Entain Eyes Bigger BetMGM Payouts as JV Hits $2.8B Revenue, $220M EBITDA and Guides Higher for 2026

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Wed, February 4, 2026 astatine 10:22 AM CST 8 min read

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BetMGM delivered a 2025 turnaround with $2.8 billion successful nett gross (+33%) and $220 million EBITDA, distributed $270 million to parents successful December, and guided 2026 to $3.1–3.2 billion gross and $300–350 million adjusted EBITDA portion targeting >$500 million adjusted EBITDA successful 2027.
iGaming remained the anchor astatine $1.8 billion (+24%) portion online sports betting accelerated to >$900 million (+63%) with borderline enlargement and implicit $200 million successful publication for the year, and BetMGM highlighted beardown Nevada omni-channel momentum and contented expansion.
From 2026 BetMGM volition commencement paying “parent fees” (recorded arsenic operating expense) but study a caller adjusted EBITDA that adds them back; absorption expects these fees to beryllium astir 15–20% of adjusted EBITDA and volition usage adjusted EBITDA minus CapEx arsenic the champion proxy for currency disposable to parents.
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BetMGM executives reported a crisp fiscal turnaround successful fiscal 2025, highlighting grounds revenue, a plaything to meaningful EBITDA and currency generation, and the commencement of distributions to genitor companies MGM Resorts and Entain (LON:ENT). Chief Executive Officer Adam Greenblatt and Chief Financial Officer Gary Deutsch outlined show drivers crossed iGaming, online sports betting (OSB), and omni-channel initiatives during the company’s fourth-quarter and full-year 2025 update.

BetMGM posted $2.8 cardinal successful 2025 nett revenue, up 33% year-over-year, and $220 cardinal of EBITDA, which absorption said represented an summation of astir $500 cardinal versus the anterior year. Fourth-quarter nett gross roseate 39% to $780 million, with $71 cardinal of EBITDA. Greenblatt said December was the company’s champion period ever, and the last week of 2025 was its champion week.

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Deutsch noted that OSB results successful Q4 reflected a “perfect storm” of favorable sports outcomes, heightened engagement, and easier comparisons versus a anemic NFL-results play successful Q4 2024. He added that if sports margins for some 2024 and 2025 were adjusted to theoretical levels, Q4 full gross maturation would person been astir 20% alternatively than 39%.

iGaming remained the largest concern line, delivering $1.8 billion successful 2025 nett revenue, up 24%, and “over $500 million” successful contribution. Q4 iGaming gross roseate 18%. Management said mean monthly actives successful iGaming grew 24% successful 2025 contempt nary caller authorities launches, and players played 14% much days per period connected average.