BetMGM reported full-year profitability in 2025, delivering $220 million in EBITDA and a net income of $175 million, reversing a $291 million loss from the previous year. The digital gaming joint venture between MGM Resorts International and Entain returned $270 million in cash to its corporate parents after a year marked by revenue growth and improved player metrics.
Total revenue for the year rose 33% to $2.8 billion, driven by a 24% increase in iGaming revenue, which reached $1.8 billion, and a 63% rise in online sports betting revenue, totaling $903 million. The operator recorded $780 million in revenue during the fourth quarter, up 39% year-on-year, contributing $71 million to the annual EBITDA figure and $60 million in quarterly profit.
According to BetMGM, the revenue growth was supported by deeper engagement across both verticals, with improvements in player management and platform enhancements. Average monthly active users increased 4% year-on-year to 979,000, despite a 3% decline during the fourth quarter. Monthly active player usage rose by 14%, while active player handle and net gaming revenue per player climbed 26% and 77%, respectively.
The company maintained a 13% gross gaming revenue market share across its operational footprint, including 21% in iGaming and 8% in online sports betting. It highlighted the role of exclusive iGaming content, featuring branded titles based on Friends, The Wizard of Oz, and The Price Is Right, in supporting its engagement strategy.
BetMGM’s CEO, Adam Greenblatt, said: “2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale.”
BetMGM’s CEO Adam Greenblatt
He added: “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.”
Operational results in Nevada were notably strong, with a 19% year-on-year increase in average monthly actives and a 26% growth in handle, aided by closer integration with MGM Resorts’ land-based properties. The company also reported a 170 basis point increase in net gaming revenue margin for sports betting.
Capital expenditure for the year totaled $46 million, with $17 million allocated in the fourth quarter. BetMGM stated that from the first quarter of 2026, it will begin parent fee payments to MGM Resorts and Entain for licenses and services, following the achievement of sustainable profitability.
BetMGM has forecast revenue between $3.1 billion and $3.2 billion for fiscal 2026, and projects adjusted EBITDA in the range of $300 million to $350 million. The company reiterated its longer-term target of $500 million in adjusted EBITDA by 2027.
Greenblatt said: “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. As the industry continues to evolve, we will continue to focus on winning the BetMGM way.”
Original article: https://www.yogonet.com/international/news/2026/02/05/117463-betmgm-swings-to-profit-in-2025-returns-270-million-to-parent-companies
