BetMGM Lifts 2025 Guidance, Sees Revenue of at Least $2.75 Billion
Posted on: October 14, 2025, 11:54h.
Last updated on: October 14, 2025, 01:03h.
- BetMGM again boosts 2025 financial targets
- Expects 2025 revenue of at least $2.75 billion on EBITDA of $200 million
Following a strong third quarter, BetMGM boosted its 2025 financial outlook, marking at least the third time this year the operator has done so.
The 50/50 joint venture between Entain (OTC: GMVHY) and MGM Resorts International (NYSE: MGM) now expects revenue of at least $2.75 billion on earnings before interest, taxes, depreciation, and amortization (EBITDA) of $200 million. That’s up from a July forecast calling for $2.7 billion in sales on $150 million of EBITDA.
BetMGM’s momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan,” said CEO Adam Greenblatt in a statement. “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.”
In the third quarter, BetMGM’s net revenue surged 23% to $667 million. iGaming sales rose 21% while online sports betting revenue increased 36%. EBITDA increased $57 million year over year to $41 million, indicating the operator turned a corner on its way to earnings positivity.
BetMGM Progress Could Allay Prediction Market Concerns
BetMGM’s strides are important, but the strength of the operator’s third-quarter results coupled with its buoyant 2025 outlook is amplified against the backdrop of the emerging competitive threat from prediction markets such as Kalshi and Polymarket.
Soaring NFL event contract volume on Kalshi has been plaguing shares of BetMGM rivals DraftKings (NASDAQ: DKNG) and FanDuel owner Flutter Entertainment (NYSE: FLUT), but BetMGM’s bullish financial views could be a sign that what some analysts have been saying is accurate: prediction market concerns as they relate to sports wagering equities are overblown.
Regarding BetMGM’s third-quarter results, the operator notched a 36% increase in online sports betting revenue while turning EBITDA positive amid chatter that the first month of the NFL season was punitive for rivals.
It’s widely expected that DraftKings and Flutter will report disappointing third-quarter earnings, and prediction markets won’t be to blame. Rather, the primary headwind will be another spate of customer-friendly outcomes on NFL games. BetMGM didn’t issue such commentary in updating its 2025 forecasts.
BetMGM on Solid Financial Footing
Further signaling it’s on firm financial ground, BetMGM said it expects to distribute at least $200 million to parents Entain and MGM before the end of this year while retaining at least $100 million in unrestricted cash after those payments are made.
The operator said such distributions are expected to be made quarterly going forward and that its overall liquidity is $250 million — the aforementioned $100 million in cash and a $150 million revolving credit facility.
“We have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts,” adds Greenblatt. “My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger-than-expected performance through Q3 positions us well for the rest of the year and into 2026.”
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