BetMGM records first profitable year
Beating its own guidance, BetMGM recorded a profit of US$60 million for the fourth quarter and of US$175 million for the entire year, reversing a 2024 loss of US$291 million. The digital-gaming company also made its first distribution to its corporate parents.
BetMGM split a return of US$270 million between Entain and MGM Resorts International. It also reported US$2.8 billion in 2025 revenue (US$780 million for the quarter) and US$220 million in yearly cash flow —US$71 million of that derived from the last quarter. This reversed a negative return on investment of US$244 million in 2024.
The company reported a 4% increase in average monthly active users, up to 979,000, in spite of a fourth-quarter slump of 3%.
Net revenue grew 33% over the year and 39% in the fourth quarter. Capex grew to US$46 million for the full year, including US$17 million in the final quarter.
BetMGM reported a 24% leap in net igaming revenue and a 63% vault in the revenue derived from sports wagering. The company noted a “particularly strong December,” characterized by “increased player engagement as well as favorable sports results lapping a soft prior year.”
BetMGM reported 13% market share, including 21% of igaming and 8% of online sports betting. Monthly active player usage was up 14%.
In a prepared statement, CEO Adam Greenblatt said, “2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale … 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.”
He concluded, “As the industry continues to evolve, we will continue to focus on winning the BetMGM way.”
David McKee is an award-winning journalist who has three decades of experience covering the gaming industry.
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The Backstory
How BetMGM’s first full-year profit fits into the bigger picture
BetMGM’s first profitable year is more than a turnaround story for a single operator. It marks a broader shift in U.S. digital gambling from land-grab spending toward efficiency, scale and cash generation. The company’s ability to reverse a deep prior-year loss and send cash back to its co-owners reflects maturing customer cohorts, tighter marketing discipline and more favorable sports outcomes. It also signals that the U.S. market’s early-phase volatility is settling as operators standardize tech stacks, lean on same-game parlays and player props, and focus on higher-value states where igaming and sports betting overlap. The next test is durability: whether margins hold through event lulls, whether customer acquisition costs stay contained and whether integrity and regulatory risks remain manageable as handle grows.
Parent-company dynamics and a cleaner runway
The profitability milestone lands alongside improving trends at one co-owner, Entain, which reported net gaming revenue of £5.2 billion in fiscal 2024, up 7% year over year. The uptick was driven in part by better fourth-quarter sports margins and international expansion. Entain said its Brazilian unit delivered 41% growth in 2024 net gaming revenue with a 42% increase in active customers, while Australia inched up 1% and Italy rose 3%. The company also highlighted that online platform BetMGM posted a 7% annual revenue rise during 2024. Those figures, outlined in Entain’s fiscal 2024 update, frame the BetMGM contribution as part of a portfolio that is returning to organic growth and stabilizing after a reset year.
For BetMGM, the strategic implication is twofold. First, parent-company support likely remains intact as the joint venture proves it can throw off cash rather than consume it. Second, Entain’s international strength gives the JV access to trading, product and risk-management capabilities that can support U.S. seasonality and sharpen yields. If Entain’s transformation continues to reduce operational noise, BetMGM may benefit from a steadier corporate backdrop just as it leans into profitability at scale.
Event-driven surges are getting bigger
The industry’s reliance on tentpole events is not new, but the surges are widening as cross-border fandom and product menus expand. The final of the 4 Nations ice hockey tournament between Canada and the United States became the most bet-on hockey game at several U.S. sportsbooks, including BetMGM, DraftKings and FanDuel, according to operator disclosures cited by ESPN. The handle for the Feb. 20 final matched Sunday afternoon NFL levels at one book and surpassed last year’s World Series games at another, underscoring the power of premium international matchups to mobilize casual bettors. The tournament’s impact is detailed in coverage of how the 4 Nations final set online betting records.
For an operator moving from growth-at-any-cost to profitable scale, event spikes can be double edged. They offer outsized acquisition and reactivation, but they can also pressure hold if outcomes favor bettors. BetMGM’s strong December hints that the operator managed risk well through a crowded sports calendar. The challenge is to convert spikes into sustained activity without overpaying for promotions, and to steer users toward higher-margin bet types that cushion variance between marquee events.
Beyond sportsbooks: igaming flywheels and faster content
Profitability in online gambling often hinges on the mix between sportsbook and casino. Igaming typically carries higher margins and steadier revenue cadence. One emerging tailwind is the acceleration of content pipelines. A notable example is the rapid uptake of the independently built slot Scroll Keeper, which amassed more than one million bets in its first week. The title, developed by a solo creator using the Stake Engine platform, points to a model where development cycles compress, math testing speeds up and distribution reaches large player pools quickly. The result is more frequent launches and faster iteration on what works. The dynamics are captured in reporting on how Scroll Keeper hit one million bets within a week and how other studios are scaling titles on the same tech stack.
For operators like BetMGM with significant igaming exposure, a richer, faster-refreshing catalog can deepen engagement and improve cross-sell from sports. If content velocity continues to rise while acquisition costs plateau, igaming could underpin margin stability even when sportsbook outcomes swing. The caveat: tighter compliance around game design, RTP disclosures and responsible gaming guardrails will shape how aggressively operators and suppliers can push novel mechanics.
Integrity risks climb with scale
As handle rises and micro-markets proliferate, the cost of integrity failures increases. The NBA’s widening investigation into alleged illegal sports betting and the sale of inside player information underscores the point. The league has requested phones and documents from multiple teams, hired an outside law firm for an independent review and faced questions from congressional committees about detection gaps. Federal charges against former players and staff have already led to the expulsion of one player and scrutiny of those with access to sensitive injury data. The latest developments are summarized in coverage of the NBA’s push for phone records amid a gambling probe.
For operators, the operational stakes are high: real-time data feeds, partnerships with leagues and markets for player-based props all create exposure if insider information is monetized illicitly. Reputational risk can spill into legislative arenas, where lawmakers may revisit which markets are permissible, how data is shared and what monitoring is mandatory. Profitability will depend not only on trading sophistication but also on the resilience of integrity controls built into product and vendor oversight.
State-by-state signals and the path ahead
Even smaller states are showing steady momentum that benefits national operators. In January, Wyoming’s online sportsbooks generated $2.8 million in gross gaming revenue, up 8.8% year over year, with DraftKings capturing most handle, BetMGM in the next tier, and Fanatics and Caesars following. The snapshot in Wyoming’s January results highlights two trends: long-tail states can still compound growth off modest bases, and market share remains fluid as newer entrants scale and incumbents tweak promos to prioritize profitability over pure volume.
For BetMGM, the immediate narrative is a profitable pivot and a first cash return to its parents. The longer arc is whether a balanced portfolio of igaming and sportsbook, disciplined promotions, and a deeper event calendar can keep earnings resilient as competition evolves. International content pipelines and state-level expansion can help, but integrity and compliance will be as central to valuation as same-game parlay uptake or user growth. The industry’s maturation phase is here; the operators that pair yield with trust are best positioned to turn one profitable year into a durable cadence.
