BetMGM contributed positive cash flow to its parent companies for the first time in the second quarter.
It marks a key milestone for the joint venture between MGM Resorts and Entain, which launched in 2018 and has steadily narrowed losses over the past few years.
BetMGM contributed $21.8 million in net income to MGM Resorts, up from a $38.4 million loss in Q2 2024, executives said Wednesday on the company’s earnings call.
BetMGM turns sports betting profit
The full BetMGM results, released Tuesday, show a record $86 million in quarterly EBITDA and $109 million for the first half of the year.
“This winning formula has given us greater conviction in our BetMGM North America venture’s ability to generate $500 million of annual reported EBITDA in the coming years,” MGM CEO Bill Hornbuckle said.
MGM also raised BetMGM’s full-year 2025 guidance for the second time since June and now expects at least $150 million in EBITDA on $2.7 billion in net revenue.
MGM CFO Jonathan Halkyard said the company previously reported BetMGM’s results one month in arrears, but starting this quarter they will be included in real time with MGM’s consolidated reporting.
Sports betting, iGaming driving results
BetMGM saw sports betting net revenue grew 56% year-over-year, and iGaming revenue rose 29%. MGM executives cited stronger product performance, better segmentation, and a focus on more profitable players as key contributors to the growth.
“In iGaming, there was solid growth in average monthly actives and key engagement metrics such as active player days,” Hornbuckle said. “Sports betting continues to focus on the areas that drove first quarter profitability, more targeted player acquisition, tighter management of lower-value players, and retention of more valuable active players.”
Incremental revenue flow-through was 66% year-to-date, according to Hornbuckle.
Nevada performance stood out in particular: monthly actives grew 30% in the state, with a four-fold increase in players continuing to bet with BetMGM after returning home.
