BetMGM has confirmed that it will deliver a cash distribution of circa $270m to its joint-venture parents of Entain Plc and MGM Resorts International.
The cash reward is a sign-off by BetMGM on its most successful year in business following its inception in 2018 and underscores the JV’s new profitability profile in US wagering.
Publishing its FY2025 update, BetMGM achieved net revenues of $2.8bn, reflecting a 33% increase on FY2024 results of $2.2bn.
BetMGM”s sportsbook elevated its income contribution by 63% to $903m (FY2024: $550m), as product upgrades improved in-play and parlay wagering, benefiting from a normalised US sports calendar.
Year round trading also saw ‘outsized growth’ for BetMGM”s iGaming unit, contributing revenues of $1.83bn. This was underpinned by a games suite enhanced by live dealer products and a new player retention and rewards strategy.
Management highlighted that tighter player management, cross-sell into iGaming and improved product economics were now translating into both higher customer activity and enhanced margins across core units.
BetMGM CEO, Adam Greenblatt, commented: “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.”
Accounts saw BetMGM double capital expenditures to $46m, with investment focused on accelerating platform upgrades alongside the enhancement of cross-sell and omnichannel capabilities.
The brand was able to return to positive earnings as EBITDA stood at $220m, reflecting a $464m swing year-on-year from losses of $244m recorded in FY 2024. Leadership views this as an inflection point, marking the transition from enterprise growth to material cash generation.
A lifeline for Entain
Entering 2026, leadership guidance stands at Net Revenue of $3.1bn–$3.2bn and Adjusted EBITDA of $300m–$350m, underpinned by continued momentum in iGaming and a structurally stronger sportsbook offering, as BetMGM nears the milestone of serving one million active online customers.
Accounts closed with leadership returning $270m in cash to parent companies, as Greenblatt added: “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.”
The cash return will be particularly welcome for Entain, marking the completion of Stella David’s first year as CEO, during which leadership has prioritised restoring earnings discipline and operational efficiency across the FTSE-listed gambling group.
The distribution follows a period of significant financial repair, after Entain reported consecutive statutory losses of approximately £900m in FY 2023 and £450m in FY 2024, making BetMGM’s shift into sustainable profitability and cash generation a timely boost to group-level recovery efforts.
It also comes ahead of what is set to be a costly year for Entain’s UK operations of Ladbrokes Coral as the company, like the rest of the British betting industry, prepares for a new tax regime in April.
Entain will publish its FY 2025 results on Thursday 5 March 2026.