BetMGM has announced a significant upgrade to its full-year 2025 financial guidance after reporting a major turnaround in profitability in the first half of the year. 

The joint venture between Entain and MGM Resorts posted a 35% increase in net revenue to $1.35 billion for H1 2025, up from the $1 billion reported during the same period in 2024. EBITDA for the first half swung to a positive $109 million, compared to a loss of $123 million last year.

The company’s performance in Q2 2025 was particularly impressive. iGaming revenue totaled $449 million, an increase of 29%, while online sports betting revenue surged 56% to $228 million. 

iGaming Strength and Sports Betting Acceleration

BetMGM’s core iGaming operations is a cornerstone of its North American business, retaining a 22% gross gaming revenue share across active markets.

Online sports betting also showed notable progress. The Q2 betting handle increased by 25% to $3.4 billion. The company also reported a 34% increase in handle per active user and a 70% boost in net gaming revenue per active user. Player engagement rose across the board, with bets per active up 24% and active player days up 14%.

Momentum from Early-Year Initiatives

BetMGM’s Q2 growth built on a strong Q1 performance, where the company recorded $657 million in revenue, up 34% year-on-year. That period also included a positive EBITDA of $22 million, led by a $133 million contribution from iGaming. Total betting handle reached $4.08 billion, a 29% increase from the prior year.

The company’s early 2025 initiatives laid the groundwork for its current momentum. These included the launch of its first national iCasino commercial featuring Jamie Foxx, the integration of EveryMatrix content in West Virginia and new responsible gambling initiatives rolled out in partnership with MGM Resorts.

Updated Guidance and Market Outlook

In response to its strong H1 performance, BetMGM has revised its full-year 2025 forecast. The company now expects to generate at least $2.7 billion in revenue and achieve EBITDA of $150 million or higher. This represents a sharp upgrade from its previous projection of $2.4 billion to $2.5 billion in revenue and breakeven EBITDA.

The operator reiterated its long-term target of reaching $500 million in EBITDA. It cited increasing operational leverage, improved player economics and confidence in its integrated iGaming and sports betting model as reasons for its optimism.

BetMGM also highlighted the growing importance of its omnichannel approach. Nearly half of its top-grossing slot titles now span both online and retail platforms. The company concluded the half-year with its $150 million credit facility undrawn and confirmed no further capital contributions would be required from its parent companies in 2025.