BetMGM exceeded its projections in a strong 2025 financial report, boosted by continued player growth in iGaming and stronger revenue generation from sports bettors, the company announced Wednesday.
- BetMGM posted $2.8 billion in 2025 net revenue, up 33% year over year, and swung from a $224-million loss to a positive $220 million in EBITDA.
- iGaming drove profitability, generating $1.82 billion in revenue - more than double sports betting - supported by deeper content and stronger player engagement.
- Despite fewer active bettors, BetMGM increased sportsbook revenue per user through higher-value customers and margin-rich parlay products.
The company announced net revenue of $2.8 billion, a 33% year-over-year increase. That includes a 24% year-over-year net revenue gain from iGaming and a 63% increase in online sports betting.
That led to $220 million in fiscal year 2025 EBITDA. BetMGM posted a loss of $224 million in 2024.
BetMGM’s robust financial year comes after hundreds of millions of dollars in losses and underscores the pivot to profitability for major U.S. online gaming operators. The gaming operator maintained its “confidence in the pathway” to reaching its goal of $500 million in full-year adjusted EBITDA by 2027, the company wrote in its earnings announcement.
“We sent 2025 planning for it to be a transformative year at BetMGM,” CEO Adam Greenblatt said during a call announcing the results, “and the success and financial impacts of that transformation continued to meaningfully exceed our expectations as we progressed through 2025.”
Online casino success
Online gaming was BetMGM’s strength. Capitalizing on its brand recognition as one of the nation’s best-known casino companies, BetMGM generated twice as much net revenue from digital casinos as it did from sports betting.
The company’s $1.82 billion in iGaming net revenue doubled sports betting’s $903 million in revenue, even though online casino revenue grew at a comparatively lower rate. BetMGM’s iCasino is live in four states, compared to 22 states (plus Washington D.C.) with statewide mobile sports wagering.
Online casinos generate significantly more revenue than sportsbooks due to higher margins and 24-hour-a-day, 365-day-a-year accessibility. They are also not subject to sports' seasonality, which sees betting interest peak around the fall and winter football season and decline in the summer.
BetMGM 2025 net revenue:
— Ryan Butler (@ButlerBets) February 4, 2026
- Statewide mobile sports betting (22 states + DC): $903 million
- Online casino (four states): $1.83 billion
This revenue potential also underscores the major operators' interest in new potential iGaming markets such as Virginia.
BetMGM attributed its online casino gaming success to a deeper content library that has grown to more than 7,000 titles along with improved player engagement tools and expanded live dealer opportunities. Greenblatt said Wednesday its physical properties in Las Vegas, despite year-over-year visitation declines, remained a major omnichannel, cross-sell opportunity that its digital-only rivals couldn’t match.
BetMGM estimates it has roughly 8% national U.S. sports betting market share, trailing the roughly 35% national market share of both FanDuel and DraftKings. But the company’s iGaming success has given it 17% share in combined iGaming and sports betting net revenue share, only trailing FanDuel’s 33% and DraftKings’ 26% and more than doubling the low single-digit shares of its other competitors.
Sports betting shifts
Wednesday’s release also underscored the continued shift in the larger U.S. sports betting market.
BetMGM’s mobile sportsbook handle per active user grew by 26% year-over-year in 2025, and net gaming revenue per user increased by 77% despite an 8% drop in active users. This reflects a consolidation of fewer customers who are more valuable to the company’s bottom line.
In their earnings presentation, BetMGM attributed the increase per user to better targeted acquisition that seeks out higher-value “premium mass” players. The growth was also boosted by more robust parlay and single-game parlay tools - bet offerings with the highest margins for sportsbooks.
U.S. sportsbooks have had to contend with prediction markets’ sports event contracts, which offer trades on sporting events that resemble sports bets. When asked during Wednesday’s earnings call, Greenblatt said BetMGM had not seen a meaningful market-share decrease due to prediction markets.
