BetMGM Ups 2025 Guidance After Strong 1H, Sees $2.7 Billion in Sales

• Online sportsbook operator has boosted guidance multiple times this year
• Expects a minimum of $2.7 billion in 2025 revenue

BetMGM has again raised its 2025 financial guidance. On Tuesday, the operator said it expects a minimum of $2.7 billion in revenue this year on earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least $150 million.

The company, which is a 50/50 joint venture between Entain (OTC: GMVHY) and MGM Resorts International (NYSE: MGM), upped its 2025 outlook following strong performances in the first half of the year, including a 35% surge on the top line and $232 million in year-over-year EBITDA growth.

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,” said CEO Adam Greenblatt in a press release. “The momentum we have built since the second half of 2024 accelerated through the first half of 2025.”

Greenblatt highlighted iGaming as an area of strength, noting that side of BetMGM “continues to deliver new records.” For BetMGM, those strides are important because internet casino is widely viewed as one of the operator’s areas of strength even though it’s ceded some market share in that space over the past several years. Online casinos are viewed as a significant long-term growth frontier for gaming companies — one offering superior margins relative to online sports betting.

Solid Q2 Contributes to Upped BetMGM Outlook

Online sportsbook operators faced challenges in the first quarter due in large part to the Super Bowl being a customer-friendly affair, but the April through June period was kinder to BetMGM, contributing significantly to the operator’s increased financial outlook.

“The company achieved H1 2025 EBITDA of USD109M, a USD232M improvement from the USD123M loss in the prior year,” said CFRA Research analyst Danny Yeo. “We think the sustained EBITDA expansion with a balanced contribution from both segments reinforces the credibility of the upward guidance revision and will boost confidence in the joint venture’s growth trajectory.”

While no operators have cracked the DraftKings/FanDuel duopoly, BetMGM’s market share of 14% — iGaming (22%) and Online Sports (8%) – puts it on the digital gaming podium.

BetMGM Guidance Well Ahead of Previous Estimates

BetMGM’s refreshed sales projections are well ahead of prior guidance. In February, BetMGM forecast 2025 net revenue of $2.4 billion to $2.5 billion. At that time, the operator noted its first-quarter sportsbook numbers were aided by improved engagement and product enhancements as well as an emphasis on what it described as premium-mass bettors.

“At 10x EV/EBITDA for FY25E, we see zero value for BetMGM priced into Entain,” observes Jeffries analyst James Wheatcroft. “Our sum of the parts implies £14.00 (+40% potential upside), using a 25% discount to the DraftKings multiple to value ENT’s BetMGM stake and 11x for the Online core (based on recent transaction).”