BetMGM, the 50/50 joint venture between MGM Resorts and Entain, has once again increased its financial outlook for 2025, now expecting at least $2.7 billion in revenue and $150 million in EBITDA for the year. The revised guidance reflects a strong start to 2025, particularly in iGaming and online sports betting.
CEO Adam Greenblatt credited the company’s momentum to continued execution of its strategic plan. “The momentum we’ve built since late 2024 has carried strongly into 2025,” he said in a press release. BetMGM reported a 35% year-over-year revenue increase and a remarkable $232 million jump in EBITDA in the first half of 2025.
Much of the company’s success stems from its iGaming segment, which continues to set internal records despite slight market share erosion in recent years. In Q2 alone, iGaming revenue reached $449 million, marking a 29% year-over-year gain. Industry experts continue to see online casinos as a key growth driver thanks to their higher profit margins compared to sports betting.
Meanwhile, BetMGM’s Q2 sportsbook revenue benefited from improved user engagement and product features. The operator pulled in $692 million in revenue during the quarter — a 36% increase over the previous year. EBITDA surged to $86 million, up from just $8 million in Q2 2024.
Overall, H1 2025 EBITDA hit $109 million, reversing a $123 million loss from the same period last year. Analysts like Danny Yeo of CFRA Research say the broad-based growth supports BetMGM’s upward forecast revisions, reinforcing investor confidence in its long-term strategy.
Though BetMGM still trails DraftKings and FanDuel, its combined market share of 14% — including 22% in iGaming and 8% in online sports betting — places it firmly among the top players in the digital gaming space.
The current forecast far surpasses earlier projections. In February, BetMGM forecast 2025 revenue between $2.4B–$2.5B. By April, that increased to $2.6B with $100M in EBITDA. Now, the target sits even higher.
Some analysts argue that this success is not yet reflected in Entain’s share price, suggesting significant upside potential if BetMGM’s growth continues.
