BetMGM reported a profitable 2025 and returned $270 million to MGM Resorts and Entain, a shift that changes how the joint venture is judged in the US online gambling race.
For years, the company was measured on share gains and growth spend. Positive EBITDA and distributable cash move the focus to operating discipline and sustainable returns.
2025 profit marks an inflection point
BetMGM said 2025 net revenue rose 33% year over year to about $2.8 billion. It also reported positive EBITDA of $220 million, a milestone after years of losses tied to customer acquisition and promotional intensity.
The results back the long-running thesis that scale, platform improvements, and a better revenue mix would eventually outweigh the cost of competing in a crowded market.
iGaming drives steadier margin than sports
The update reinforced a familiar reality in US online gambling. iGaming remains the most reliable profit engine because it generates steadier margins and less seasonality than sports betting.
That mix matters strategically. Operators with meaningful iGaming exposure can smooth volatility through the sports calendar, maintain investment levels without sharp swings, and defend earnings when promo wars reheat around major events.
$270 million distribution reframes the parent story
Sending $270 million back to the parent companies signals confidence that the business can fund growth while producing cash, not just consuming it.
For MGM Resorts and Entain, the distribution also strengthens the case that US online operations are becoming earnings contributors that can be weighed against other capital allocation priorities. It is a different narrative from a venture that must always be subsidized to keep pace.
2026 guidance will test whether this is repeatable
BetMGM is guiding to 2026 net revenue of $3.2 billion to $3.4 billion and EBITDA of $300 million to $350 million. Hitting that range would extend the shift from a scale-at-any-cost phase to a more mature operating profile.
The next concrete marker is performance through the biggest promotional windows and sports peaks of the year. If BetMGM holds profitability while growing, it raises expectations for rivals still pursuing share at a loss.
