BetMGM LLC jointly owned by MGM Resorts International and Entain plc, is  providing an update on its Second Quarter 2025 (“2Q 2025”) and First Half 2025 (“1H 2025”) performance.

• Strong 2Q and 1H performance as BetMGM’s ongoing strategic execution drives strong and profitable growth
  • 2Q Net Revenue up 36% YoY and EBITDA of $86 million (up $78 million YoY)
  • 1H Net Revenue up 35% YoY and EBITDA of $109 million (up $232 million YoY)
• Leading iGaming offering and enhanced player engagement delivered 2Q revenues +29% (1H +28%) with strong growth in player volumes and activity
• Strong Online Sports performance with 2Q revenues +56% (1H +61%) driven by refined player marketing and management and strengthened product
• Upgrade to FY25 guidance and increased confidence in path to $500 million EBITDA in coming years
  • Expect FY25 Net Revenue of at least $2.7 billion and EBITDA of at least $150 million¹

Adam Greenblatt, Chief Executive Officer of BetMGM, commented: “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. The momentum we have built since the second half of 2024 accelerated through the first half of 2025. Our iGaming business continues to deliver new records as we showed why BetMGM is the go-to destination for all players, and in Online Sports, our refined player targeting and management capabilities have driven strong engagement and player KPIs across the board. BetMGM is healthier than it has ever been, a testament to the hard work of our teams and colleagues across the business. Our stronger than expected performance through 1H 2025 positions us well for the rest of the year, reinforcing our confidence in the future and the many opportunities ahead.”

Key Financial Highlights

2Q/1H Financial Highlights 

• 1H Net Revenue of $1.35 billion, +35% YoY delivering 1H EBITDA of $109 million (up $232 million YoY)
• 2Q Net Revenue of $692 million, +36% YoY with continuing momentum and strong underlying growth
  • iGaming Net Revenue of $449 million, +29% YoY, driven by leading offering with exclusive content, differentiated engagement tools and enhanced player management
  • Online Sports Net Revenue of $228 million, +56% YoY, reflecting strengthened product and refined engagement
  • Average Monthly Actives +7% YoY
• 2Q EBITDA of $86 million (up $78 million YoY) underpinned by positive contribution from both iGaming and Online Sports
• Secured stabilized 14% GGR market share in active markets with iGaming (22%) and Online Sports (8%), further cementing BetMGM’s podium position in the market^6,7
• $150 million revolving credit facility remains undrawn with no further capital from parent companies expected

Operational highlights

• Market leading iGaming offering
  • Continued investment behind leading iGaming business to acquire and retain a broader pool of players at attractive payback periods
  • Strong player volumes and engagement KPIs underpin 1H outperformance
    • 1H Average Monthly Actives +38% and Active Player Days each month +34%⁸
  • Attractive player economics supported by:
    • Exclusive and unparalleled library of content including The Wizard of Oz, Price is Right and Family Feud
    • Creative player engagement tools improved active player days and 2025 cohort retention
    • Further investment in live dealer business
    • Improved targeting and showcasing of promotions to cross-sell Online Sports and iGaming players in our multi-product states

• Strengthened Online Sports product and enhanced player engagement approach
  • Significant growth in Online Sports demonstrates successful brand repositioning, player acquisition and management, alongside ongoing product improvements
  • Focused “premium mass” approach and enhanced CRM delivering a more engaged and higher quality player base
    • 1H Handle per active +34% and NGR per active +70%⁹
    • 1H Active Player Days +14% with +24% more Bets per active^8,9
    • 1H NGR margin improvement of +120 bps YoY
  • Strengthened product with broader offering and parlay capabilities, plus enhanced UX navigation and app speed

• Unlocking differentiated omnichannel opportunities
  • Growing flywheel benefits from Nevada omnichannel position with launch of flagship app and nationwide digital wallet
    • Improved integration across omnichannel touchpoints supports efficient acquisition and retention funnel offering unique player experiences
    • 30% growth in NV monthly actives in 1H; 4x increase in number of NV actives continuing play in home state in 1H¹⁰
  • Omnichannel game titles and differentiated live dealer offering provide BetMGM exclusive experiences
    • c50% of BetMGM’s Top 20 grossing slot titles are omnichannel games, including recently launched titles from The Wizard of Oz franchise¹¹

