 2025 for the Ontario market. Internal estimates used where operator-specific results are unavailable.
8. Active player days are equal to the sum of the total player days over the period divided by the sum of total monthly actives over the same period.
9. Handle, NGR, and Bets per Active are equal to each respective metric over the period divided by the sum of the total monthly actives during the same period.
10. Represents January-June 2025 vs. January-June 2024. Single Account Single Wallet launched in Nevada on August 22, 2024.
11. Omnichannel games include titles that are available both on the casino floor and digitally.
12. Prior guidance provided June 16, 2025 communicated at least $2.6 billion FY 2025 Net Revenue and at least $100 million FY 2025 EBITDA.

Supplementary financial disclosures
BetMGM has updated its financial disclosure practices, aiming to provide investors with more comprehensive and transparent information regarding its financial position and operations. These enhanced disclosures will include a more granular breakdown across different segments to provide greater insight into performance drivers.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financial outlook (including forecasted net revenues from operations, EBITDA, and expected investment by Entain and MGM Resorts), projected market share position, its expected growth in new and existing jurisdictions, product capabilities, and achievement of key milestones. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: the significant competition within the gaming and entertainment industry; BetMGM's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growth and access the capital needed to support its growth plans; and BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, BetMGM is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

Non-GAAP Financial Information
In this press release we provide certain financial measures, including Net Revenue, EBITDA, and Contribution from operations, which have not been prepared in accordance with GAAP. BetMGM believes these measures, which it uses for its own analysis of operations, are useful to supplement the results presented in accordance with GAAP. These non-GAAP financial measures, which may not be comparable to other similarly titled measures presented by other companies, should not be considered a substitute for, or superior to, the financial information prepared in accordance with GAAP.  If BetMGM presented Net Revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations differently, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with net income remaining the same. We define EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization.  We define Contribution as Net Revenue, less cost of revenue (exclusive of depreciation and amortization) and marketing acquisition spend.

About BetMGM

BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM Resorts' U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state-of-the-art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit www.betmgminc.com

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

About Entain plc

Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis.

The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios. The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.

Entain is a leader in ESG, a member of FTSE4Good, the DJSI and is AAA rated by MSCI. For more information see the Group's website: www.entaingroup.com

LEI: 213800GNI3K45LQR8L28

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SOURCE BetMGM

FAQ

What were BetMGM's (GMVHY) Q2 2025 financial results?

BetMGM reported Q2 2025 Net Revenue of $692 million, up 36% YoY, and EBITDA of $86 million, an increase of $78 million YoY.

What is BetMGM's market share in iGaming and Sports Betting?

BetMGM maintains a 14% overall GGR market share, with 22% in iGaming and 8% in Online Sports betting.

What is BetMGM's revenue guidance for FY2025?

BetMGM increased its FY2025 guidance to expect Net Revenue of at least $2.7 billion and EBITDA of at least $150 million.

How did BetMGM's iGaming segment perform in Q2 2025?

BetMGM's iGaming segment generated $449 million in Net Revenue, representing a 29% increase year-over-year.

What was BetMGM's user growth in Q2 2025?

BetMGM reported Average Monthly Actives of 901,000, representing a 7% increase year-over-year.