Online gambling giant BetMGM has raised its full-year revenue forecast for 2025. This comes as the US sports betting service posted a 35 percent year-on-year rise in first half revenue on the back of strong demand in online sports betting and its iGaming division.
BetMGM, a joint venture between Entain and MGM Resorts, attributed the iGaming revenue’s growth to rise in player volumes and engagement for the first half of 2025, which helped the figure rise 28 percent from the same period last year. Now, the company expects revenue for the full year to be at least $2.7 billion and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of at least $150 million. BetMGM had previously forecasted revenue of at least $2.6 billion, and core earnings of at least $100 million.
For the first half of the year, BetMGM has registered EBITDA of 109 million, a swing from a $123 million loss in H1 2024. Meanwhile the online sports division registered revenue of $422 million, a 61 percent year-on-year increase. Retail revenue, by contrast, fell 15 percent to $36 million for the first half of 2025.
Q2 2025: Continued momentum across key metrics
Coming to the second quarter figures, BetMGM’s net revenue reached $692 million. This marked a 36 percent year-on-year increase. The company’s EBITDA also surged to $86 million, a $78 million rise over Q2 2024. In Q2 2025, iGaming revenue climbed 29 percent year-on-year to $449 million.
The operator maintained a 22 percent gross gaming revenue (GGR) share across active iGaming markets in the second quarter. BetMGM’s net gaming revenue (NGR) margin improved by 130 basis points, reaching 6.6 percent. Meanwhile the company’s average monthly active users rose 7 percent to 901,000. The online sports betting division of BetMGM saw net revenue surge by 56 percent year-on-year to $228 million. This has been attributed to rising bet volumes and enhanced user retention. Total betting handle rose to $3.4 billion, up 25 percent compared to Q2 2024.
Marketing and product expansion fuel growth
Earlier this year, BetMGM launched a nationwide iCasino TV campaign featuring Jamie Foxx, boosting visibility and acquisition across major states. Additionally, the integration of EveryMatrix content in West Virginia expanded the operator’s casino catalogue, contributing to stronger engagement metrics. BetMGM also rolled out enhanced responsible gambling tools, in collaboration with MGM Resorts, showing a long-term commitment to safer gaming practices. The company maintained its 22 percent share in iGaming markets, confirming BetMGM’s leadership among digital casino brands in the US.
Regulatory and legal updates
In a separate development, BetMGM has introduced a minimum wager limit of $2.50 in Illinois, effective 16 July. A spokesperson told SiGMA News, “Confirming we did share that change with our Illinois players.” The move came in response to Illinois becoming the first US state to implement a per-bet tax on sports wagering, which took effect on 1 July. The new minimum applies to all bet types, including parlays, same-game parlays, straight bets, round robins, and live in-play wagers.
BetMGM recently faced a setback in a legal battle brought against the operator by Jacqueline Davis, a resident of Michigan. Davis received unanimous support from the state’s Supreme Court. In a 7-0 ruling, the court determined that Davis may proceed with her $3.1 million claim in trial court, overturning two previous dismissals by lower courts.
