BetMGM announced on Wednesday that it has disbursed $270 million to its parent firms, MGM Resorts and Entain, following a fiscal 2025 performance that outpaced earlier expectations. The company said the stronger results were led by notable expansion in its online sports betting and iGaming businesses.
The payments to the two owners exceeded the joint venture's initial target of distributions of at least $200 million. News of the payout coincided with a sharp market response for Entain, whose shares rose 8% after BetMGM made the disclosure.
Looking ahead, BetMGM set a 2026 net revenue forecast in the range of $3.1 billion to $3.2 billion. It also projected annual adjusted core profit of $300 million to $350 million for 2026, signaling an upward revision in profitability expectations following the stronger-than-anticipated 2025 results.
For the year ended December 31, BetMGM reported total revenue of $2.8 billion, a figure higher than management had originally expected. Revenue from its online sports betting unit rose 63% year-on-year, while iGaming revenue increased 24% compared with the prior year. The company recorded adjusted core profit of $220 million for fiscal 2025.
BetMGM described continued geographic expansion across North America as more U.S. states legalise online betting. The company also noted that operators in the sector remain engaged in customer acquisition competition even as the industry faces heightened regulatory scrutiny and increasing state tax burdens.
Context and implications
BetMGM is a joint venture between MGM Resorts and Entain, the owner of Ladbrokes. The combination of above-plan revenue growth and a larger-than-expected distribution to parents underlines the pace of expansion in its digital betting operations. Management’s guidance for 2026 points to anticipated continued growth in top-line revenue and a step-up in adjusted core profit versus fiscal 2025 results.
What to watch next
- Execution against the 2026 revenue and adjusted core profit ranges announced by the company.
- Industry developments around regulation and state tax policy, which the company highlighted as part of the operating environment.
- Competitive dynamics in customer acquisition as operators expand into newly legalised U.S. markets.