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BetMGM LLC, the joint venture between Entain plc and MGM Resorts International, delivered record financial results for Fiscal Year 2025, surpassing expectations with net revenue of $2.8 billion and achieving a significant EBITDA milestone that enabled the company to distribute cash to its parent companies.
Record Revenue Performance Across All Verticals
The North American sports betting and iGaming operator reported net revenue of $2.8 billion for FY 2025, representing a 33% increase year-over-year. The growth was driven by strong performance across both primary business segments, with iGaming net revenue rising 24% year-over-year and online sports net revenue climbing 63%.
Fourth quarter results proved particularly robust, with net revenue reaching $780 million, up 39% compared to the same period in 2024. December performance stood out with heightened player engagement and favorable sports results, contributing to Q4 online sports net revenue growth of 93%.
Profitability Inflection Point
BetMGM achieved EBITDA of $220 million for FY 2025, a $464 million improvement compared to a loss of $244 million in the prior year. The profitability milestone enabled the company to complete a $270 million cash distribution to MGM Resorts and Entain in Q4 2025, marking the first return of capital to parent companies.
The improved financial performance reflects the execution of strategic initiatives focused on player engagement, retention economics, and operational efficiency. Both iGaming and online sports segments generated substantial contribution margins, with iGaming exceeding $500 million and online sports surpassing $200 million.
“2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale,” said Adam Greenblatt, Chief Executive Officer of BetMGM. “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.”
iGaming Leadership Position
BetMGM’s iGaming vertical demonstrated continued strength, supported by exclusive content partnerships and enhanced player management capabilities. The segment reported FY 2025 average monthly actives up 24% year-over-year and active player days increasing 14%.
The company’s content strategy included releases from exclusive game franchises such as Wizard of Oz, The Price Is Right, and Friends. BetMGM also expanded its live dealer offering with additional dedicated studios and content, while implementing focused cross-sell initiatives leveraging sports-branded intellectual property to drive online sports players to the iGaming platform.
Online Sports Transformation
The online sports betting segment delivered transformative results in FY 2025, with net revenue growth of 63% year-over-year driven by refined player management strategies and product improvements. Key performance metrics demonstrated significant advancement, including net gaming revenue margin improvement of 170 basis points, handle per active customer up 26%, and net gaming revenue per active up 77%.
BetMGM launched a significantly enhanced sports betting application during the year, featuring improved market discovery, reward point trackers, live same-game parlays with cashout functionality, and streamlined betslip features. The company also expanded its footprint with a December 1 launch in Missouri, bringing BetMGM’s presence to 30 legalized states.
Nevada Omnichannel Advantage
The company’s integrated Nevada operations proved a key differentiator in FY 2025, combining digital product excellence with deep collaboration with MGM Resorts’ land-based properties. Nevada average monthly actives increased 19% year-over-year, while handle rose 26%. First-time depositors continuing gameplay post-Nevada visit increased 2.1 times compared to the prior year following the August 2024 launch of Single Account Single Wallet functionality.
Market Position and Outlook
BetMGM maintained a podium position with 13% gross gaming revenue market share across active markets, including 21% in iGaming and 8% in online sports betting. The company operates iGaming and online sports betting in five markets and sports betting in 25 markets.
Looking ahead, BetMGM projects FY 2026 net revenue between $3.1 billion and $3.2 billion with adjusted EBITDA between $300 million and $350 million. The company expressed confidence in achieving $500 million adjusted EBITDA in FY 2027.
“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,” Greenblatt added. “Looking ahead to 2026 and beyond, the strong underlying metrics and health of the business continue to reinforce our confidence in our outlook as we enter the next phase of growth.”
Capital Structure and Cash Distribution Policy
Beginning in Q1 2026, cash distributions to parent companies will consist of two components: parent fees for the provision of licenses and services, and excess cash generated by operations. The parent fees represent an operating expense to BetMGM and will be excluded from adjusted EBITDA calculations to maintain comparability with historical EBITDA reporting.
BetMGM maintains a policy of holding minimum unrestricted cash of $100 million to $125 million, supplemented by a $150 million undrawn revolving credit facility to ensure adequate liquidity for operations.
About BetMGM
BetMGM is a market-leading sports betting and gaming entertainment company pioneering the online gaming industry. Born from a partnership between MGM Resorts International (NYSE: MGM) and Entain plc (LSE: ENT), BetMGM has exclusive access to MGM Resorts’ U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain’s licensed technology platform, BetMGM offers sports betting and online gaming through brands including BetMGM, Borgata Casino, Party Casino, and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey.
Source: BetMGM LLC
