BetMGM Boosts 2025 Revenue Outlook to $2.6 Billion
BetMGM raised its full-year forecast, expecting at least $2.6 billion in revenue and $100 million in EBITDA, fueled by soaring sports betting and online casino growth.
BetMGM Rides High on Growth Wave
BetMGM jacked up its fiscal year 2025 guidance, projecting net revenue of at least $2.6 billion, up from a prior range of $2.4 billion to $2.5 billion.
The company also lifted its EBITDA forecast to at least $100 million, a leap from earlier expectations of just breaking even. This bullish outlook is driven by a 34% year-over-year revenue spike in Q1 2025. “Our strengthened business and revised strategy fuel our confidence,” CEO Adam Greenblatt said.
BetMGM’s upgraded forecast stems from a hot streak that started in Q1 2025 and rolled into Q2, ending June 13. Online sports betting revenue soared 68% year-over-year in Q1, while iGaming (online casinos) climbed 27%.
Total Q1 revenue hit $443 million, up 34%, with a $22 million EBITDA, flipping a $132 million loss from Q1 2024. Player engagement and betting volumes (handle) fueled this growth, despite rocky macroeconomic conditions and some unfavorable sports outcomes.
BetMGM credits its resilience to sharper products, disciplined strategy, and targeted customer grabs. The company expects sports betting to turn contribution-positive in 2025, bolstering iGaming’s returns.
Strategic Moves Powering Profits
BetMGM, a 50-50 venture between MGM Resorts International and Entain, leaned into strategic tweaks to hit these numbers. In 2024, it poured cash into its platform, boosting online casino revenue by 13% to $1.48 billion.
A nationwide digital wallet, launched in Nevada, let players use accounts across states, while cross-selling sports bettors to casinos jumped 11.6%.
BetMGM’s Q1 2025 EBITDA of $22 million, a $154 million swing from 2024’s loss, shows these bets are paying off. The company also secured a $150 million credit facility, untapped, signaling no need for parent cash.
BetMGM’s growth is also about reach. In May, the company inked a deal with Century Casinos to launch a sportsbook in Missouri, set for December’s market opening.
BetMGM’s not out of the woods yet. Q1 2025 faced “challenging headwinds,” per Greenblatt, with customer-friendly sports results denting margins. The $244 million EBITDA loss in 2024, up from $62 million in 2023, shows heavy investment costs. Still, BetMGM’s 946,000 monthly active users, up 14%, and an 8.6% hold rate keep it competitive.
The company eyes a $500 million EBITDA by 2026, a goal set in 2023. Full H1 2025 results, due July 29, will shed more light.
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