BetMGM Posts $86M EBITDA in Q2 as Revenue Surges 36% to $692M
BetMGM delivered a powerful financial performance in the second quarter of 2025, reporting a 36% year-over-year revenue increase to $692 million. The operator’s profitability also saw a massive boost, with EBITDA reaching $86 million, a $78 million improvement from the same period last year.
iGaming Dominance and Sports Betting Growth
The company’s market-leading iGaming segment continued to be its primary revenue driver, posting a 29% increase in net revenue to $449 million. BetMGM attributed this growth to its exclusive content library, diverse player engagement tools, and improved player management strategies.
The online sports betting division also demonstrated significant momentum, with net revenue soaring 56% to $228 million. The company credited this surge to a strengthened product, which includes a broader offering and enhanced parlay capabilities, as well as a more refined approach to player engagement.
“BetMGM is healthier than it has ever been,” said CEO Adam Greenblatt. “Our iGaming business continues to deliver new records… and in Online Sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board.”
Key Metrics Point to a “Healthier” Business
The strong top-line numbers were supported by solid underlying metrics. Total handle for the quarter grew 25% to $3.43 billion, while the net gaming revenue (NGR) hold percentage increased by 130 basis points to 6.6%. The average number of monthly active users also grew by 7% to 901,000.
These positive indicators show that BetMGM is not just growing its user base but also improving its monetization and player engagement. The company noted that active player days increased by 14% in the first half of the year, while net gaming revenue per active player jumped by an impressive 70%.
A Strategic Plan Delivering Results
Greenblatt emphasized that the strong performance is a direct result of the company’s strategic plan, which has built momentum since the second half of 2024. This plan focuses on a “premium mass” approach to online sports, improved CRM, and leveraging the company’s unique omnichannel capabilities.
BetMGM’s integration between its retail and digital platforms is proving to be a powerful advantage, particularly in Nevada. The company saw a 30% increase in monthly active users in the state in the first half of the year, along with a fourfold increase in the number of Nevada users who continued to play in their home state. Approximately 50% of BetMGM’s top-performing slot titles are omnichannel games, available both online and in physical casinos.
The strong first-half performance has given BetMGM the confidence to raise its full-year guidance for 2025. The company now expects to generate at least $2.7 billion in net revenue and at least $150 million in EBITDA for the year. BetMGM also reiterated its confidence in reaching a $500 million EBITDA target in the coming years.
“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,” Greenblatt said. The results solidify BetMGM’s “podium position” in the market, with a stable 14% GGR market share across its active states.
Recommended