BetMGM has officially turned the corner on profitability, reporting record-breaking financial results for fiscal year 2025 that exceeded market expectations. The joint venture, equally owned by MGM Resorts International and Entain plc, posted a total net revenue of $2.8 billion, representing a robust 33% year-on-year growth.
Segment Breakdown and Market Dominance
The surge was driven by a dual-engine performance in both the iGaming and sports betting sectors:
- iGaming: Revenue reached $1.83 billion, a 24% increase fueled by a market-leading 21% gross gaming revenue (GGR) share.
- Online Sports Betting: Revenue skyrocketed by 63% to $903 million, with the operator maintaining an 8% GGR share across active markets.
A particularly strong fourth quarter, bolstered by a “step-change” in player engagement during December, saw revenue hit $780 million (up 39%). This momentum allowed BetMGM to return a $270 million cash distribution to its parent companies in Q4 2025 alone.
Strategic Inflection Point
Operationally, BetMGM’s pivot was supported by a 4% increase in average monthly active players (979,000) and significant enhancements to its app experience, parlay functionality, and omnichannel integration in Nevada.
“2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale,” said Adam Greenblatt, CEO of BetMGM. “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”.
2026 Outlook and Sustained Growth
Looking ahead, BetMGM has provided an optimistic forecast for FY2026, targeting net revenue between $3.1 billion and $3.2 billion and adjusted EBITDA in the range of $300 million to $350 million.
The company remains confident in achieving $500 million in adjusted EBITDA by FY2027. Notably, starting in Q1 2026, the operator will begin paying parent fees for licensing and services, signifying its transition into a sustained profit-generating enterprise.
