BetMGM H1 2025: Online sports up 61% despite retail dip

BetMGM has released its Q2 and H1 financial results for 2025. 

Total net revenue for both the quarter and the first half of the year reported similar rates of growth year-over-year, up 36% to $692m and 35% to $1.35bn, respectively. Both quarterly and half-year iGaming revenue saw a similar trend, up 29% to $449m and 28% to $891m respectively, while online sports for the quarter fell slightly behind the half-year average, up 56% to $228m compared to $422m for the first six months of the year, up 61%. 

Despite slight differentiation in online sports revenue, handle followed a similar pattern to other segments of the business, with growth across both periods remaining relatively the same. For the quarter, handle totaled $3.43bn, up 25%, while for the half-year this reached $7.52bn, up 27% year-over-year.  

Average monthly player growth also followed this pattern, up 7% for the quarter to 901,000 players and 6% for the half-year with 984,000 players.  

Retail and other revenue was down for both the quarter and the half-year, the only segment to report so. Despite this, quarterly retail revenue was down only 5% to $16m, compared to an overall drop of 15% for the half-year, making $36m.  

EDITDA for the quarter almost doubled from this time last year, up by $78m to $86m. For the year so far, EBITDA was pulled from a loss to a positive year-over-year, making $109m compared to -$123m from H1 2024.  

Good to know: In July, BetMGM brought on Baseball Hall of Famer Derek Jeter as a brand ambassador

Highlights

BetMGM attributed its growth in iGaming to continued investment in customer acquisition and retention, with growth in annual players playing another significant part for growth during the year so far, noting a 38% increase in average monthly players for H1. 

The operator noted branded games including The Wizard of Oz, Price is Right and Family Feud as particular draws from its portfolio, as well as cross-selling improvements and player engagement activity as other reasons for growth. Live casino development was also mentioned. 

In the first half of the year, BetMGM also engaged in several partnerships to bolster its portfolio. This includes Push Gaming in Michigan, Century Casino in Missouri and more.  

Outlook 

Based on these results, BetMGM has released updated guidance for its FY25 results. In total, the operator expects revenue to reach at least $2.7bn, with EBITDA guidance of $150m.  

Comments 

On the results, CEO Adam Greenblatt said: “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.” 

Beth Turner

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