BetMGM reports record FY 2025 results, but questions remain on sustainability
BetMGM shared a business update on Wednesday (February 4), stating that 2025 turned out better than expected, and the company is moving firmly toward profitability.
For the 2025 fiscal year (FY 2025), BetMGM posted net revenue of $2.8 billion, up 33% from the year before. That growth came from strong performances across both sides of the business. iGaming revenue climbed 24%, while online sports betting jumped a sharp 63%. The company credited better player engagement, product improvements, and a more disciplined approach to managing players for the gains.
Profitability also took a big step forward. BetMGM reported EBITDA of $220 million for the year, a $464 million improvement compared with 2024, officially shifting the business out of the red and into positive earnings territory.
The momentum was especially strong in the fourth quarter. Net revenue hit $780 million, up 39% year over year, with online sports betting revenue nearly doubling after a 93% increase. The boost was helped by higher player activity in December and more favorable betting results than the same quarter last year. BetMGM was also able to return $270 million in cash to its parent companies during the fourth quarter.
BetMGM FY 2025 ‘turning point for business’
Chief Executive Officer Adam Greenblatt characterized the year as a turning point for the business. “2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale,” Greenblatt said in a press release. He added that “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.”
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
On the operations side, BetMGM said it made noticeable improvements to its platforms over the year. Apps are reportedly running faster, reward tracking is clearer, and players now have access to newer betting tools like live same-game parlays and cash-out options. The company also continued to expand geographically, launching online sports betting in Missouri on day one, December 1, which brought its total footprint to 30 legalized U.S. states.
@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.
Gambling Problem? Call 1-800-GAMBLER pic.twitter.com/zxKR1S9OTi
— BetMGM News (@BetMGMNews) August 20, 2025
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.
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, due to better monetization and more efficient betting behavior, rather than relying on rapid customer expansion.
BetMGM future outlook
Looking ahead, the company expects net revenue of $3.1 billion to $3.2 billion in FY 2026, 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.
BetMGM also flagged a change in how it will report financials starting in 2026. Under its joint venture agreement, the company will begin paying “Parent Fees” to MGM and Entain. The 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.
Overall, 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.”
Featured image: BetMGM
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