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iGaming Quarterly Report: Q2 of 2025 With Operators in Focus
Q2 2025 brought in plenty of action for iGaming operators. This Q2 earnings report takes a look at how the big players—Betsson, BetMGM, Flutter, Wynn, and DraftKings handled the quarter full of new regulations and new market opportunities.
Table of Contents
iGaming industry in Q2 2025: overview
All conversations in Q2 2025 were around regulations, keeping iGaming operators on their toes. The UKGC’s move toward stricter affordability checks started big discussions, as operators weighed the impact on player engagement and compliance costs. In Germany, regulators doubled down on advertising and player protection rules, creating new challenges for operators already navigating a tightly controlled market.
Across the Atlantic, Brazil continued moving forward with its betting framework, keeping LatAm firmly on the industry’s radar. Q2 2025 made this clear: staying compliant and flexible for operators isn’t optional.
Q2 2025 reports of top iGaming operators
The Q2 of 2025 gave a clear picture of who’s growing, who’s steady, and who’s feeling the pressure. One thing the numbers tell us for sure is that the industry is expanding fast, but not without challenges. Here’s how the top operators performed in Q2 2025:
| COMPANY | Q2 REVENUE | YOY GROWTH | EBITDA |
| Betsson | €303.7M | +12% | €84.1M |
| BetMGM | $692M | +36% | $86M |
| Wynn Resorts | $1.74B | +1% | $552.4M |
| DraftKings | $1.51B | +37% | $301M |
| Flutter | $4.19B | +16% | $919M |
Betsson Group
Betsson’s Q2 2025 is solid growth on paper, but not impressive enough in the eyes of investors. Despite the double-digits for the quarter, the shares slid over 13% on July 18th, mainly due to concerns around mounting taxes.
Latin America led the way yet again, with income rising 35.4% to €84.7 million and record results in Argentina and Peru. Western Europe also had impressive results, posting a 35.6% increase to €59.3 million, while Italy achieved record casino growth. But it seems that Nordic markets remain a persistent headache, with operations continuing their decline, falling 28.4% year-on-year to €33.9 million.
Sportsbook margin improved to 9.5% (from 8.6%), lifting sportsbook revenue by 15%. Although casinos grew 11% as well, a slimmer EBITDA margin of 27.7% shows just how much taxes are affecting the profits. On the operations side, Betsson launched in Georgia and Lithuania, exited Nigeria, and continues to face regulatory pressure in Sweden—including an appeal against a SEK6.5 million fine and a Supreme Court ruling ordering subsidiary BML Group to repay €500k to a former customer.
Betsson CEO Pontus Lindwall credited the group’s Q2 2025 performance to strong customer engagement and strategic marketing in growth markets, with Latin America remaining the main growth engine.
BetMGM
BetMGM had yet another standout quarter, with Q2 2025 revenue climbing 36% year-on-year to $692 million, driven by strong growth across both iGaming and online sports betting. Compared to Betsson, BetMGM’s growth feels more straightforward. While Betsson is challenged by higher taxes and regulatory challenges, BetMGM is benefiting from both the growth of the U.S. market and a stable regulatory environment, translating directly into growth and rising profits. BetMGM’s Q2 2025 EBITDA rose to $86 million, up $78 million from last year. Backed by this, BetMGM raised the 2025 forecast to at least $2.7bn in revenue and $150 million in EBITDA.
iGaming remained BetMGM’s primary revenue stream, generating $449 million (+29% YoY), while sports betting kept rising too, with revenue up 56% to $228 million. Retail didn’t do as well, slipping 5% to $16 million, but overall momentum held up, with monthly active players rising 7%.
CEO Adam Greenblatt said that it was the disciplined implementation of the group strategy that fueled the strong performance, and further added that the company looks strong coming into the second half of the year.
Wynn Resorts
How did Wynn Resorts do in Q2 2025? Let’s just say it was a mixed quarter. The numbers barely moved, with a revenue rise to $1.74 bn from $1.73bn, but net income took a hit, dropping to $66.2 million (from $111.9 million), with diluted EPS dropping from $0.91 to $0.64. Adjusted property EBITDAR also fell to $552.4 million versus $571.7 million a year ago. Clearly, while the top line shows stability, the Wynn Q2 earnings show that its profitability is under pressure.
Digging deeper, Las Vegas was the clear bright spot of Q2 2025 for Wynn Q2 earnings. The Strip properties set a new Q2 record with adjusted EBITDAR of $234.8 million—a 2% increase on $638.6 million in revenue, showing that strong visitor traffic and high-end spending can still be major growth drivers, and Wynn’s Vegas operations stay resilient even in a challenging broader market. Encore Boston Harbor also delivered solid results, with revenue reaching $215.7 million and EBITDAR at $63.9 million, reflecting steady demand in the Northeast U.S.
