BETMGM Q3 2025 BUSINESS UPDATE AND RAISED FY25 GUIDANCE

Q3 ahead of expectations with strong performance momentum continuing during H2 2025 

BetMGM LLC (“BetMGM”), a leading sports betting and iGaming operator across North America, jointly owned by Entain plc and MGM Resorts International, is providing an update on its Q3 2025 performance.

• Q3 performance ahead of expectations, with strong year-to-date momentum continuing across both Online Sports and iGaming
  • Net Revenue of $667 million, up +23% YoY
  • iGaming Net Revenue up +21% YoY and Online Sports Net Revenue up +36% YoY
  • EBITDA of $41 million, up +$57 million YoY
• Ongoing successful execution of BetMGM’s refined player engagement strategy supported by further enhanced product and user experiences delivered growth in player activity and retention
• Increased FY25 guidance to Net Revenue of at least $2.75 billion and EBITDA of approximately $200 million
• BetMGM expects to distribute at least $200 million to parents before end of 2025

Adam Greenblatt, Chief Executive Officer of BetMGM, commented: “BetMGM’s momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan. The execution in operations we have described this year – improved marketing efficiency, player management, brand positioning, and product and platform improvements – all contributed to our strong revenue growth and material cash flow increase from both sides of the business. Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025. Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts. My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger than expected performance through Q3 positions us well for the rest of the year and into 2026.”

Q3 2025 Key Financial Highlights

Financial Highlights

• Q3 Net Revenue of $667 million, up +23% YoY, with continued strong underlying momentum
  • Year-to-date Net Revenue of $2.016 billion
  • iGaming Net Revenue up +21% YoY underpinned by our leading iGaming offering
  • Online Sports Net Revenue up +36% YoY reflecting our strengthened product offering and refined player engagement; favorable sports results in July and August offset by player-friendly outcomes in September
  • Average Monthly Actives up +6% YoY in line with expectations, reflecting our refined player targeting and management capabilities
• Q3 EBITDA of $41 million (up +$57 million YoY), with both iGaming and Online Sports delivering positive Contribution
  • Year-to-date EBITDA of $150 million
• Secure podium position with 15% GGR market share in active markets, including iGaming (21%) and Online Sports (8%)^6,7

Operational Highlights

• Ongoing product enhancements saw BetMGM offering players its fastest, most user-friendly and most complete product to date
• Successful Make it Legendary campaign launch ahead of football season, featuring award-winning actor Jon Hamm and other brand ambassadors, refining BetMGM’s brand identity and highlighting its elevated entertainment experiences including exceptional omnichannel hospitality
• Market-leading iGaming offering
  • Leading iGaming offering and enhanced player management, seeing continued strong growth in player acquisition, retention and activity
    •  Q3 Average Monthly Actives +21%⁵
  • Best-in-class and exclusive content continues to provide players with exciting and engaging experiences
    •  Exclusive launches include omnichannel titles in the Wizard of Oz franchise and Rakin’ Bacon, as well as branded casino games in partnership with The Price Is Right franchise and NFL teams ahead of season start
    •  Further targeting and showcasing of promotions to cross-sell Online Sports and iGaming players in our multi-product states during NFL season to date
• Upgraded Online Sports product supported by refined player management and disciplined acquisition approach
  • Improved product and app experience including upgraded visual design, contextual stats and decision support, and enhanced rewards dashboard, as well as exciting new features including live SGPs and in-game SGP cashout capabilities
  • Refined approach to player management and engagement delivering further improvements to retention, economics and activity metrics across both new and existing cohorts
    •  Q3 Handle per Active +23% and NGR per active +49% YoY⁸
    •  Q3 NGR margin improvement of +110 bps YoY

Outlook

• BetMGM’s stronger than expected year-to-date performance provides increased confidence for the balance of 2025
  • FY25 guidance increased to Net Revenue of at least $2.75 billion and EBITDA of approximately $200 million
  • Reiterated expectation of achieving more than $500M of Contribution, with positive Contribution from Online Sports
• BetMGM is now positioned to distribute excess cash to parents, Entain and MGM Resorts, while maintaining a minimum unrestricted cash threshold of $100 million going forward
  • Expect a total of at least $200 million to be returned for FY25
  • BetMGM expects to end the year with approximately $100 million of unrestricted cash after distributing excess cash to parents
  • EBITDA minus CapEx is a reasonable proxy for distributable cash to parents in 2026 and beyond
  • Ample liquidity with more than $250 million to operate the business, consisting of $100 million of unrestricted minimum cash and a $150 million revolving credit facility (which currently remains undrawn)
  • Distributions of cash to parents will be on a quarterly cadence going forward