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 and 1H 2025 BetMGM Financial Summary1,2,3
$ millions, unless otherwise noted Advertisement	2Q 2025	YoY Change		1H Advertisement 2025	YoY Change		1H 2024 Advertisement
Net Revenue
iGaming	$449	+29 %		$891 Advertisement	+28 %		$695
Online Sports	$228	+56 % Advertisement		$422	+61 %		$262
Handle4	$3,427 Advertisement	+25 %		$7,515	+27 %		$5,914
GGR Hold % Advertisement	9.8 %	+40bps		8.9 %	(10)bps		9.0 % Advertisement
NGR Hold %	6.6 %	+130bps		5.6 %	+120bps Advertisement		4.4 %
Retail / Other	$16	(5) %		$36 Advertisement	(15) %		$42
Total Net Revenue	$692	+36 % Advertisement		$1,349	+35 %		$999
Contribution	$191 Advertisement	+$88		$307	+$241		$66
EBITDA Advertisement	$86	+$78		$109	+$232		($123) Advertisement
Average Monthly Actives (thousands)5	901	+7 %		984	+6 % Advertisement		926

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