FY 2025: BetMGM profitability drives $270m cash return to parents

Summary

BetMGM reported a record FY2025, with net revenue of $2.8bn and a return to positive EBITDA of $220m, allowing the operator to return $270m in cash to its parent companies. Net revenue rose 33% year-on-year, driven by a 24% increase in iGaming to $1.8bn and a 63% jump in online sports betting to $903m. Q4 net revenue was $780m, up 39% year-on-year.

Key Points

Full-year net revenue: $2.8bn (up 33% YoY).
iGaming revenue: $1.8bn (+24% YoY); maintained ~21% iGaming market share.
Online sports betting revenue: $903m (+63% YoY); margin expansion of 170 basis points.
EBITDA: $220m, a $464m swing from the prior-year loss of $244m.
$270m cash returned to parent companies (MGM Resorts and Entain) following sustained profitability.
Outlook: FY2026 net revenue guidance $3.1bn–$3.2bn; adjusted EBITDA $300m–$350m; target $500m adjusted EBITDA by FY2027.

Content Summary

BetMGM attributed the strong results to strategic initiatives around player engagement, retention and product improvements across iGaming and sports betting. Average monthly actives rose 24% YoY and active player days increased 14% for the iGaming business. Handle per active player and net gaming revenue per active player improved materially, by 26% and 77% respectively, signalling better player economics.

The business highlighted particularly strong performance in Nevada (average monthly actives +19%, handle +26%) and said Q4 benefited in part from favourable sports results in December. Having reached sustainable profitability, BetMGM will start paying parent fees for licences and services from Q1 2026.

Context and relevance

This result marks a clear inflection point for a major US operator: BetMGM has shifted from sustained losses to meaningful EBITDA generation and is returning cash to shareholders. For investors, suppliers and competitors, the figures show both market-scale growth and improving unit economics — important indicators as the US iGaming and sports betting market matures and consolidation/competition intensifies.

Why should I read this?

Because BetMGM just turned the profitability corner — and that changes the playing field. If you follow US iGaming, sports betting, or the fortunes of MGM Resorts and Entain, this is the kind of results update that affects valuation, partner strategy and how rivals plan their next moves. We read it so you don’t have to — told you the bits that matter.