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Highlights

  • BetMGM LLC raises FY 2025 net revenue guidance to at least USD 2.6 billion, above previous range.
  • The company upgrades FY 2025 EBITDA forecast to at least USD 100 million, improving on breakeven outlook.
  • BetMGM attributes growth to higher handle across online sports betting and iGaming operations.

BetMGM LLC is a U.S.-based sports betting and iGaming operator jointly owned by MGM Resorts International (NYSE:MGM) and Entain plc (LSE:ENT). The company operates through a partnership structure, combining exclusive access to MGM Resorts’ U.S.-based land-based and online gaming assets with Entain’s U.S.-licensed technology platform. BetMGM’s product portfolio includes sports betting and online gaming offered through brands such as BetMGM, Borgata Casino, Party Casino, and Party Poker.

The company has raised its financial guidance for the full year 2025 following continued revenue growth in the second quarter. The company reported that the performance momentum observed in the first quarter where net revenue increased 34% YoY has extended into Q2 through June 13, 2025. This growth was attributed to higher wagering volume, or "handle," across both online sports betting and iGaming.

As a result, BetMGM has revised its FY 2025 outlook, projecting net revenue of at least USD 2.6 billion, exceeding the previous guidance range of USD 2.4 billion to USD 2.5 billion. EBITDA is now expected to reach at least USD 100 million, a significant increase from earlier guidance which only projected EBITDA to be positive. The company reiterated its expectation that its online sports segment will be contribution positive for the full year, joining iGaming, which has already been generating positive contribution.

BetMGM noted that the trading performance for the period between April 1 and June 13 was broadly consistent with the growth trajectory seen earlier in the year. The continued revenue growth provides what the company described as increased confidence in its full-year outlook and future operating model. A more detailed breakdown of performance, including full second-quarter results, will be provided in BetMGM’s half-year update scheduled for release on July 29, 2025.

BetMGM’s latest projections also include a long-term target of USD 500 million in EBITDA in the coming years. While no timeline was specified for achieving that milestone, the company said that its recent progress, revised strategic direction, and operating discipline have contributed to this longer-term ambition.

BetMGM’s update follows a regulatory disclosure by Entain plc earlier the same day, which prompted the release of this revised guidance. Both parent companies maintain separate market listings MGM Resorts on the New York Stock Exchange and Entain on the London Stock Exchange.

While the company acknowledged its optimism about market potential, it did not provide forward-looking figures beyond FY 2025.