BetMGM Raises Guidance Again After ‘Stronger Than Expected’ Results
Summary
BetMGM raised its 2025 guidance for the third time this year, now targeting at least $200 million in EBITDA on expected net revenue of $2.75 billion (roughly 30.8% growth versus 2024). The company reported Q3 net revenue of $667 million, up 23% year‑on‑year, with iGaming contributing $454 million (21% growth, 68% of revenue) and sports betting delivering $202 million (36% growth) on $3.159 billion of handle.
Q3 EBITDA was $41 million versus a loss of $16 million a year earlier; year‑to‑date EBITDA through three quarters sits at $150 million, a near $300 million swing from a $139 million loss in the same period last year. Management plans to return at least $200 million to parent companies MGM Resorts and Entain in 2025 while retaining about $100 million in cash and keeping a $150 million revolver undrawn.
CEO Adam Greenblatt credited improvements in marketing efficiency, player management, brand positioning and product/platform enhancements for the stronger performance. Despite weak sports results in September, stronger July and August hold and improved margins drove the outperformance. MGM and Entain shares rose on the update.
Key Points
- 2025 EBITDA guidance raised to at least $200 million on $2.75 billion net revenue (≈30.8% YoY growth).
- Q3 net revenue: $667 million, up 23% year‑on‑year.
- iGaming net revenue: $454 million (21% growth), representing 68% of total net revenue.
- Sports betting net revenue: $202 million (36% growth) on $3.159 billion handle (13% growth); net hold rose to 6.4%.
- Q3 EBITDA of $41 million vs a loss of $16 million in Q3 2024; YTD EBITDA $150 million vs a YTD loss of $139 million last year.
- BetMGM will return at least $200 million to MGM Resorts and Entain in 2025, keeping ~$100 million cash and an undrawn $150 million revolver for liquidity.
- Management attributes gains to better marketing efficiency, player management, brand and product/platform improvements.
Why should I read this?
Short version: BetMGM’s numbers just went from “healthy” to “properly firing”. If you follow US iGaming/sports‑betting markets, this is a clear signal that operational fixes are paying off and the JV is finally turning meaningful cash — worth knowing whether you’re tracking competitors, investors, or market trends. Plus, they’re paying money back to their parents, which is a neat way to underline the turnaround.
