The year 2025 was pivotal for BetMGM, characterized by impressive financial achievements and product advancements, as well as a renewed emphasis on brand identity within the competitive landscape of U.S. gaming. Boasting record revenues in both iGaming and online sports betting, significant enhancements to its app ecosystem, and the initiation of its inaugural corporate brand overhaul, the company has solidified its stature as a premium, all-encompassing gaming operator.
In an exclusive discussion with Yogonet, Matt Prevost, the Chief Revenue Officer at BetMGM, shares insights on the tactics that fueled the company’s success in 2025 — from engaging high-value players and delivering exclusive IP-driven content to the introduction of shared liquidity in online poker.
Looking forward to 2026, Prevost details how BetMGM aims to leverage major global events, strengthen the bond between digital and retail experiences, and continue to excel in responsible and regulated growth as the industry transitions into its next chapter.
Reflecting on 2025, how would you evaluate the company’s performance? What major insights, milestones, or lessons emerged over the past year?
2025 has been a transformative period for BetMGM, marked by unparalleled growth and sustained progress in both iGaming and sports betting. By the third quarter, net revenue soared to $2.016 billion, representing a 31% increase year-over-year.
As highlighted in our Q3 earnings report earlier this October, we experienced significant EBITDA growth for the year-to-date, projecting around $200 million in EBITDA for the full year 2025 and a minimum of $2.75 billion in net revenue. These advancements mirror our business momentum, supported by a faster, more reliable BetMGM app featuring expanded functionalities and an enhanced user journey.
Our 2025 strategy proved successful. We prioritized brand enhancement, product innovation, refined player management, and disciplined acquisition while enhancing the synergy between digital and retail platforms.
This year, we launched the “Make It Legendary” campaign — our first-ever corporate brand repositioning. “Make It Legendary” embodies our commitment to delivering elevated experiences, unparalleled hospitality, and solidifying our reputation as a leading and trustworthy gaming operator. The addition of Jon Hamm and Derek Jeter as our legendary ambassadors brought this initiative to life, showcasing charisma, excellence, and sophistication.
I take immense pride in the entire BetMGM team and the dedication, talent, and creativity they invested in making 2025 an exceptional year.
Did any specific state or segment exceed expectations? How did player behavior shift throughout the year, and what trends stood out?
Our online sports betting segment significantly exceeded expectations this year, driven by enhancements in user experience and ongoing promotions. As noted in our Q3 update, OSB net revenue climbed 36% year-over-year, reinforcing the positive momentum from the initial half of the year.
Player behavior evolved positively. Bettors increasingly preferred high-value wager types like parlays, responding enthusiastically to a more streamlined and intuitive platform. Our sports brand now rightly serves as the home for premium players, also known as “premium mass.”
In the iGaming sector, we witnessed remarkable performance from several major IP-driven franchises. Wizard of Oz serves as a prime example. This iconic film has long been a beloved fixture on casino floors. This year, BetMGM became the exclusive venue for Wizard of Oz-themed games, introducing a new title quarterly, with each release receiving a warm reception.
Rakin’ Bacon also continues to deliver exceptional results. The exclusivity periods for franchises like Rakin’ Bacon, Wizard of Oz, and various other popular IPs serve as a strong growth catalyst for BetMGM. These partnerships reinforce our “Make It Legendary” commitment by providing players with unique content, beloved brands, and exclusive experiences available only at BetMGM.
In April, BetMGM Poker added Pennsylvania to the shared player pool alongside New Jersey and Michigan. The shared liquidity initiative was highly anticipated by players and has established BetMGM Poker as the leading online poker operator in the U.S.
What can we anticipate from the company in 2026? What primary challenges and opportunities do you foresee in the gaming industry over the next 12 months?
Looking ahead to 2026 and beyond, BetMGM plans to create the most comprehensive entertainment ecosystem in the industry — one that seamlessly integrates iGaming, sports betting, poker, and the captivating experiences offered at MGM Resorts International.
The forthcoming year presents numerous defining opportunities for the business. We are particularly focused on the potential impact of the World Cup, and we are already strategizing ways to harness the excitement generated by this tournament in North America.
As the industry expands, so does the responsibility to lead with integrity. For lawful, regulated operators like BetMGM, this requires continuous advancements in responsible gambling strategies and education. Ensuring safe, sustainable play is crucial for the health of the industry, and BetMGM is committed to integrating responsible gambling practices throughout all facets of our operations.