Operator BetMGM has reported its latest financial figures, releasing both its Q4 and full-year 2025 financial results to highlight upswings across the board.
Over the course of the full-year, BetMGM’s net revenues reached $2.79bn, a rise of 33% in comparison to the results from the prior year. Elsewhere, for the fourth quarter of 2025, specifically, the operator also recorded a notable revenue rise of 39%, with revenues settling at $780m. Over both time periods, BetMGM also managed to turn over several financial pressure points from losses back into positive figures.
BetMGM recovers losses in 2025
The operator’s notable revenue upturn over the course of the full year sparked positive increases in both net income and EBITDA, which both rose from losses in 2024 to positive figures in 2025. EBITDA settled at $220m during the year, up from the negative $244m reported in 2024 – while net income increased from a negative $291m figure during 2024 to a positive $175m last year.
Driving this change was BetMGM’s iGaming company sector, which remained the operator’s key revenue driver in 2025, accounting for $1.8bn of the overall revenue figure – up 24% year-over-year. Trailing behind was online sports, which generated $903m in revenues and rose by a sizable 63% in comparison to results from 2024. Retail, however, was subject to a year-over-year revenue decline of 5% to $66m.
BetMGM’s handle rose 16% during 2025 compared to results from the year prior, reaching the eye-watering figure of $15.2bn overall.
A strong Q4 performance
Q4 2025 was BetMGM’s most lucrative quarter during the full-year period and saw the operator report $780m in net revenues – up 39% year-over-year. Quarter-over-quarter, revenues also rose by 15.6%. However, perhaps the most sizable upswing of the whole report was the 161% retail revenue rise between the final quarter of 2024 and the final quarter of 2025, where the sector recorded $20m.
Juxtaposing the FY 2025 year-over-year decline, this sector still remained the least lucrative in Q4 with regards to revenue earned, superseded by online sports, which also rose by 93% to $279m, and iGaming, which rose 18% to $481m. Q4 handle rose 4% to $4.5bn, with net income and EBITDA also recovering from the losses experienced in Q4 2024 to positive respective figures of $60m and $71m during the final quarter of 2025.
CEO's comments
Speaking on these latest financial figures, BetMGM CEO Adam Greenblatt 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."
Earlier this week, the operator also updated its terms of service to prohibit athlete harassment via its online platform, a development which closely follows the announcement of its partnership with the NHL’s St. Louis Blues last month.
BetMGM is currently owned and operated by both MGM Resorts and Entain
