Growth of iGaming and sports betting boosts revenue and encourages investors
The actions of BetMGM recorded a strong increase after the release of the fourth quarter (Q4) financial results, driven by the significant growth in iGaming and sports betting revenues. The solid performance marked the end of the fiscal year on a high note for the operator, reinforcing its position among the main players in the regulated betting market.
BetMGM closes 2025 with robust growth in revenue and EBITDA
THE BetMGM reported net revenue of US$2.8 billion in 2025an increase in 33% year-on-year (YoY)in addition to Adjusted EBITDA of US$220 million. In the fourth quarter alone, the company achieved a record US$780 million in net revenuehigh of 39% compared to Q4 2024.
Furthermore, the company exceeded the quarterly return projected for its controlling companies, MGM Resorts and Entainwith US$270 million in cash distributed.
After the earnings conference, BetMGM shares jumped from $34.17 to $39.25 within a few hours, reflecting the positive market reaction.
“We entered 2025 planning for it to be a transformative year for BetMGM, and the success continued to significantly exceed our expectations”
Said Adam Greenblatt, CEO of BetMGM.
Sports betting leads revenue growth
Online sports betting was one of the main drivers of growth. In 2025, the segment generated more than US$900 million in revenuerepresenting a growth of 63% YoYeven with an increase of just 16% on volume bet (handle).
In the fourth quarter, the highlight was even greater: sports betting revenue rose 93%while the handle only grew 3%indicating a significant improvement in operational efficiency.
According to Greenblatt, despite fewer active players, the remaining users are betting with greater frequency and volume.
“The fourth quarter was the best in BetMGM’s history in sports betting,” highlighted the CEO.
Prediction markets generate debate, but impact is limited
The advancement of the so-called prediction markets has generated concern among investors in the sector. However, executives and analysts believe that the impact on traditional bookmakers may be overestimated.
In the United States, data from New York show that, despite a drop in 3% on NFL handle in Januaryprofits grew 6%signaling greater profitability.
For analysts at Truist Securities, the market overreacted to the threat from prediction markets. BetMGM, in turn, maintains a firm stance against this model.
“We continue to support state regulators and gaming entities who express serious concerns about how prediction markets circumvent robust regulatory frameworks and responsible gaming rules,” said Greenblatt.
iGaming remains BetMGM’s main pillar
THE iGaming remains the company’s flagship. In 2025, the segment generated $1.8 billion in revenuewith growth of 24% YoY.
BetMGM attributes the performance to improved player management, exclusive content and the expansion of the offer of live dealer.
“iGaming continues to be the pillar and anchor of our business”, reinforced the CEO.
International expansion: Alberta on the radar
BetMGM has confirmed plans to launch its iGaming and sports betting in Albertain Canada, in 2026. It will be the company’s first entry into a new iGaming market since launching in Ontario in 2022.
The Alberta market officially began the registration process in December, with full operations expected throughout 2026. Even so, the company projects a more relevant financial impact only from 2027 onwards.
Optimistic projections for 2026 and 2027
BetMGM expects to maintain its growth trajectory. For 2026, the company projects:
- Net revenue between US$3.1 and US$3.2 billion
- Adjusted EBITDA between US$300 and US$350 million
For 2027, the projection points to US$500 million in adjusted EBITDAconsolidating the company’s strategic turnaround.
“We have clearly entered a new phase of growth,” concluded Greenblatt.
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Fonte: Gaming365 – Brasil
