Sports Betting Drives BetMGM to Raise 2025 Revenue Target

BetMGM has raised its full-year revenue forecast for 2025, pointing to strong early results and continued momentum across its iGaming and online betting operations. The company now expects to bring in at least $2.6 billion in revenue, which is $100 to $200 million higher than the previous guidance.

Good to know

• BetMGM lifted its revenue outlook to $2.6 billion or more.
• Adjusted EBITDA is now expected to reach $100 million.
• Online sports betting remains the company’s biggest growth engine.

The decision to revise guidance follows a 34% year-over-year increase in net revenue during Q1, which came in at $443 million. According to parent company Entain, this positive trend has already extended into Q2. Rising player activity, particularly in sports betting, played a major role in that performance.

In its latest investor update, Entain pointed out that BetMGM’s adjusted EBITDA for Q1 was $22 million. That marks a sharp turnaround from the $244 million loss reported for 2024 and a $62 million loss the year before that. With those numbers in the rearview, BetMGM is now expected to hit at least $100 million in adjusted EBITDA for 2025.

Strong Momentum in Sports and iGaming

Sports betting continues to lead growth, with Q1 revenue from that segment up 68%. iGaming was not far behind, climbing 27% in the same period. The company sees these trends holding steady through Q2 and beyond. Entain confirmed that both verticals are expected to contribute meaningfully to the full-year results.

The company noted that its progress came despite broader economic challenges earlier in the year. In April, BetMGM cited “macroeconomic headwinds” while reporting Q1 earnings, but still showed a major revenue leap.

Adding to its momentum, BetMGM has also secured a new market in the US. Missouri approved the operator ahead of the state’s planned launch of online sports betting in December. This expansion is likely to strengthen BetMGM’s national presence further, supporting its long-term revenue goals.

Meanwhile, Entain itself posted a 9% increase in net gaming revenue for Q1. Without BetMGM’s contribution, that figure would have been just 6%. This underlines how important BetMGM has become to the wider group’s performance.

Entain now has permanent leadership in place too. Stella David has officially stepped in as CEO after filling the interim role since February, following Gavin Isaacs’ exit.

A full report on BetMGM’s Q2 and H1 performance is scheduled for release on 29 July.

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