BetMGM now expects at least $100 million in EBITDA for 2025 as “strong momentum” from the first quarter has continued into the second.
Net revenue growth is “strong” for both online casino and sports betting in the second quarter through June 13, BetMGM said in its market update Monday. The joint venture between Entain and MGM Resorts said that growth is driven by handle growth.
Trading so far in the quarter is “broadly consistent” with the 34% net revenue growth seen in the first quarter. Full results for the first half will be announced July 29.
BetMGM upgraded guidance
BetMGM initiated its 2025 EBITDA guidance at “EBITDA positive,” as the business is now clear of its investment phase.
That $100 million in EBITDA will come from $2.6 billion in net revenue, up from prior guidance of $2.45 billion at the midpoint. The company noted on its Q1 earnings call it had “increased confidence” in exceeding its 2025 guidance but held off since it was still early in the year.
BetMGM reported $22 million in first-quarter EBITDA, a stark improvement from the $132 million EBITDA loss in Q1 2024.
“BetMGM remains excited about the significant opportunities ahead. Its strengthened business, revised strategic approach, and performance momentum, further reinforce its confidence in future growth prospects and pathway to $500 million EBITDA in the coming years,” the company said in Monday’s release.
Online casino leads the way
If second-quarter trading is similar to the first, that should mean online casino is still seeing significant growth.
BetMGM reported average monthly actives up 43% and active player days up 39% for its iGaming product in the first quarter.
Online sports betting saw improvements as well thanks to its improved offering. In the first quarter, active player days grew 20% and handle per active jumped 37%.
