BetMGM Surpasses $2 Billion and Raises Year-End Outlook

BetMGM’s momentum shows no signs of slowing as the operator continues to outpace last year’s numbers in both iGaming and online sports betting. The joint venture between MGM Resorts and Entain has already surpassed $2 billion in revenue this year and now expects to close 2025 with at least $2.75 billion in annual revenue.

Good to Know

• BetMGM reported $667 million in Q3 revenue, up 23% from 2024.
• EBITDA jumped to $41 million compared with a $16 million loss a year earlier.
• The company raised full-year 2025 guidance to reflect “strong underlying metrics.”

The Q3 report, released Thursday, highlighted what CEO Adam Greenblatt called “strong year-to-date momentum” across both core verticals. Sports betting revenue rose 36% year over year, while iGaming posted a 2% gain. These figures pushed total quarterly net revenue to $667 million — driven by smarter marketing, tighter player management, and steady platform upgrades. Greenblatt said:

“The execution in operations we have described this year — improved marketing efficiency, player management, brand positioning, and product and platform improvements — all contributed to our strong revenue growth and material cash flow increase from both sides of the business.”

Growth Even During the Slow Season

What stood out most was the performance of BetMGM’s online sportsbook during the traditionally quiet summer months. Greenblatt noted that “strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025.”

That success reflects more efficient operations and better retention strategies — two areas the company has focused heavily on since early 2024. Even without major sports in season, BetMGM managed to grow revenue faster than betting volume, showing improved profitability per wager.

Returning Value to Parent Companies

In what Greenblatt called an “inflection point,” BetMGM has resumed returning operating cash flow to Entain and MGM Resorts for the first time since its major reinvestment cycle began. “My previous statements that BetMGM is healthier than it has ever been still ring loudly,” he said. “Our stronger-than-expected performance through Q3 positions us well for the rest of the year and into 2026.”

The company now projects annual EBITDA near $200 million, alongside flexible credit of $150 million and at least $100 million in disposable funds. These figures highlight its transition from a rapid-growth phase into a sustainable, profitable operation.

Strong Setup for Year-End

Heading into the busy fourth quarter, BetMGM’s online sports betting revenue for the year has reached $624 million — a 52% jump from last year’s mark — despite only a 22% increase in total betting handle. With major U.S. sports seasons underway and iGaming continuing to expand in regulated states, the company appears well-positioned to close the year on another high note.

The post BetMGM Surpasses $2 Billion and Raises Year-End Outlook appeared first on iGaming.org.