BetMGM Q4 Results See Significant Growth as ‘Refined Strategy Coming Together at Scale’

BetMGM has released its Q4 results, reporting “record performances” on the betting platform, with net revenue increasing by 33% year-on-year.

The company, which is owned 50% by MGM Resorts International and 50% by Entain, provided a business update on Wednesday. Net revenue reached $2.8 billion for the year, up from the $2.1 billion generated in 2024.

Both igaming and online sports betting saw significant increases, with igaming the dominant source of revenue at $1.8 billion, compared to $903 million for online sports wagering. This was a marked increase from 2024, when igaming generated $1.48 billion in revenue and sports betting generated $554 million.

Adam Greenblatt, CEO of BetMGM, 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.”

In Q4, sports betting revenue increased 93% from the same period in 2024, rising from $144 million to $279 million. The igaming segment saw a more modest 18% increase, generating $481 million in Q4 2025, up from $408 million in 2024.

As a result of the growth, net income was at $60 million for the quarter and $175 million for the year. That improved upon a loss of $124 million in Q4 2024 and a loss of $291 million for that year.

The company described 2024 as a “year of investment and rebuilding momentum,” leading to profits in 2025.

Entain’s stock price jumped around 8% following the better-than-expected results, while MGM Resorts International saw a sharp increase on Tuesday, which subsided a little on Wednesday. The company’s share price rose to $34.17 following the release of the results, up roughly 1.5% from last week.

Betting Against Prediction Markets

The growth in sports betting last quarter put the platform in third place in the online gambling market, but the company still trails behind market leaders FanDuel and DraftKings.

FanDuel generated revenue of around $5.8 billion in 2024 and could exceed $7 billion in 2025 when parent company Flutter announces its Q4 earnings on February 26.

DraftKings, meanwhile, had revenue of $4.8 billion in 2024, which is expected to rise to around $6.5 billion in 2025. The company is scheduled to release its figures on February 12.

Both companies are investing in prediction markets, while BetMGM is resisting that temptation. Instead, the company is focusing on using its position as a household name in casino gaming to drive revenue in that sector, while promoting its sports betting product as a supplement to the glamour of casinos.

Its marketing strategy has focused on slick campaigns featuring celebrities, which have not always received favorable reactions, but the platform’s image appears to be attracting new users.

Greenblatt added, “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.”