BetMGM has issued a spectacular Trading Update for FY25, reporting stronger-than-expected performance across its iGaming and online sports betting operations in North America, alongside a major breakthrough in positive EBITDA.
The Entain-MGM Resorts joint-venture reported net revenue of US$2.8 billion (£2.04bn) for the fiscal year, representing year-on-year growth of 33 percent.
Net revenue for iGaming hit US$1.83 billion (£1.33bn), up 24 percent, y-o-y; while online sports betting net revenue totalled US$903 million (£659.2m), an increase of 63 percent.
BetMGM recorded EBITDA of US$220 million (£160.59m), a spectacular result, compared to the loss of FY24.
Net income for the year was US$175 million (£127.74m) for the period.
Baby Boomer
Q4 net revenue was up 39 percent to US$780 million (£569.51m), supported by increased player engagement and a stronger sports betting hold compared to the previous year.
And, significantly, the Entain-MGM resorts lovechild returned a cash distribution of some US$270 million (£197.13m) to its proud parent companies.
“2025 was a record year for [us], outperforming expectations with the execution of our refined strategy coming together at scale,” affirmed BetMGM CEO Adam Greenblatt.
“Q4 2025 [also] 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.
“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,” underlined Greenblatt.
US$500m EBITDA
BetMGM highlighted continued focus on its iGaming offering in its Trading Update, emphasising exclusive and branded content franchises, expansion of live dealer content and cross-sell initiatives designed to migrate online sports betting customers into casino products.
The operator also cited its omnichannel position in Nevada as a contributor to growth, driven by integration between digital products and MGM Resorts’ land-based operations, improved CRM capabilities and loyalty-linked experiences.
Looking ahead, BetMGM expects FY26 net revenue of up to US$3.2 billion (£2.33bn), with adjusted EBITDA maxing at $350 million (£255.61m).
And the company reiterated its ambition to hit US$500 million (£365.21m) in adjusted EBITDA by FY27.
From the end of Q1 this year, BetMGM will begin paying “parent fees” to MGM Resorts and Entain, under the terms of its joint venture agreement, reflecting its transition to sustained profitability.