The story is different in Macau, however. Remaining the weak spot, as Wynn Palace revenue fell to $539.6 million and EBITDAR slid to $157.2 million on softer VIP activity, Macau is a reminder for investors that Wynn’s international exposure comes with risk, mainly because of the ongoing volatility in the Chinese market.
Unlike BetMGM or even Betsson, both generating profit from growth in regulated markets, Wynn has to constantly adapt and navigate fluctuations in tourism, government restrictions, and shifting VIP behavior, making its performance less predictable—a potentially big issue for investors.
In the optimistic view of CEO Craig Billings, emphasis was placed on Wynn’s advantages, especially with premium forward bookings, with historic group and convention business already on the books for 2026. The operator is focusing resources on its UAE development while pausing other expansion projects.
DraftKings
DraftKings beats itself again, with yet another record-breaking revenue in Q2 2025, rising 37% year-on-year to $1.51bn, with net income and adjusted EBITDA both more than doubled to $158 million and $301 million, respectively. Taking into consideration the record results of Draftkings Q2 2025, the operator is sticking with their full-year revenue guidance of $6.2–$6.4bn, and after a quarter like this, they’re probably leaning toward the high end.
Monthly Unique Payers reached 3.3 million (+6% YoY), supported by strong retention and the integration of Jackpocket. Average revenue per player climbed 29% to $151, backed by stronger sportsbook hold and smarter promotions, and DraftKings Q2 earnings even helped buy back 6.5 million shares in H1—a clear signal they’re confident in their long-term strategy.
The sportsbook is still the big driver for the operator, with revenue up 45% to nearly $998m as handle passed $11.4bn and net revenue margin rose to 8.7% from 6.4%. iGaming also expanded 22.6% to $429.7 million. Compared to Betsson, BetMGM, or Wynn, DraftKings, currently live in 25 US states plus Washington, DC, with iGaming active in five states and Ontario, stands out for both scale and efficiency. The operator is now preparing for its next sports betting launch in Missouri and growing across multiple fronts, and all that while improving revenue per player and returning capital to shareholders.
CEO Jason Robins said Q2 2025 proves the strength of their platform, and CFO Alan Ellingson pointed to continued investments to keep the growth rolling. With full-year EBITDA now expected at $800–$900m, DraftKings is heading into the second half of 2025 with real momentum.
Flutter
Now you might be wondering: Who is DraftKings’ competitor? For anyone tracking the U.S. and global iGaming scene, Flutter certainly tops the list. Flutter’s Q2 2025 was a major one, with the company reporting a 25% year-over-year rise in adjusted EBITDA, reaching $919 million, powered by an 11% rise in average monthly players to nearly 16 million. Revenue climbed 16% to $4.19bn, but net income took a heavy hit, falling 88% because of one-off charges and higher taxes (a good reminder that even market leaders aren’t immune to regulatory costs).
The U.S. market once again proved its weight, with revenue rising 17% year-over-year to $1.8bn. Sportsbook revenue saw an 11% rise, while iGaming stole the spotlight with a massive 42% increase, pushing adjusted EBITDA in the region to $400million. International operations also had plenty to celebrate, with revenue up 15% to $2.4bn and adjusted EBITDA climbing 13% to $591 million. iGaming was a major income maker here too, up 27%, as Flutter leaned into strong performances across the UK, Ireland, Southern Europe, Africa, and Asia Pacific. Sportsbook growth was comparatively modest at 4%, slowed by tough comparisons to last year’s European Football Championships and less favorable sporting outcomes for Q2 2025.
DraftKings is strong in the U.S., and BetMGM is growing fast there too, but Flutter adds that to a strong international presence, a wide range of sportsbook and iGaming products, and smart acquisitions. What do we mean by that? Flutter isn’t only growing organically; the operator recently acquired Snai to get a more solid title of Italy’s biggest operator, closed its deal for NSX in Brazil, and acquired the final 5% stake in FanDuel from Boyd Gaming—now holding the U.S. giant outright.
CEO Peter Jackson kept the outlook cautious but confident, pointing to Flutter’s two decades of experience with Betfair Exchange as a foundation for exploring future opportunities in event contracts and prediction products.
Decoding Q2: what’s next for 2025
Q2 2025 made one thing clear—growth is still happening, but it’s coming with strings attached. Markets like LATAM are delivering strong numbers, while U.S. iGaming continues to heat up.
Numbers may reveal opportunities, but with taxes going up and regulations pressuring operators’ bottom lines, the rest of 2025 will test their ability to set a meaningful balance between growth and regulation, while holding onto the strategies that had them moving forward.
Final thoughts
During Q2 2025, the fortune favored those who can balance expansion with adapting to changes in regulations without missing a beat. Looking ahead to Q3, the momentum will be in the U.S. and LATAM, so that’s where a big part of the attention will go. With the major acquisitions that took place in Q2 2025, the main mission of iGaming Q3 will be for operators to turn those deals into growth rollers.
To see the full picture of the first half of the year, you can take a look at our Q1 2025 iGaming report as well.
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