BetMGM FY EBITDA guidance raised to $150 million after positive Q2

Summary

BetMGM has raised its full-year 2025 EBITDA guidance to at least $150 million after a stronger-than-expected Q2. The operator reported Q2 revenue of $692m, up 36% year-on-year, driven by double-digit growth across both iGaming and online sports betting. iGaming contributed $449m (up 29%) while sports betting revenue jumped 56% to $228m. Retail revenue fell slightly. Group EBITDA for Q2 was $86m and H1 EBITDA reached $109m, reversing the prior-year losses. BetMGM also lifted its FY revenue target to at least $2.7bn.

Key Points

• Full-year 2025 EBITDA guidance increased to at least $150m (a 50% rise from prior guidance).
• Q2 revenue was $692m, up 36% YoY; H1 revenue totalled $1.35bn, up 35% YoY.
• iGaming remains the largest revenue stream: $449m in Q2 (up 29%).
• Sports betting revenue surged 56% to $228m; betting handle for Q2 rose 25% to $3.43bn.
• Group EBITDA: $86m in Q2 and $109m in H1, versus significant losses the prior year.
• BetMGM now expects FY revenue of at least $2.7bn (previously $2.4bn forecast).
• Retail and other revenue dipped 5% to $16m in Q2; company did not detail causes.

Content summary

BetMGM exceeded expectations in the second quarter, prompting management to lift both EBITDA and revenue guidance for the year. The gains reflect strong online performance: exclusive iGaming content, improved player engagement tools and refined targeting in sports betting. Active market share stood at 14% overall, 22% for iGaming and 8% for sports betting. Average monthly active players rose (7% in Q2; 6% in H1). Management attributes the turnaround to strategic execution and momentum carried from late 2024 into 2025.

Context and relevance

This update marks a clear recovery for BetMGM from the losses reported in FY24 (a $244m EBITDA loss). The stronger outlook matters for investors, partners and competitors because it signals successful monetisation of product improvements and marketing efficiencies across US markets. It also demonstrates how fast-growing online verticals (iGaming and sports betting) are driving profitability for major operators as the US regulated market matures.

Author note (punchy)

Big swing: from hefty losses to a chunky EBITDA target in under a year. If you follow US sports betting or iGaming, this is the sort of operational recovery you want to read closely — it changes the competitive map.

Why should I read this?

Want the short version? BetMGM’s gone from bleeding EBITDA to promising $150m-plus this year — thanks to booming online play. If you care about market momentum, competitor positioning or where operator profits are finally coming from, this saves you reading the full results: online products are working, retail isn’t, and the business is genuinely healthier.