Core Insights - BetMGM's Q3 2025 performance exceeded expectations, continuing strong momentum from H1 2025, driven by effective execution of its strategic plan [2][6][7] - The company has raised its full-year 2025 guidance, anticipating net revenue of at least $2.75 billion and EBITDA of approximately $200 million [6][7] Financial Performance - Q3 2025 net revenue reached $667 million, a 23% increase year-over-year, with iGaming revenue up 21% and online sports revenue up 36% [3][6][7] - Year-to-date net revenue totaled $2.016 billion, with EBITDA for Q3 at $41 million, an increase of $57 million year-over-year [3][6][7] - The average monthly active users increased by 6% year-over-year, reflecting improved player engagement strategies [3][7] Operational Highlights - BetMGM achieved a 15% GGR market share in active markets, with 21% in iGaming and 8% in online sports [7] - The company launched successful marketing campaigns, including the "Make it Legendary" campaign, enhancing brand identity and user experience [7] - Product enhancements led to a 23% increase in handle per active user and a 49% increase in NGR per active user year-over-year [7] Future Outlook - BetMGM expects to distribute at least $200 million to its parent companies, Entain and MGM Resorts, by the end of 2025 [6][7] - The company maintains a minimum unrestricted cash threshold of $100 million while having ample liquidity of over $250 million to support operations [17]

Core Insights - BetMGM LLC, a leading sports betting and iGaming operator in North America, will release a business update for the third quarter of 2025 on October 14, 2025 [1] - The update will be followed by a conference call hosted by BetMGM management at 9:00am ET [1] Company Overview - BetMGM is a joint venture between MGM Resorts International and Entain plc, providing exclusive access to MGM Resorts' U.S. land-based and online sports betting and gaming businesses [3] - The company utilizes Entain's advanced technology to offer sports betting and online gaming through brands like BetMGM, Borgata Casino, Party Casino, and Party Poker [3] - Founded in 2018 and headquartered in New Jersey, BetMGM is recognized as a market leader in the online gaming industry [3] MGM Resorts International - MGM Resorts International is a global gaming and entertainment company with a portfolio of 31 hotel and gaming destinations [4] - The company is focused on creating immersive experiences and is pursuing expansion in Asia, particularly through a resort development in Japan [4] - MGM Resorts is committed to sustainability and has been recognized as one of FORTUNE® Magazine's World's Most Admired Companies® [4] Entain plc - Entain plc is a FTSE100 company and one of the largest sports betting and gaming groups globally, operating both online and in retail [5] - The group owns a diverse portfolio of brands across sports and gaming, including BetCity, bwin, and Gala [5] - Entain provides proprietary technology and services to third-party customers, enhancing its B2C and B2B operations [6]

Core Insights - BetMGM has reported stronger than expected financial performance for 2Q and 1H 2025, leading to an increased outlook for FY25 [1][5][11] - The company attributes its success to effective strategic execution, resulting in significant revenue and EBITDA growth [2][5] Financial Performance - 2Q 2025 net revenue reached $692 million, a 36% increase year-over-year, with EBITDA of $86 million, up $78 million YoY [3][5][6] - 1H 2025 net revenue totaled $1.35 billion, reflecting a 35% YoY growth, and EBITDA was $109 million, an increase of $232 million YoY [5][6] - iGaming revenue for 2Q 2025 was $449 million, up 29% YoY, while Online Sports revenue was $228 million, a 56% increase YoY [3][5][11] Strategic Execution - The company has enhanced player engagement and refined marketing strategies, leading to improved player KPIs and overall engagement [2][5][11] - BetMGM has secured a 14% GGR market share in active markets, with 22% in iGaming and 8% in Online Sports, solidifying its market position [11] Future Outlook - BetMGM has upgraded its FY25 guidance, projecting net revenue of at least $2.7 billion and EBITDA of at least $150 million [5][11] - The company aims to achieve $500 million in EBITDA in the coming years, supported by its strong market position and operational leverage [5][11]

