BetMGM’s “positive momentum” from the first half of 2025 has the online sports betting and iGaming operator eying a greener future.
Key Takeaways
- BetMGM projects net revenue of $2.6 billion in 2025 and positive EBITDA of $100 million.
- Strong results in Q1 and Q2 through June 13 have the online operator “excited about the significant opportunities ahead.”
- Like many North American sportsbooks, BetMGM hit a rough patch in late 2024.
Entain plc and MGM Resorts International’s joint venture announced on Monday that it is raising its full-year guidance for 2025. Behind a 34% year-over-year revenue increase in Q1 and good results in Q2 through June 13, BetMGM increased its net revenue projection to at least $2.6 billion, up from the range of $2.4 billion to $2.5 billion reported in February.
BetMGM had also said it expected to post a positive full-year EBITDA, but now it believes the operator will reach at least $100 million.
“BetMGM remains excited about the significant opportunities ahead,” the company stated in a release.
The gaming operator reiterated that its mobile sportsbook contribution is on pace to be positive in 2025 and added that iGaming continues to add profitable support.
Strong start
Citing a revised strategic approach and performance momentum, BetMGM’s confidence in reaching $500 million EBITDA in the coming years was reinforced by its recent success.
An improved sports product and new player engagement strategies drove the Q1 revenue increases. The online sportsbook’s revenue jumped 68% from the same quarter in 2023, while iGaming net profits rose 27%.
“The momentum we built in the second half of 2024 continued into the first quarter as we implement our powerful iGaming strategy, enabling us to grow faster than the market and at scale,” BetMGM CEO Adam Greenblatt said in April. “In Online Sports, we are elevating our brand and delivering improved performance, even in the face of unfavorable sports outcomes during key moments in the quarter.”
Path to profitability
BetMGM, which operates online sports betting in 22 U.S. states and the Canadian province of Ontario, hit the same rough patch in late 2024 that plagued many sports betting operators across North America. Unusually high bettor-friendly outcomes in the NFL led to big gains for customers and big losses for sportsbooks.
BetMGM lost nearly $85 million during the last three months of 2024, based on MGM – which splits revenue 50/50 with Entain – reporting a $42.3 million Q2 loss.
Things started to turn in February when the Philadelphia Eagles upset the Kansas City Chiefs in Super Bowl LIX. BetMGM trading manager Christian Cipollini said after the game that it was one of the sportsbook’s “best single game results in company history.”
U.S. sportsbooks did take a big hit during March, when NCAA tournament favorites won at an unexpected rate. However, the NBA playoffs turned the tide back in the house’s favor, leading to big operator revenue in April and May across several U.S. markets.
