BetMGM Shatters Records in 2025: The Lion Roars Its Way to Profitability

In a seismic shift for the online gaming industry, BetMGM has officially declared 2025 a breakout year, posting record-breaking revenue and flipping the script on profitability. The joint venture between MGM Resorts and Entain has long been a heavyweight in the U.S. sports betting and iGaming arena, but this marks the moment it truly flexed its financial muscle.

A Year of Explosive Growth and Smart Strategy

BetMGM’s 2025 fiscal year ended with a thunderous $2.8 billion in net revenue, a staggering 33% increase over the previous year. This wasn’t just a flash in the pan—it was the result of disciplined execution across both iGaming and online sports betting verticals. iGaming revenue climbed a healthy 24%, while online sports betting exploded with a jaw-dropping 63% surge.

The company credits this meteoric rise to a potent mix of factors: enhanced player engagement, relentless product innovation, and a laser focus on high-value customer acquisition. In other words, BetMGM didn’t just chase growth—it chased profitable growth.

Profitability: The Holy Grail Finally Within Reach

For years, the online gaming sector has been a money pit for many operators, with BetMGM itself posting losses as it poured resources into market expansion and customer acquisition. But 2025 changed the narrative entirely. BetMGM reported an EBITDA of $220 million, a mind-blowing $464 million improvement from 2024. This wasn’t just a step in the right direction—it was a giant leap into the black.

The fourth quarter was particularly electric. Net revenue hit $780 million, up 39% year-over-year, with online sports betting revenue nearly doubling after a 93% increase. December saw a surge in player activity, and BetMGM’s more favorable betting results compared to the previous year gave it an extra edge. The company even returned $270 million in cash to its parent companies during the quarter—a clear signal that the business is now generating serious free cash flow.

CEO Adam Greenblatt: “A Turning Point for the Business”

BetMGM CEO Adam Greenblatt didn’t mince words when describing the significance of 2025. In a press release, he called it a “turning point for the business,” emphasizing that the company’s “refined strategy coming together at scale” had delivered record results. Greenblatt highlighted that BetMGM’s “meaningfully improved profitability and material EBITDA generation” now allows it to return cash to its parent companies—a clear inflection in its growth trajectory.

We’re officially live in Missouri

Shout out to @Chiefs Kingdom for celebrating with us outside Arrowhead on Sunday, especially @moneybomusic! pic.twitter.com/0hotfYyTsS

— BetMGM (@BetMGM) December 8, 2025

Product Innovation and Geographic Expansion

BetMGM didn’t just sit on its laurels—it kept pushing the envelope. The company rolled out a suite of cutting-edge features for its mobile app, including faster load times, clearer reward tracking, and new betting tools like live same-game parlays and cash-out options. These enhancements have made the user experience smoother and more engaging, helping to boost player retention and monetization.

Geographically, BetMGM continued its aggressive expansion, launching online sports betting in Missouri on December 1, 2025. This brought its total footprint to 30 legalized U.S. states, cementing its status as one of the most widely available online gaming brands in the country.

@BetMGM announced a suite of cutting-edge features for its mobile app ahead of football season. The enhanced experience offers players a faster, more seamless way to build wagers, place bets and earn rewards.

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Gambling Problem? Call 1-800-GAMBLER pic.twitter.com/zxKR1S9OTi

— BetMGM News (@BetMGMNews) August 20, 2025

Market Share and User Growth: Quality Over Quantity

In terms of market position, BetMGM reported a 13% share of gross gaming revenue across active markets. That included a strong 21% share in iGaming and an 8% share in online sports betting, keeping the company firmly among the leading digital gaming brands in the U.S.

User growth was steady but not explosive. Average Monthly Actives increased 4% year over year, which BetMGM said was expected given its more selective approach to acquiring new players. Instead of chasing volume, the focus has been on higher-quality customers—those who are more likely to stick around and generate higher lifetime value.

While user growth was modest, net gaming revenue per active player rose much faster. In other words, BetMGM made more money from the players it already had, thanks to better monetization and more efficient betting behavior, rather than relying on rapid customer expansion.

Looking Ahead: Bold Targets and New Challenges

BetMGM isn’t resting on its laurels. For FY 2026, the company expects net revenue of $3.1 billion to $3.2 billion, with Adjusted EBITDA between $300 million and $350 million. Management also said it remains confident in reaching $500 million in Adjusted EBITDA by FY 2027.

However, there’s a twist. Starting in 2026, BetMGM will begin paying “Parent Fees” to MGM and Entain under its joint venture agreement. These fees will be recorded as operating expenses, which is why BetMGM plans to emphasize Adjusted EBITDA—defined as EBITDA before those Parent Fees—so results remain comparable with earlier years.

While the company says this change should give clearer insight into cash flowing back to its parent companies, it does add some complexity for investors and analysts trying to compare future results with past EBITDA figures.

The Big Question: Can BetMGM Sustain This Momentum?

The FY 2025 results suggest BetMGM has reached meaningful scale and tightened up its financial discipline after years of heavy investment and losses. Moving into positive EBITDA and returning cash to its parents marks a major milestone in a U.S. online gaming market where consistent profitability has been tough to achieve.

That said, the outlook isn’t without risks. Continued success depends on favorable betting margins, stable regulations, and BetMGM’s ability to keep player value high without ramping up costly promotions again. With customer growth slowing and competition heating up across legalized states, the big question is how well the standout parts of 2025’s performance hold up if market conditions become less forgiving.

Nevertheless, as Greenblatt stated, “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.”

Tags: BetMGM, online gaming, sports betting, iGaming, profitability, EBITDA, revenue growth, market expansion, mobile app, user engagement, financial performance, 2025 results, U.S. gaming market, Entain, MGM Resorts

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