BetMGM FY 2025 Revenue Jumps 33% to $2.8B, EBITDA Positive

Fahad Umar
February 5, 2026
2:02 am

Who: BetMGM, the U.S. online betting joint venture owned 50:50 by Entain and MGM Resorts International
What: Reported a 33% year-over-year revenue increase and swung to positive EBITDA
When: Full-year FY 2025 results, released this week
Where: United States, across active regulated sports betting and iGaming markets
Why it matters: Signals a structural shift toward sustainable profitability in U.S. online gambling
How: Faster sports betting growth, improved player economics, refined marketing, and omnichannel leverage

BetMGM reported full-year 2025 revenue of $2.8 billion, up 33% year over year from $2.1 billion, as the operator benefited from sharp gains in both online sports betting and iGaming. Just as important for investors and the broader U.S. betting market, adjusted EBITDA flipped from a $244 million loss in 2024 to a $220 million profit, marking a key inflection point for the joint venture. Management described 2025 as a “record year,” a characterization that markets appeared to endorse. Entain shares rose as much as 13% in London following the release, while MGM Resorts International stock gained roughly 12% in New York trading.

BetMGM Market Position: Podium Finish in Active States

BetMGM said it ended 2025 with a 13% gross gaming revenue (GGR) market share across its active jurisdictions, placing it firmly in a podium position among U.S. operators. That blended share reflects: 21% market share in iGaming, 8% market share in online sports betting. Average monthly active users increased 4% year over year to 979,000, a modest but expected gain given BetMGM’s emphasis on higher-quality, higher-value players rather than aggressive bonus-led acquisition.

Online Sports Betting Drives Outsized Growth

Online sports betting was the fastest-growing vertical in 2025, with revenue surging 63% year over year from $554 million to $903 million. Management attributed the jump to a more disciplined approach to marketing and player management, which translated directly into stronger unit economics: Net gaming revenue (NGR) margin: +170 basis points YoY Handle per active: +26% NGR per active: +77% For bettors and industry watchers, this suggests BetMGM is extracting more value per customer without materially expanding its user base—often a hallmark of a maturing betting operation.

iGaming Remains the Profit Engine

iGaming once again proved to be BetMGM’s financial backbone. Revenue from online casino products rose 24% to $1.8 billion, supported by: 24% growth in average monthly actives, 14% increase in active player days. The company cited sports-to-casino cross-sell, exclusive content, and continued growth in live dealer offerings as key drivers. These dynamics remain particularly relevant for U.S. bettors in states like New Jersey, Michigan, and Pennsylvania, where iGaming margins significantly outpace sports betting.

Omnichannel Strategy Pays Off in Nevada

BetMGM also highlighted progress in omnichannel integration, leveraging MGM Resorts International’s land-based casino portfolio. In Nevada, where BetMGM has rolled out a single-wallet system linking online and retail play, Average monthly actives rose 19% Handle increased 26%. This model continues to differentiate BetMGM from digital-only competitors and strengthens its position in states where in-person casino loyalty remains influential.

Cash Returns and 2026 Outlook

With profitability improving, BetMGM returned $270 million to its parent companies in Q4 2025, an important milestone for a business that has historically required sustained investment. Looking ahead, management forecasts: FY 2026 revenue: $3.1 billion to $3.2 billion, Adjusted EBITDA: $300 million to $350 million. The company reiterated confidence in reaching a $500 million adjusted EBITDA target in FY 2027, assuming stable regulatory conditions and continued execution.

Executive Commentary

Adam Greenblatt, CEO of BetMGM, said the results reflect a strategy that is now scaling efficiently: “2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale. 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.”

What This Means for U.S. Sports Betting Markets

For investors and industry participants, BetMGM’s 2025 results reinforce a broader narrative: the U.S. online betting market is moving from land-grab mode toward profit optimization. Operators with strong iGaming exposure, disciplined marketing, and omnichannel assets appear best positioned to generate durable earnings. For bettors, the shift may translate into fewer unsustainably generous promotions—but more stable platforms, improved product depth, and sharper pricing over time as operators focus on long-term customer value rather than headline growth.