BetMGM reports record FY 2025 results, but questions remain on sustainability

BetMGM shared a business update on Wednesday (February 4), stating that 2025 turned out better than expected, and the company is moving firmly toward profitability.

For the 2025 fiscal year (FY 2025), BetMGM posted net revenue of $2.8 billion, up 33% from the year before. That growth came from strong performances across both sides of the business. iGaming revenue climbed 24%, while online sports betting jumped a sharp 63%. The company credited better player engagement, product improvements, and a more disciplined approach to managing players for the gains.

Profitability also took a big step forward. BetMGM reported EBITDA of $220 million for the year, a $464 million improvement compared with 2024, officially shifting the business out of the red and into positive earnings territory.

The momentum was especially strong in the fourth quarter. Net revenue hit $780 million, up 39% year over year, with online sports betting revenue nearly doubling after a 93% increase. The boost was helped by higher player activity in December and more favorable betting results than the same quarter last year. BetMGM was also able to return $270 million in cash to its parent companies during the fourth quarter.

Chief Executive Officer Adam Greenblatt characterized the year as a turning point for the business. “2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale,” Greenblatt said in a press release. He added that “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.”

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