US sports-betting service BetMGM, a joint venture between Entain and MGM Resorts, just raised its full-year revenue and earnings forecast after delivering a strong performance in the first half of the year.
The company reported a 35% jump in first-half net revenue, totaling $1.35 billion, driven by solid demand in both online sports betting and its iGaming division. The surge translated into first-half core earnings of $109 million, a dramatic improvement of $232 million from the same period last year.
In the second quarter alone, BetMGM pulled in $692 million in net revenue, up 36% year over year. The company credited the momentum to strong underlying growth across its platforms. Its iGaming business, which includes online casino games, brought in $449 million in net revenue, up 29%. BetMGM says that growth was supported by exclusive content, engagement tools, and more refined player management.
“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.” – Adam Greenblatt, BetMGM CEO
Meanwhile, online sports betting saw a particularly sharp increase. The segment generated $228 million in revenue, a 56% rise compared to the previous year.
Average monthly active users were also up 7% year over year in the second quarter. The company posted EBITDA of $86 million for the quarter, a $78 million year-over-year increase.
BetMGM is now forecasting full-year 2025 net revenue of at least $2.7 billion, up from its previous guidance of $2.6 billion. It’s also lifting its core earnings outlook, expecting EBITDA to hit at least $150 million, up from the earlier target of $100 million.
BetMGM says it has secured a 14% share of the gross gaming revenue in active US markets. Its iGaming business accounts for a commanding 22% share, while its online sports betting share stands at 8%. Those numbers place the company firmly among the top players in the industry.
Founded in 2018, BetMGM has been aggressively expanding to capture a bigger slice of the booming US e-betting market. Despite stiff competition, it appears to be finding its footing.
BetMGM 2025 iGaming results shows business as ‘go-to destination’
BetMGM’s first-half performance in 2025 earned praise from the company’s top executive. CEO Adam Greenblatt credited the increase in revenue and earnings to disciplined execution and a clear strategic vision.
“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,” Greenblatt said.
“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,” he said.
Reflecting on the company’s outlook, Greenblatt added, “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.”
The company also noted that its $150 million revolving credit facility remains untouched and that it does not expect any further capital injections from its parent companies.
Featured image: BetMGM
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