BetMGM achieved full-year profitability in 2025, posting $220 million in EBITDA and a net income of $175 million, a remarkable turnaround from a $291 million loss the previous year. The joint venture in digital gaming between MGM Resorts International and Entain returned $270 million in cash to its parent companies following a year characterized by revenue growth and enhanced player metrics.
The company’s total revenue surged by 33% to $2.8 billion, spurred by a 24% increase in iGaming revenue, reaching $1.8 billion, and a significant 63% growth in online sports betting revenue, amounting to $903 million. In the fourth quarter, revenue hit $780 million, representing a 39% year-on-year increase, which added $71 million to the annual EBITDA and $60 million in quarterly profit.
BetMGM indicated that the revenue surge was fueled by greater engagement across both sectors, with enhancements in player management and platform features. Average monthly active users increased by 4% year-on-year to 979,000, even amidst a 3% dip in the fourth quarter. Monthly active player engagement rose by 14%, while active player handle and net gaming revenue per player experienced increases of 26% and 77%, respectively.
The company maintained a 13% market share in gross gaming revenue across its operational domains, with 21% in iGaming and 8% in online sports betting. BetMGM underscored the importance of exclusive iGaming content, featuring themed titles based on Friends, The Wizard of Oz, and The Price Is Right, as integral to its engagement strategy.
CEO Adam Greenblatt stated: “2025 was a landmark year for BetMGM, surpassing expectations thanks to the implementation of our refined strategy across a larger scale.”
BetMGM CEO Adam Greenblatt
He further remarked: “The performance in Q4 2025 was record-breaking, culminating in a year where both iGaming and online sports saw transformative outcomes, indicative of strong engagement, improved player economics, refined player management, and ongoing enhancements to our platform and products.”
Operational metrics in Nevada were particularly robust, showcasing a 19% year-on-year rise in average monthly active users and a 26% increase in handle, facilitated by closer integration with MGM Resorts’ physical properties. The company reported a 170 basis point uptick in net gaming revenue margin from sports betting.
Capital expenditures for the fiscal year amounted to $46 million, with $17 million dedicated in the fourth quarter. BetMGM announced that beginning in Q1 2026, it will commence parent fee payments to MGM Resorts and Entain for licenses and services, following the achievement of sustainable profitability.
Looking ahead, BetMGM forecasts revenues between $3.1 billion and $3.2 billion for fiscal 2026, and anticipates adjusted EBITDA ranging from $300 million to $350 million. The company reiterated its long-term goal of reaching $500 million in adjusted EBITDA by 2027.
Greenblatt concluded: “BetMGM’s significantly enhanced profitability and substantial EBITDA generation now allow us to return cash to our parent entities, signifying a pivotal point in our growth trajectory. As the industry evolves, we remain committed to excelling in the BetMGM way.”