Slide 1: BetMGM 2Q/1H 2025 Business Update
Dk rt) BETMGM 20/1H 2025 BUSINESS UPDATE July 29%, 2025
Slide 2: Disclaimer
Disclaimer This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in any jurisdiction where such offer or sale is not permitted. Any securities referred to herein, if any, have not been, and will not be, registered under the Securities Act of 19
Slide 3: Agenda
Agenda Adam Greenblatt
Slide 4: Performance & Outlook
Performance & Outlook Continued momentum into 2Q driven by progress against our key strategic pillars informs upgraded FY’25 outlook 20/1H 2025 Financial Highlights ' 2025 Full-Year Outlook ' 20.2025 Net Revenue 20.2025 EBITDA 2025 Net Revenue 2025 EBITDA $692 million $86 million At least $2.7 billi
Slide 5: iGaming: strong growth in player volume and activity
iGaming: strong growth in player volume and activity driven by marketing investment with attractive player economics -on- 1,23 . . 1H 2025 Year-on-Year % Growth OOO Content Library Depth & Quality Player Volume (+) Player Engagement dy Led by in-house titles and exclusive IP including Wizard of Oz,
Slide 6: Online Sports
Online Sports Online Sports: refined player management, product enhancements, and efficient marketing driving strong retention and growth 1H 2025 Year-on-Year % Growth '23 Player Base 5% 46% my Marketing Spend i Monthly Actives 1H 2025 Total Handle +27% Player Engagement mm Player Staking & Value (u
Slide 7: Omnichannel: strong progress across all touchpoints in 1H
Omnichannel: strong progress across all touchpoints in 1H key to BetMGM’s differentiation in the market 2, O (ey re ee Es FT MGM Collaboration During NV Digital Product Omnichannel Gaming Differentiated Omnichannel Tentpole Events Enhancements Success Experiences Exclusive and open-to-all March Perf
Slide 8: Agenda
Agenda Gary Deutsch
Slide 9: 2Q/1H 2025 Highlights
20/1H 2025 Highlights Financial Highlights: continued momentum in 20 drove stronger than expected 1H $692M +29% -+56% #039;sin millions 20.2025 1H 2025 2Q 2025 2Q 2025 2Q 2025 Total Net Revenue 692 1,349 Net Revenue iGaming NGR Growth Online Sports NGR Growth % YoY growth 36% 35% iGaming Net Revenue 44
Slide 10: BetMGM 2Q and 1H 2025 P&L Summary and 1H Financial Summary
BetMGM 20 and 1H 2025 P&L Summary 20 and 1H BetMGM Financial Summary’ $’s in millions 202025 202024 Change | 112025 1H2024 Change * 1H-2025 EBITDA of $109 million ($232 million improvement YoY) Net Revenue sno ssi 36% | $1349 $909 25% — 20.2025 EBITDA of $86 million ($78 million improvement YoY) Con
Slide 11: Guidance: Clear path to at least $150 million EBITDA in 2025
Guidance: Clear path to at least $150 million EBITDA in 2025... $400+ million improvement vs. 2024 2024 EBITDA - 2025 EBITDA Guidance Improvement Bridge’ At least $2.7 billion Net Revenue! Continued growth of iGaming market leading business and | | accelerating Online Sports business 2025 f | ~$400M
Slide 12: Positive momentum during 1Q 2025 continued into 2Q 2025
Positive momentum during 1Q 2025 continued into 2Q 2025, driven by handle growth and refined player management Refined operating execution delivered 1H EBITDA of $109 million (+$232 million YoY) and $86 million in 20 Leading iGaming business grew +29% YoY in 20 2025 supported by strong player acquis
Slide 13: Questions & Answers
Re) 5ETMGM QUESTIONS & ANSWERS
Slide 14: Appendix
Re) BETMGM APPENDIX
Slide 15: BetMGM Quarterly Net Revenue Summary
BetMGM Quarterly Net Revenue Summary BetMGM 2024-2025 Quarterly Net Revenue Summary $’s in millions 19 2024 20.2024 1H. 2024 1 2025 20.2025 1H 2025 Total Net Revenue 489 510 999 657 692 1,349 % YoY growth 3% 9% 6% 34% 36% 35% iGaming Net Revenue 348 347 695 443 449 891 % YoY growth 13% 7% 10% 27% 29
Slide 16: BetMGM Estimated GGR Share by Product (U.S. and Canada)
BetMGM Estimated GGR Share by Product (U.S. and Canada) 25% 20% 15% 10% 5% a Estimated GGR Market Share (Online Sports and iGaming) Total GGR share nearly 2X that of next ranked competitor Www = - ePr Tw TFT RMweew ow ew Mw K- ” - Q2 03 a4 a 2024 2025 BetMGM OSBGGR Share = *BetMGMiGamingGGR Share ©
Slide 17: BetMGM Estimated NGR Share (U.S. and Canada)
BetMGM Estimated NGR Share (U.S. and Canada) Estimated NGR Market Share By Operator! (Online Sports and iGaming) 40% 6% 36% 30% 0% 25% 20% 15% —E 15% 10% % 5% 5% 3% 0% a 02 ® u a 2024 2025 —Competitor1 Competitor? ==BetMGM Competitor 3 Competitor 4 Competitor 5 -
Slide 18: BetMGM
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