BetMGM posts record profit as sports betting drives growth
BetMGM’s iGaming division led the company’s surge in 2025, powering a 33% year-over-year revenue increase as the company posted $2.8 billion in net revenue for the fiscal year ending December 31.
iGaming revenue climbed 24% in 2025, making it the largest contributor to BetMGM’s growth. Online Sports revenue rose even faster at 63%, but the iGaming segment remains a critical anchor for the business, especially in key regulated markets where BetMGM holds a top-three market share.
“2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale,” BetMGM CEO Adam Greenblatt said.
“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.
“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.
The strong financial performance pushed adjusted EBITDA to $220 million, a $464 million improvement compared to 2024. Fourth-quarter net revenue reached $780 million, up 39% year-over-year, reflecting momentum across both verticals and growing operational efficiency.
BetMGM also delivered $270 million in cash distributions to its parent companies — MGM Resorts International and Entain plc — in Q4 alone, indicating the business’s shift to consistent profitability.
The company expanded operations to 30 jurisdictions, including a day-one online sportsbook launch in Missouri. Looking ahead, BetMGM projects $3.1–$3.2 billion in FY 2026 revenue and reaffirmed its target of reaching $500 million in EBITDA by 2027.
“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,”Greenblatt said.
“As the industry continues to evolve, we will continue to focus on winning the BetMGM way.”
BetMGM has successfully expanded internationally, with the brand launching Canadian (BetMGM Canada review) and UK gambling sites, which both provide iGaming and sports betting services.
BetMGM has said their greater profitability can be partly credited to their decision to scale back marketing and focus on high-value punters.
