BetMGM Sets Date for FY25 Update, Eyes First Annual Profit

JERSEY CITY, N.J. – January 22, 2026 – BetMGM, a leading player in the North American sports betting and iGaming market, has scheduled a business update for February 4, 2026, where it will unveil its full-year performance for fiscal year 2025. The announcement sets the stage for a pivotal moment for the company, as investors and industry analysts eagerly await confirmation of its first-ever year of positive earnings in a fiercely competitive landscape.

The webcast, which will include a Q&A session with management, offers an early look into the financial health of the joint venture owned by casino giant MGM Resorts International and global gaming group Entain plc. The results will serve as a crucial bellwether for the digital strategies of both parent companies, whose own full-year earnings reports are slated for February 11 and March 5, respectively.

The High-Stakes Push for Profitability

After years of heavy investment to capture market share, BetMGM's FY25 results are widely expected to mark a significant inflection point in its financial journey. The company is anticipated to report its first full year of positive EBITDA, a milestone it has been building towards following a self-described "year of investment" in 2024.

During that period, BetMGM reported a 7% increase in total revenue to $2.1 billion but also saw its EBITDA losses widen to $244 million. The losses were attributed to aggressive spending on player acquisition and product development. However, the strategy began to show promise in the latter half of that year, and a strong performance in the first half of fiscal 2025 led the company to upgrade its full-year guidance. It raised its net revenue forecast to at least $2.7 billion and its EBITDA target from $100 million to a robust $150 million.

The upcoming update will reveal whether BetMGM successfully navigated the full fiscal year to meet or exceed these ambitious targets. A key factor in its performance was its ability to manage the volatility of sports outcomes. In late 2024, a string of customer-friendly results in the NFL season negatively impacted revenues by an estimated $50 million, a challenge that also forced rivals like DraftKings and FanDuel's parent, Flutter Entertainment, to issue profit warnings or guidance downgrades. Investors will be keen to see how BetMGM weathered similar pressures throughout 2025 and optimized its marketing spend to achieve sustainable profitability.

Despite the competitive pressures, BetMGM has solidified its position as the third-largest operator in the U.S. market, holding a consistent 14% Gross Gaming Revenue (GGR) share in its active states. Its strength lies particularly in the high-margin iGaming sector, where it commands an impressive 22% market share, a significant advantage over its more sports-centric competitors.

The Power of the Joint Venture

BetMGM's unique structure as a 50/50 joint venture between MGM Resorts and Entain provides it with distinct strategic advantages. The partnership creates a powerful synergy, combining MGM's iconic brand, extensive U.S. land-based casino portfolio, and vast customer database with Entain's sophisticated, U.S.-licensed technology platform and deep expertise in online gaming operations.

This omnichannel approach has proven to be a potent tool for customer acquisition and retention. By integrating the BetMGM Rewards program with MGM Rewards and, by extension, the Marriott Bonvoy loyalty program, the company creates a seamless ecosystem for players. Data from its Nevada operations illustrates this success vividly: first-time depositors acquired in-person at MGM properties increased by 61% during the recent football season compared to the prior year, with the number of those customers who continued to play online after their visit doubling. This highlights the venture's ability to convert land-based patrons into valuable online players.

BetMGM's progress towards financial self-sufficiency is another critical aspect of the joint venture's success. Both MGM Resorts and Entain have indicated they do not anticipate making further capital contributions to the venture. This confidence is supported by BetMGM securing a $150 million revolving credit facility in 2024, which remains undrawn, signaling its ability to fund its own operations and growth initiatives moving forward.

Navigating an Evolving Market Landscape

BetMGM's performance in 2025 will be viewed within the context of a rapidly expanding and maturing North American gaming market. The company has continued its state-by-state expansion, launching its sportsbook in key new markets like North Carolina and Washington D.C., further increasing its access to the U.S. adult population.

While expansion brings opportunity, it also comes with regulatory complexities. The industry is closely watching legislative developments in major potential markets like California, where tribal gaming interests present significant hurdles to online entrants. Simultaneously, regulators are tightening rules around alternative forms of gambling, underscoring the importance of operating within strictly licensed frameworks.

To maintain its competitive edge, BetMGM has focused heavily on product innovation. Following feedback on its user experience, the company has invested in upgrading its sports betting platform, enhancing its parlay capabilities, and refining its user interface. However, its most significant differentiator remains its leadership in iGaming. With online casino revenue consistently accounting for the majority of its total revenue—71% in 2024—BetMGM is well-positioned to capitalize on any future legalization of iGaming in new states, a market segment that typically offers higher margins and greater customer lifetime value than sports betting alone.

As management takes the virtual stage on February 4, they will be expected to provide a detailed breakdown of these strategic pillars. Key discussion points will likely include the drivers of revenue growth across sports and iGaming, the return on investment from its 2024 spending, and its outlook on market share in the face of intense competition. The update will not only define BetMGM's narrative for the year but will also provide a clearer picture of the long-term strategic value it delivers to its global gaming parents.