Outlook

• BetMGM’s performance in 2Q and 1H 2025 provides increased confidence in the long-term profitability and opportunities for the business
• Stronger than expected second quarter supports further upgrade to FY25 guidance¹²:
  • Net Revenue guidance of at least $2.7 billion
  • EBITDA guidance of at least $150 million
• Secured podium position in a large and growing total addressable market with increasing operating leverage benefits, reinforces our confidence in delivering EBITDA of $500 million in the coming years

BetMGM announced a multiyear partnership with baseball legend and five-time World Series champion Derek Jeter. As BetMGM’s newest brand ambassador, Jeter will appear in national marketing campaigns including the “Legendary Plays” spot, scheduled to premiere on July 15. BetMGM Casino also plans to launch an exclusive Jeter-themed slot game. Currently, there are no other online casino games featuring a current or former professional baseball player.

“BetMGM’s commitment to excellence and overall approach help them stand out as an innovator in their space. They have worked hard to create a real community in their audience. I look forward to working with their team to build connections within their base of players and support the company’s continued growth,” Jeter said.

The Hall of Fame shortstop joins BetMGM’s prestigious roster of sports legends, which includes Barry Sanders, Tim Howard and Wayne Gretzky, among others. Jeter will be featured prominently across advertising campaigns and digital platforms, make appearances at exclusive VIP events and play a key role in promoting BetMGM’s responsible gambling initiatives in both the US and Canada.

Casey Hurbis, Chief Marketing Officer at BetMGM, said: “As BetMGM’s brand continues to evolve, we could not think of a better baseball ambassador to add to our Mount Rushmore of legendary athletes than Derek Jeter. ‘The Captain’s’ universal appeal and proven track record of excellence, both on and off the field, will provide players with extraordinary experiences only available at BetMGM.”

Over his storied 20-year career with the New York Yankees, Jeter earned a reputation as a game-changing athlete, revered for his consistency, clutch performances and leadership. “The Captain” collected more than 3000 hits, won five Gold Gloves and was a 14-time All-Star while serving as the cornerstone of numerous championship teams. His legacy on the field, and his presence off it, continues to inspire generations of baseball fans.

As BetMGM continues to expand into new markets and introduce new features, responsible gaming remains a key focus. Additionally, BetMGM provides resources to help customers play responsibly including GameSense, an industry leading program, developed and licensed to MGM Resorts by the British Columbia Lottery Corporation. Through the integration within BetMGM’s mobile and desktop platforms, customers can receive the same GameSense experience they have grown to rely on at MGM Resorts properties nationwide. This complements BetMGM’s already existing responsible gambling tools which serve to provide customers with an entertaining and safe digital experience.

Octoplay continues its series of successful partnerships by joining forces with BetMGM, a leading iGaming and sports betting operator, for its highly anticipated United States market debut in New Jersey. This landmark entry into the United States marks a pivotal moment in Octoplay’s North American expansion strategy, bringing its premium product portfolio to American players. The strategic partnership with BetMGM establishes Octoplay’s first active U.S. collaboration and follows the company’s recently obtained Michigan provisional license, setting the stage for an accelerated North American rollout in 2025.

This partnership builds on Octoplay’s successful collaboration with BetMGM in Ontario, where the company first debuted Jackpot Blitz – a bespoke version of its popular jackpot system built in close collaboration with BetMGM. With active licenses in the UK, Sweden, Malta, Ontario, Greece, Romania, Slovakia, Denmark, Italy, Belgium, and the Netherlands, and a provisional license in Michigan, Octoplay advances its strategic market roadmap in key jurisdictions worldwide.

“Our New Jersey launch with BetMGM represents a key milestone in our North American strategy” says Ralitsa Georgieva, Director of Business Development at Octoplay. “This partnership connects our content with players in the largest U.S. iGaming market, providing a foundation for our continued expansion across North America in 2025.”

Oliver Bartlett, VP of Gaming, BetMGM, said, “We are pleased to partner with Octoplay for their U.S. debut. Based on the strong performance in other markets and Octoplay’s premium game portfolio, we are confident the content will be a success in New Jersey.”

The integration with BetMGM marks a significant step in Octoplay’s North American strategy. With New Jersey serving as Octoplay’s gateway to the biggest iGaming market, the company stands ready to bring its proven European success to American players throughout 2025 and beyond.