BetMGM Turns a Profit as Revenue Climbs in First Half of 2025

BetMGM just released its Q2 and H1 financial results, giving a clearer view of how the operator is shaping up midway through 2025. The big takeaway? Revenue continues to grow, iGaming is still the star, and for the first time in a while, profits are solidly in the green.

Good to know

• First-half EBITDA hit $109m, a major improvement from a –$123m loss last year
• Revenue for the first six months reached $1.35bn, with Q2 alone bringing in $692m
• MLB legend Derek Jeter signed on as brand ambassador in July

BetMGM posted $692m in net revenue for Q2, up 36% year over year. The H1 total came to $1.35bn, reflecting 35% growth. iGaming played a big part, delivering $449m in Q2 and $891m for H1, up 29% and 28% respectively.

Online sports betting revenue rose more sharply—+56% to $228m for Q2, and +61% to $422m for the half-year. While the quarterly jump lagged slightly behind the H1 average, the overall trend still points up.

Sports handle followed a similar arc: $3.43bn in Q2 (+25%) and $7.52bn for H1 (+27%). Player growth was more modest but steady. Monthly actives hit 901,000 in Q2 and 984,000 in H1, up 7% and 6% respectively.

The biggest shift might be profit. Q2 EBITDA climbed to $86m, a jump of $78m year over year. For the half-year, BetMGM moved from red to black—$109m in EBITDA compared to a –$123m loss in H1 2024.

Where things cooled off

The only dip came in retail and other revenue. In Q2, it was down 5% to $16m, and over the half-year, the decline was sharper—15% to $36m.

The operator highlighted stronger retention, more active players (with a 38% increase in H1 monthly averages), and standout branded titles like The Wizard of Oz, Family Feud, and The Price is Right as key drivers. Improvements in player engagement and live casino content also helped.

New partnerships, more content

BetMGM secured several new partnerships to support its growth strategy, including deals with Push Gaming in Michigan and Century Casino in Missouri. These moves are part of a broader content expansion.

The company has updated its full-year expectations. FY25 revenue is now forecast to hit at least $2.7bn, and EBITDA is expected to land around $150m—higher than previously projected.

A word from the CEO

Adam Greenblatt had this to say about the latest results:

“BetMGM has seen a strong first half of the year, delivering significant revenue and EBITDA growth that is underpinned by the ongoing execution of our strategic plan. The momentum we have built since the second half of 2024 accelerated through the first half of 2025.

“Our iGaming business continues to deliver new records as we showed why BetMGM is the go-to destination for all players, and in online sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board.

“BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business. Our stronger than expected performance through 1H 2025 positions us well for the rest of the year, reinforcing our confidence in the future and the many opportunities ahead.”

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