BetMGM CEO Adam Greenblatt told investors and analysts on Wednesday that, after online casino helped to drive the best year in the company’s history, he’s hopeful of more opportunities in that vertical in the near future.
“The single biggest dial-mover for BetMGM is more iGaming states,” Greenblatt said. “That’s the mic-drop moment. That’s bold and underlined, with a full stop at the end. That’s the thing that fundamentally changes our outlook.”
Greenblatt spoke about online casino potential after BetMGM reported a year that he said “exceeded expectations,” including full-year net revenue growth of 33% to $2.8 billion. EBITDA grew $464 million year-over-year to reach $220 million, supported by more than half a billion dollars of revenue contribution from iCasino specifically. Online sports betting contributed around $200 million.
BetMGM claims 21% iCasino market share
Greenblatt noted that not only did BetMGM achieve record quarterly revenue in Q4 2025, but December was its best month ever and the last week of the year was its best week on record.
It should be noted that online sports betting posted by far the biggest revenue growth for BetMGM last year, up 63% for the full year and almost doubling year-over-year (up 93%) in Q4 specifically. Greenblatt cited product improvements like enhanced same-game parlay offerings, strategic moves such as an increased focus on high-value bettors and favorable sports results in the later months of the year for that surge.
But it’s online casino gaming that continues to be “the powerhouse and anchor of our business,” said Greenblatt. In its results release, BetMGM stated that it holds a podium position across its active markets as of the end of 2025, with 13% gross gaming revenue market share. For online sports betting, that share is 8%; for online casino, it is 21%.
iGaming revenue was up 24% for the full year, delivering $1.8 billion in net revenue. Greenblatt credited an expanded and refined live dealer strategy as a driver of that growth, as well as a focus on cross-sell initiatives and sports-branded intellectual property games to funnel sports bettors to the online casino side.
“Our players are more engaged than ever, on average, staying and playing with us for 14% more days each month,” added Greenblatt. “During this past NFL season, we saw approximately 60% of our online sports players also playing in our casino.” He said he hopes to push that up to 70% but understands that would naturally hit a ceiling.
Come on down, sweet Virginia
While BetMGM is doing well without new online casino markets, with no new markets launching for that vertical in North America last year, he’s hoping that changes soon.
Maine has already legalized the vertical this year, positioning it to be the first new online casino state to open since 2024. Greenblatt noted, however, that state offers limited potential for his company, given its low population and the fact that the state will only allow four iCasino platforms to do business. “Given the specifics of the market, that’s not going to move the dial for us one way or the other, frankly,” he remarked.
He’s optimistic about two markets, though, one in the U.S. and one north of the border. Alberta is set to open as Canada’s second regulated online gaming market later this year, and BetMGM is primed to launch both online sports betting and online casino there. That, Greenblatt noted, would be the operator’s first new online casino market since 2022.
Meanwhile, a pair of bills in Virginia that would legalize iCasino have garnered some momentum in the early weeks of 2026, each getting the green light in its respective chamber’s gaming subcommittee. There’s a long way to go, but legislators appear to be seriously considering the idea.
“We’re positive about the potential to see some movement in Virginia,” Greenblatt said. “Really, it’s Virginia and iGaming states that are the primary upside. As we’re seeing with Alberta, the process of regulating a new market is not trivial. There are lots of considerations. I think there’s been some analysis on this; on average, from law passing to first bet taken is about nine months. So I think good news this year would probably only have a financial impact in the real world in 2027. I don’t think 2026 is at risk one way or the other from new states.”
Prediction markets not having material impact
Greenblatt also again touched upon the explosion of sports event contracts in recent months. While several online gaming competitors such as FanDuel, DraftKings and Fanatics have jumped into that vertical, BetMGM remains on the sidelines.
The CEO stressed again on Wednesday’s call that BetMGM remains “steadfast in support” of state-regulated gaming, and cited concerns that sports contracts threaten regulatory frameworks, user safety and sporting integrity.
“The sentiment we share is growing,” he suggested. “This is evidenced by the continuous flow of state litigation, the written support of now 40 attorneys general, the formally voiced opposition from the NFL, the NCAA and many others. The availability of nationwide sports event contracts undermines the system in several ways: State taxes, consumer protection and underage play under the responsible gaming umbrella, self-exclusion, integrity, active monitoring of betting patterns, information-sharing obligations, anti-money laundering protections, the Wire Act. The list goes on.”
Greenblatt concluded that BetMGM is not seeing a material adverse impact on its business specifically from prediction markets. He cited market research that estimates a low to mid single-digit percent impact on online sports betting handle, and that meaningful trading volume comes from unregulated states.
“In the real world, while the effect cannot be zero, our financial results today speak for themselves.”
