BetMGM raises 2025 outlook after Q2 revenue jumps 36% on strong iGaming and sports betting growth

BetMGM has lifted its full-year 2025 revenue and profit guidance following a strong second quarter that saw revenue climb 36% year on year, driven by gains in both online sports betting and iGaming.

The operator reported $692 million in revenue for the three months to 30 June, up from $509 million in the same period last year. EBITDA for the quarter reached $86 million, an improvement of $78 million from Q2 2024. 

The growth led BetMGM to raise its full-year revenue target to at least $2.7 billion and increase its 2025 EBITDA forecast to at least $150 million. The updated target is above the initial forecast of $2.4 billion and marks the second time this year the company has upgraded its outlook.

“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 CEO Adam Greenblatt. 

“The momentum we have built since the second half of 2024 accelerated through the first half of 2025. Our stronger-than-expected performance through H1 2025 positions us well for the rest of the year. It reinforces our confidence in the future and the many opportunities ahead.”

CEO Adam Greenblatt

iGaming remained the company’s largest revenue stream in Q2, generating $449 million, up 29% year on year. BetMGM credited exclusive content, player engagement tools, and enhanced management for the increase. 

Online sports betting revenue rose 56% to $228 million, helped by a 25% rise in betting handle to $3.43 billion. Retail and other revenue fell 5% to $16 million. The operator said its combined market share across active states stood at 14% in Q2, with a 22% share in iGaming and 8% in online sports betting. Monthly active players rose 7% compared with last year.

For the first half of 2025, revenue totaled $1.35 billion, up 35% year on year, with iGaming up 28% to $891 million and sports betting up 61% to $422 million. Betting handle in the six-month period increased 27% to $7.5 billion. EBITDA for the first half stood at $109 million, compared with a loss of $123 million in the same period in 2024.

“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,” Greenblatt said. “BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business.”