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

Summary

BetMGM reported a record FY 2025, with net revenue of $2.8bn and EBITDA of $220m, marking a $464m swing from the prior year’s $244m loss. The business returned $270m in cash to its parent companies after reaching sustainable profitability. iGaming revenue rose 24% to $1.8bn while online sports betting surged 63% to $903m. Q4 net revenue was $780m (up 39% year‑on‑year), helped by favourable sports results in December.

Key Points

Full‑year net revenue: $2.8bn, up 33% year‑on‑year.
iGaming revenue: $1.8bn (up 24%); iGaming market share sustained at 21%.
Online sports betting revenue: $903m (up 63%); net gaming revenue margin expanded by 170bps.
EBITDA: $220m, a $464m improvement from a $244m loss the previous year.
$270m cash returned to parent companies (MGM Resorts and Entain) following profitability.
Active metrics: average monthly actives +24% and active player days +14% year‑on‑year; handle and revenue per player improved significantly.
Outlook: FY26 net revenue guidance $3.1bn–$3.2bn; adjusted EBITDA $300m–$350m; target $500m adjusted EBITDA by FY27.
Parent fee payments to begin Q1 2026 after reaching sustainable profitability.

Content Summary

BetMGM attributes the strong results to strategic work on player engagement, retention and product enhancements across iGaming and sports betting. The operator holds a 13% gross gaming revenue share across active markets and emphasised improvements in player economics and platform capabilities. Nevada showed particularly strong growth, aided by collaboration with MGM Resorts properties.

The company set guidance for continued growth and improved profitability in FY26 and reiterated confidence in reaching higher adjusted EBITDA by FY27. CEO Adam Greenblatt framed the results as an inflection point — the business is now generating material EBITDA and returning cash to parents while preparing to pay for licences and services.

Context and Relevance

These results matter because BetMGM is a major joint operator in U.S. regulated markets; the shift from loss to positive EBITDA and immediate cash returns changes dynamics for investors, rivals and suppliers. The guidance and explicit target for $500m adjusted EBITDA by FY27 signal aggressive margin and scale ambitions at a time when the market is consolidating and competition is intensifying.

Why should I read this?

Short and blunt: BetMGM has turned the corner. If you work in iGaming, sports betting, investment or partnerships, this is a big deal — profitability means more cash, different negotiating power and a clearer playbook for growth. We read the numbers so you don’t have to — this is the gist.

Author (style)

Punchy: the results mark a clear inflection — growth at scale, improved player economics and cash back to parents. Important for anyone tracking market leaders or competitive moves in US online gambling.