Core Viewpoint - BetMGM LLC, a leading sports betting and iGaming operator, will release its business update for Q2 2025 on July 29, 2025, with a conference call scheduled for the same day [1] Group 1: Company Overview - BetMGM is a market-leading sports betting and gaming entertainment company, formed through a partnership between MGM Resorts International and Entain plc [2] - BetMGM has exclusive access to MGM Resorts' U.S. land-based and online sports betting, major tournament poker, and online gaming businesses [2] - The company was founded in 2018 and is headquartered in New Jersey [2] Group 2: MGM Resorts International - MGM Resorts International is a global gaming and entertainment company with a portfolio of 31 unique hotel and gaming destinations [3] - The company operates best-in-class hotels and casinos, offering a wide range of entertainment and dining options [3] - MGM Resorts is pursuing targeted expansion in Asia, specifically through an integrated resort development in Japan [3] Group 3: Entain plc - Entain plc is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector [4] - The group owns a comprehensive portfolio of established brands across sports and gaming [4] - Entain provides the technology and capabilities that power BetMGM, along with exclusive games developed in-house [5]

Company Overview - BetMGM LLC is a leading sports betting and iGaming operator in North America, co-owned by MGM Resorts International and Entain plc [1][6] - The company was founded in 2018 and is headquartered in New Jersey, offering services through brands like BetMGM, Borgata Casino, Party Casino, and Party Poker [6] Financial Performance - BetMGM has experienced strong momentum, with a 34% year-over-year growth in Net Revenue during Q1 2025 [4] - The company has upgraded its FY 2025 guidance, now expecting Net Revenue to be at least $2.6 billion, an increase from the previous range of $2.4 billion to $2.5 billion [4] - FY 2025 EBITDA is now projected to be at least $100 million, up from the previous guidance of being EBITDA positive [4] Market Position and Strategy - BetMGM is positioned to be contribution positive for Online Sports in FY 2025, alongside strong contributions from iGaming [4] - The company is optimistic about future growth prospects, aiming for a pathway to $500 million EBITDA in the coming years [4] Upcoming Events - BetMGM plans to provide further details on its Q2 2025 performance and guidance during its H1 update on July 29, 2025 [2]

Core Insights - BetMGM has reported a strong start to 2025, with confidence in achieving positive EBITDA for the full year, supported by solid underlying activity trends and successful execution of its strategic plan [2][6][10] Financial Performance - In Q1 2025, BetMGM's total net revenue reached $657 million, a 34% increase year-over-year, driven by significant growth in both iGaming and Online Sports [4][7] - iGaming revenue was $443 million, up 27% year-over-year, while Online Sports revenue surged to $194 million, reflecting a 68% increase [4][6] - The handle for Online Sports increased by 29% year-over-year, reaching $4,088 million [4][7] - EBITDA for Q1 2025 was $22 million, a substantial improvement of $154 million compared to the same quarter in the previous year [4][7] Operational Highlights - BetMGM's average monthly active users increased by 6% year-over-year to 1,067 thousand, indicating strong player engagement [4][7] - The company achieved a 110 basis points improvement in net gaming revenue (NGR) margin year-over-year [4][10] - Active player days rose by 39% year-over-year, driven by unique content across real-money and free-to-play games [10] Strategic Outlook - BetMGM reaffirms its expectations for FY 2025 to be EBITDA positive, with net revenue guidance set between $2.4 billion and $2.5 billion [10] - The company anticipates Online Sports to be contribution positive for FY 2025 and aims for $500 million EBITDA in the coming years [10]

Company Overview - BetMGM is a leading sports betting and iGaming operator in the U.S., co-owned by MGM Resorts International and Entain plc [1][3] - MGM Resorts operates 31 hotel and gaming destinations globally and is recognized as one of FORTUNE® Magazine's World's Most Admired Companies [4] - Entain plc is a FTSE100 company and one of the largest sports betting and gaming groups worldwide, with a diverse portfolio of brands [5][6] Upcoming Events - BetMGM will release its business update for Q1 2025 on April 28, 2025, at 7:00am ET [1] - A conference call with Q&A will follow at 9:00am ET on the same day [2] - Entain and MGM Resorts will also release their Q1 2025 results on April 29 and April 30, respectively [2] Technology and Operations - BetMGM utilizes Entain's U.S.-licensed technology to offer sports betting and online gaming through various brands [3][6] - Entain provides exclusive games and products developed in-house for BetMGM [6] Market Position - BetMGM has exclusive access to MGM Resorts' U.S. land-based and online sports betting and gaming businesses [3] - The company is positioned as a market leader in the online gaming industry [3]