BetMGM co-parent Entain reported better-than-expected financial results for the year ended Dec. 31, 2025, growth that it said was fueled in large part by BetMGM surging in the U.S.
Entain reported on Thursday that its group net gaming revenue increased 7% year-on-year, or 8% on a constant currency basis, including its 50% share of the BetMGM joint venture that it co-owns with MGM Resorts International. Including Entain’s share of BetMGM earnings, EBITDA grew 28% year-over-year to exceed £1.2bn (approximately $1.6bn), while online EBITDA margins improved to 25.7%.
As reported last month, BetMGM delivered net gaming revenue growth of $2.8bn in 2025, a 33% improvement on 2024. The brand’s EBITDA grew $464m year-over-year to reach $220m, supported by more than half a billion dollars of revenue contribution from iCasino specifically. Online sports betting contributed around $200m.
BetMGM paying back its parents
That meant that BetMGM turned profitable for the first time in 2025, and it is now contributing significantly to both of its parents’ growth. Entain and MGM together reaped $270m from BetMGM’s activities, which was better than what had been forecasted for the year.
“Our joint venture, BetMGM, produced an excellent year of strong and profitable growth, said Entain Chief Executive Officer Stella David on Thursday. “Our EBITDA performance is stronger than expected, and the EBITDA performance and the stronger-than-expected cash return from BetMGM has driven a meaningful improvement in our adjusted cash flow, ahead of expectations.”
BetMGM CEO Adam Greenblatt said in February on the company’s earnings call that not only did BetMGM achieve record quarterly revenue in Q4 2025, but December was its best month ever – this was compounded by the final week of the year being its best week on record. While online sports betting posted big revenue growth at 63% for the full year, online casino continues to be “the powerhouse and anchor of our business,” said Greenblatt, delivering $1.8bn of the $2.8bn in net revenue.
ROI on BetMGM investment has been excellent, says CFO
Entain also owns numerous other gambling brands, including Canadian site Sports Interaction, as well as British and European sportsbooks including Ladbrokes, Coral, and bwin. Given the amount of time that executives spent talking about BetMGM on their earnings calls, it’s clear that the U.S. joint venture is becoming a jewel in the crown.
“BetMGM had a fantastic year and delivered ahead of its upgraded expectations as it moved into profitability,” added Entain’s departing Chief Financial Officer Rob Wood. “This inflection triggered the start of cash returns to parents, with $270m distributed in 2025, including excess cash from the 2024 year-end.
“The strong performance last year was driven by BetMGM’s disciplined execution, underpinned by a leading iGaming offering, and BetMGM remains on track to deliver approximately $500m of adjusted EBITDA in 2027.”
Wood noted that since the inception of BetMGM eight years ago, Entain and MGM have combined for a total net investment of almost exactly $1bn. It’s taken a while for BetMGM to get to where it is today, but Entain’s leaders believe the investments are now paying off.
“With approximately $500m of EBITDA next year, it’s easy to see that the ROI on that investment has been excellent,” Wood said.
