BetMGM Posts Profit in 2025 After Years of Investment

BetMGM closed 2025 on firmer financial ground after years of heavy investment across online casino gaming and mobile sports betting. The operator reported profitability for the year, pointing to iGaming performance and improved bettor quality as the main drivers behind the results.

The update adds to a growing pattern across the United States online gaming sector, where scale, margins, and player value now matter more than raw user growth.

Good to Know

• BetMGM reported $2.8 billion in net revenue for 2025
• The company posted $220 million in EBITDA after a $224 million loss in 2024
• Digital casino gaming generated double the revenue of sports betting

BetMGM said Wednesday that net revenue reached $2.8 billion in 2025, representing a 33 percent increase year over year. Online casino revenue climbed 24 percent, while online sports betting revenue rose 63 percent during the same period.

Those gains translated into $220 million in fiscal year EBITDA. A year earlier, the company posted a $224 million loss.

Executives framed the result as proof that the long path toward profitability had finally taken hold. BetMGM reiterated its expectation of reaching $500 million in full year adjusted EBITDA by 2027, according to its earnings release.

“We sent 2025 planning for it to be a transformative year at BetMGM,” CEO Adam Greenblatt said during the earnings call, “and the success and financial impacts of that transformation continued to meaningfully exceed our expectations as we progressed through 2025.”

Online casino performance remained the financial backbone of the business. BetMGM generated $1.82 billion in iGaming net revenue during the year, more than double the $903 million produced by online sports betting.

The gap matters. Online casino gaming operates year round and carries higher margins than sportsbooks, which face seasonal swings tied to football and other major sports calendars. BetMGM iCasino currently operates in four states, compared with mobile sports wagering availability in 22 states plus Washington DC.

Company leadership credited the casino results to a deeper content catalog that now exceeds 7,000 titles, stronger engagement tools, and expanded live dealer offerings. Greenblatt also pointed to physical casino locations in Las Vegas as an ongoing cross sell advantage that digital only competitors lack, even as visitation declined year over year.

Similar Pattern

Market share figures reflect the same pattern. BetMGM estimated roughly 8 percent share of the national United States sports betting market, trailing both FanDuel and DraftKings at around 35 percent each.

When combining iGaming and sports betting net revenue, BetMGM said its share reached 17 percent. That places the operator behind FanDuel at 33 percent and DraftKings at 26 percent, while still exceeding the low single digit shares of other competitors.

Sports betting data revealed a shift toward fewer but more valuable customers. BetMGM reported a 26 percent increase in mobile sportsbook handle per active user in 2025. Net gaming revenue per user rose 77 percent, even as total active users declined by 8 percent.

According to the company, targeted acquisition strategies now focus on premium mass players rather than broad user volume. Enhanced parlay and single game parlay tools also supported margins, as those wager types continue to generate higher returns for sportsbooks.

During the earnings call, Greenblatt addressed competition from prediction market sports event contracts. He said BetMGM had not observed any meaningful market share erosion linked to those products.

Interest in future iGaming expansion also remains part of the broader picture. Online casino revenue strength continues to draw attention toward states such as Virginia, where operators see untapped potential if legislation evolves.

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