BetMGM has reported full-year 2025 revenue of $2.8bn on the back of significant surges in online casino and sports betting revenue for the North America joint venture (JV).
Revenue was up 33% year on year (YoY) from $2.1bn, while EBTIDA flipped from a $244m loss to a positive $220m for the MGM Resorts International and Entain-owned operator.
As such, $270m was returned to the 50:50 JV partners in Q4 2025, management added.
Entain’s shares spiked as much as 13% following the results release. The FTSE 100 firm is up 10% to 648p at the time of writing. MGM Resorts International stock has made gains of 12% to $38.20 in New York.
The business said it was sitting in a podium position with a 13% GGR market share in its active markets.
The blended rate is derived from a 21% share in igaming and 8% in sports.
Average monthly actives across the group were up 4% to 979,000, which the company said was in line with expectations.
Online sports betting revenue soared 63% from $554m to $903m as bosses hailed a “transformative year” for vertical.
Meanwhile, a “refined” marketing and player management approach led to increases in “player retention, economics and activity metrics”.
These included NGR margin improving by 170 basis points YoY, handle per active rising 26% and NGR per active up 77%.
In igaming, revenue rose 24% to $1.8bn, driven by a 24% jump in average monthly actives and a 14% increase in active player days.
Cross-sell from sports was cited in the earnings release as key, as well as exclusive content and live dealer gains.
Omnichannel performance was also referenced, with MGM Resorts International’sland-based portfolio used to good effect.
Nevada, where a single wallet has been introduced for online and offline, average monthly actives rose 19% and handle was up 26%.
Looking ahead to full-year 2026, management expects revenue to land between $3.1bn and $3.2bn.
Adjusted EBITDA is forecast to come in between $300m and $350m. It was noted there is “confidence” a $500m adjusted EBITDA target will be hit in full-year 2027.
Adam Greenblatt, BetMGM CEO, said: “2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale.
“Q4 2025 saw record performances, completing a year where both igaming and online sports achieved step change results, reflecting robust engagement, improved player economics, sharper player management and continued platform and product enhancements.
“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.
“Looking ahead to 2026 and beyond, the strong underlying metrics and health of the business continue to reinforce our confidence in our outlook as we enter the next phase of growth.
“As the industry continues to evolve, we will continue to focus on winning the BetMGM way.”
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JV parents Entain and MGM Resorts International’s shares leap on “record year” for earnings, with management forecasting at least $3.1bn in revenue in 2026
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