BetMGM reports $2.8B revenue in 2025 with strong profitability

BetMGM, the collaborative venture between MGM Resorts International and Entain plc, closed fiscal year 2025 on a high note, posting strong revenue growth and returning to profitability after years of significant investment in online sports betting and iGaming. The company’s performance highlights a strategic shift centered on enhanced player engagement, targeted marketing, and continuous innovation in its offerings.

Fiscal Year 2025 Financial Performance

For the year ending December 31, 2025, BetMGM reported net revenue of $2.8 billion, representing a 33 percent increase over 2024. The growth was driven by robust results across both the iGaming and online sports betting segments, demonstrating the platform’s broad appeal among digital casino and sports betting audiences.

The iGaming division delivered $1.83 billion in revenue, a 24 percent increase year-on-year, while online sports betting surged to $903 million, up 63 percent compared with the prior year. These figures highlight BetMGM’s ability to attract and retain players across multiple verticals effectively.

A significant achievement for the company in 2025 was attaining positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of $220 million, a marked improvement from the negative EBITDA recorded in the previous year. The fourth quarter alone contributed $71 million to EBITDA, reflecting strong momentum heading into year-end.

Net income for 2025 reached $175 million, reversing the prior year’s net loss. Contribution margin also rose substantially, climbing to $607 million from $118 million in 2024, indicating enhanced operational efficiency and higher-quality revenue. Robust cash flow allowed BetMGM to distribute $270 million to its parent companies in the fourth quarter.

CEO commentary on 2025 performance

Adam Greenblatt, Chief Executive Officer of BetMGM, provided insights on the results:

“2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale. Q4 2025 saw record performances, completing a year where both iGaming and online sports achieved step change results, reflecting robust engagement, improved player economics, sharper player management and continued platform and product enhancements. BetMGM’s meaningfully improved profitability and material EBITDA generation now sees us returning cash to our parent companies and marks a clear inflection in our growth trajectory. Looking ahead to 2026 and beyond, the strong underlying metrics and health of the business continue to reinforce our confidence in our outlook as we enter the next phase of growth. As the industry continues to evolve, we will continue to focus on winning the BetMGM way.”

Greenblatt’s comments highlighted the company’s focus on operational efficiency, smarter player management and monetizing improvements across its digital platforms.

Key drivers of growth in iGaming and sports betting

Throughout 2025, BetMGM significantly expanded its iGaming offerings, introducing new digital games and enhancing its live dealer portfolio. These upgrades were aimed at creating a more engaging and immersive experience for players. Improvements such as interactive games, higher-quality live dealer sessions, and personalized promotional campaigns contributed to stronger player retention and increased spending per user.

In the sports betting segment, the company rolled out multiple enhancements to its mobile and online platforms. Features like live same-game parlay options, a redesigned bet slip interface, and faster in-play wagering were introduced to improve user experience, encourage frequent betting, and capture a larger share of the U.S. online sports betting market.

BetMGM also focused on optimizing player acquisition and retention strategies. By targeting marketing investments toward profitable player segments and maintaining disciplined promotional spending, the company increased the efficiency of its marketing efforts while controlling overall costs.

Expanding access across the U.S. market

The company continued to extend its geographic footprint in 2025 as more U.S. states legalized online sports betting. In December, BetMGM launched its online sports betting platform in Missouri on the first day of market availability. By year-end, the company had established operational presence in 30 states, marking a substantial national reach.

Entering newly regulated states not only expanded the potential player base but also diversified revenue streams across various regulatory frameworks, supporting the company’s long-term growth objectives.

Outlook for 2026 and beyond

Looking forward, BetMGM anticipates net revenue for fiscal year 2026 to fall between $3.1 billion and $3.2 billion. Adjusted EBITDA is projected to range from $300 million to $350 million. Management reaffirmed its long-term goal of achieving $500 million in adjusted EBITDA by 2027, reflecting confidence in the scalability of operations and continued efficiency improvements across the business.

Competitive landscape and strategic advantages

The U.S. online gaming and sports betting market remains highly competitive, with numerous operators vying for market share across casino and sports wagering verticals. Regulatory developments, marketing effectiveness, and product innovation are critical differentiators. BetMGM’s recent performance gains and return to profitability strengthen its position as a leading operator in this evolving market.

The joint ownership by MGM Resorts International and Entain plc offers significant strategic benefits. MGM contributes expertise in land-based gaming, hospitality, and brand recognition, while Entain brings global online gaming technology and operational experience. This combination has been instrumental in enabling BetMGM to scale its operations, enhance product offerings, and improve profitability.

Regulatory considerations and industry risks

Despite its strong financial results, BetMGM operates within a complex regulatory environment. State-level taxation, licensing obligations, and compliance requirements can influence profitability and operational flexibility. The company continues to prioritize adherence to regulatory frameworks and responsible gaming practices, integrating these principles into its overall business strategy.

Conclusion

BetMGM’s 2025 performance represents a transformative chapter in the company’s trajectory, demonstrating that strategic investment, disciplined operations and innovation can converge to deliver sustained growth and profitability. With record-breaking revenue of $2.8 billion and positive EBITDA, BetMGM has successfully turned around its previous losses and laid a solid operational groundwork for future growth. The company’s success reflects a balanced approach that combines technological enhancements, improved player engagement and efficient marketing strategies, creating a scalable business model adaptable to an evolving U.S. gaming market.

Looking forward, BetMGM is well-positioned to capitalize on regulatory developments, market expansion and emerging player preferences. The partnership between MGM Resorts International and Entain plc continues to offer strategic advantages, leveraging both land-based gaming expertise and global online operational experience. As the industry becomes increasingly competitive, BetMGM’s focus on product innovation, responsible gaming practices and operational discipline provides a resilient framework for long-term success. With robust financial health, expanding market access and a clear strategic vision, BetMGM is poised to maintain its leadership in online sports betting and iGaming, setting the stage for continued growth and value creation for its shareholders.

FAQs

What was BetMGM’s total net revenue in fiscal year 2025?
BetMGM reported net revenue of $2.8 billion for the year ended December 31, 2025.

How much did BetMGM’s EBITDA improve in 2025?
BetMGM achieved earnings before interest, taxes, depreciation and amortization of $220 million, a significant turnaround from a loss in the prior year.

What drove the revenue growth for BetMGM in 2025?
Revenue growth was driven by strong performance in both iGaming and online sports betting segments along with improved player engagement and product enhancements.

Did BetMGM return cash to its parents in 2025?
Yes, the company distributed $270 million in cash to its parent companies during the fourth quarter of 2025.

How much did iGaming revenue increase in 2025?
The iGaming segment saw revenue growth of approximately 24 percent compared to the previous year.

What were the main enhancements to the online sports betting platform?
Enhancements included live same‑game parlays, improved bet slip functionality and faster in‑play betting features.

Where did BetMGM expand its operations during 2025?
BetMGM expanded market access to include online sports betting in Missouri and maintained access in 30 U.S. states by year‑end.

What are the revenue expectations for BetMGM in 2026?
BetMGM expects net revenue between $3.1 billion and $3.2 billion for fiscal year 2026.

Is BetMGM aiming for profitability beyond 2026?
Yes, the company has reiterated its confidence in achieving $500 million in adjusted EBITDA by fiscal year 2027.

What kinds of risks does BetMGM face in its business?
BetMGM faces regulatory and taxation risks along with competition in the online gaming market that could impact future performance.

How does BetMGM approach responsible gaming?
BetMGM emphasises compliance with regulatory standards and responsible gaming practices as part of its operational strategy.