BetMGM raises 2025 revenue outlook to $2.75 billion after strong third quarter

BetMGM raised its full-year 2025 earnings guidance on Tuesday after reporting a 23% rise in third-quarter revenue, driven by growth in both online sports betting and iGaming.

The U.S. sports betting and casino operator, jointly owned by Entain and MGM Resorts International, posted a 23% rise in net revenue to $667 million for the third quarter, up from $544 million a year earlier.

EBITDA came in at $41 million, swinging from a $16 million loss a year ago, while average monthly active users grew 6% to 902,000.

Revenue from online sports betting jumped 36% to $202 million in the third quarter, with handle up 13% at $3.16 billion. Net gaming revenue per active user increased 49%, while handle per active user rose 23%.

iGaming revenue rose 21% to $454 million. Year-to-date, revenue from the segment is up 26% at $1.35 billion, with total group revenue reaching $2.02 billion.

The company said it maintained a 15% gross gaming revenue market share in its active markets, including 21% in iGaming and 8% in online sports betting.

BetMGM now expects full-year revenue of at least $2.75 billion and EBITDA of about $200 million, compared with a prior view of at least $2.7 billion. It forecast more than $500 million in contributions for the year, with online sports betting expected to remain profitable.

Chief Executive Adam Greenblatt said: "BetMGM's momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan.”

“Improved marketing efficiency, player management, brand positioning, and product and platform improvements – all contributed to our strong revenue growth and material cash flow increase from both sides of the business," he added.

Greenblatt said “strong underlying metrics and margin outperformance during July and August” supported the decision to lift guidance, adding the company had “reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts.”

“My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger-than-expected performance through Q3 positions us well for the rest of the year and into 2026,” he said.

BetMGM plans to return at least $200 million to its parent companies by the end of 2025 and said future distributions will take place on a quarterly cadence while maintaining a minimum unrestricted cash balance of $100 million.