BetMGM swings to profit in 2025, returns $270 million to parent companies | Yogonet International
Summary
BetMGM reported full-year profitability in 2025 with $220 million in EBITDA and $175 million net income, reversing a $291 million loss from the prior year. The joint venture returned $270 million in cash to parent companies MGM Resorts International and Entain after total revenue rose 33% to $2.8 billion. iGaming revenue increased 24% to $1.8 billion while online sports betting revenue climbed 63% to $903 million. Q4 revenue was $780 million, up 39% year-on-year.
Player engagement and economics improved: average monthly active users rose 4% year-on-year to 979,000, monthly active player usage increased 14%, active player handle grew 26% and net gaming revenue per player jumped 77%. BetMGM held a 13% gross gaming revenue market share overall (21% in iGaming, 8% in online sports betting). Capital expenditure for 2025 was $46 million. From Q1 2026 the operator will begin parent fee payments for licences and services following achievement of sustainable profitability. Management forecasts revenue of $3.1–3.2 billion and adjusted EBITDA of $300–350 million for 2026, with a longer-term target of $500 million adjusted EBITDA by 2027.
Key Points
- 2025 results: $220m EBITDA and $175m net income — first profitable year after a loss in 2024.
- $270m cash returned to parents MGM Resorts and Entain.
- Total revenue +33% to $2.8bn; iGaming $1.8bn (+24%); sports betting $903m (+63%).
- Q4 revenue $780m (+39% YoY), contributing $71m to annual EBITDA and $60m in quarterly profit.
- Player metrics improved: 979,000 average monthly actives (+4%); usage +14%; handle +26%; NGR per player +77%.
- Market share: 13% GGR overall — 21% in iGaming and 8% in online sports betting.
- Capex $46m for the year; parent fee payments to start Q1 2026 after sustainable profitability achieved.
- 2026 guidance: revenue $3.1–3.2bn; adjusted EBITDA $300–350m. 2027 target: $500m adjusted EBITDA.
Context and relevance
BetMGM’s turnaround is material for operators, investors and regulators: it demonstrates the US online gambling market can scale to profitability and supports a shift from growth-at-all-costs to sustainable cash generation. The cash return to parents and the timing of parent-fee payments will influence group-level cash flows for MGM and Entain, while stronger engagement metrics and exclusive iGaming content highlight product-led growth as a key competitive advantage.
Author style
Punchy — this is a clear inflection point for BetMGM. If you follow gaming markets or operator strategy, the numbers here change the conversation.
Why should I read this?
Short and blunt: BetMGM finally turned the corner and handed cash back to its owners. If you track US iGaming or sportsbook economics, market share shifts or operator profitability, this saves you the time of digging through the full results — the big figures and forward guidance matter.