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BetMGM shared a business update on Wednesday (February 4), stating that 2025 turned out better than expected, and the company is moving firmly toward profitability.
For the 2025 fiscal year (FY 2025), BetMGM posted net revenue of $2.8 billion, up 33% from the year before. That growth came from strong performances across both sides of the business. iGaming revenue climbed 24%, while online sports betting jumped a sharp 63%. The company credited better player engagement, product improvements, and a more disciplined approach to managing players for the gains.
Profitability also took a big step forward. BetMGM reported EBITDA of $220 million for the year, a $464 million improvement compared with 2024, officially shifting the business out of the red and into positive earnings territory.
The momentum was especially strong in the fourth quarter. Net revenue hit $780 million, up 39% year over year, with online sports betting revenue nearly doubling after a 93% increase. The boost was helped by higher player activity in December and more favorable betting results than the same quarter last year. BetMGM was also able to return $270 million in cash to its parent companies during the fourth quarter.
BetMGM FY 2025 ‘turning point for business’
Chief Executive Officer Adam Greenblatt characterized the year as a turning point for the business. "2025 was a record year for BetMGM, outperforming expectations with the execution of our refined strategy coming together at scale," Greenblatt said in a press release. He added that "BetMGM’s meaningfully improved profitability and material EBITDA generation now sees us returning cash to our parent companies and marks a clear inflection in our growth trajectory."
We're officially live in Missouri
Shout out to @Chiefs Kingdom for celebrating with us outside Arrowhead on Sunday, especially @moneybomusic! pic.twitter.com/0hotfYyTsS
— BetMGM
(@BetMGM) December 8, 2025
On the operations side, BetMGM said it made noticeable improvements to its platforms over the year. Apps are reportedly running faster, reward tracking is clearer, and players now have access to newer betting tools like live same-game parlays and cash-out options. The company also continued to expand geographically, launching online sports betting in Missouri on day one, December 1, which brought its total footprint to 30 legalized U.S. states.
@BetMGM announced a suite of cutting-edge features for its mobile app ahead of football season. The enhanced experience offers players a faster, more seamless way to build wagers, place bets and earn rewards.
Gambling Problem? Call 1-800-GAMBLER pic.twitter.com/zxKR1S9OTi
— BetMGM News (@BetMGMNews) August 20, 2025
In terms of market position, BetMGM reported a 13% share of gross gaming revenue across active markets. That included a strong 21% share in iGaming and an 8% share in online sports betting, keeping the company firmly among the leading digital gaming brands in the U.S.
User growth was steady but not explosive. Average Monthly Actives increased 4% year over year, which BetMGM said was expected given its more selective approach to acquiring new players. Instead of chasing volume, the focus has been on higher-quality customers.
While user growth was modest, net gaming revenue per active player rose much faster. In other words, BetMGM made more money from the players it already had, due to better monetization and more efficient betting behavior, rather than relying on rapid customer expansion.
BetMGM future outlook
Looking ahead, the company expects net revenue of $3.1 billion to $3.2 billion in FY 2026, with Adjusted EBITDA between $300 million and $350 million. Management also said it remains confident in reaching $500 million in Adjusted EBITDA by FY 2027.
BetMGM also flagged a change in how it will report financials starting in 2026. Under its joint venture agreement, the company will begin paying "Parent Fees" to MGM and Entain. The fees will be recorded as operating expenses, which is why BetMGM plans to emphasize Adjusted EBITDA, defined as EBITDA before those Parent Fees, so results remain comparable with earlier years.
While the company says this change should give clearer insight into cash flowing back to its parent companies, it does add some complexity for investors and analysts trying to compare future results with past EBITDA figures.
Overall, the FY 2025 results suggest BetMGM has reached meaningful scale and tightened up its financial discipline after years of heavy investment and losses. Moving into positive EBITDA and returning cash to its parents marks a major milestone in a U.S. online gaming market where consistent profitability has been tough to achieve.
That said, the outlook isn't without risks. Continued success depends on favorable betting margins, stable regulations, and BetMGM's ability to keep player value high without ramping up costly promotions again. With customer growth slowing and competition heating up across legalized states, the big question is how well the standout parts of 2025's performance hold up if market conditions become less forgiving.
Nevertheless, as Greenblatt stated, "the strong underlying metrics and health of the business continue to reinforce our confidence in our outlook as we enter the next phase of growth."
Featured image: BetMGM
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New York Attorney General Letitia James has issued her thoughts on the harms that sports betting and prediction markets can bring ahead of the Super Bowl.
The leading legal light in the Big Apple has stated that betting on sports and outcomes can pose a serious financial risk to vulnerable individuals.
Attorney General James issues sports betting warning
The post from the office of the Attorney General was labeled a "consumer alert" about the financial pitfalls that could befall NY bettors.
In a post via X, James also underlined the stance her office held in light of the Super Bowl, saying, "I’m warning New Yorkers about the risks of the prediction market industry. This industry doesn’t have the same consumer protections as regulated platforms."
Ahead of the Super Bowl, I'm warning New Yorkers about the risks of the prediction market industry.
This industry doesn't have the same consumer protections as regulated platforms.— NY AG James (@NewYorkStateAG) February 2, 2026
In related news, we reported that Governor Kathy Hochul outlined more than 200 initiatives, including gambling-related measures, earning high praise from Brian O’Dwyer, Chair of the New York State Gaming Commission.
O'Dwyer said the New York State Gaming Commission "fully supports and applauds Governor Hochul's commitment to protect New Yorkers, including safeguards to prevent underage individuals from gambling and employing innovative tech to identify and help those who may be experiencing gambling harms."
Governor Hochul said as part of her State of the State address, "These actions will protect young people from the harms of online betting, which include significant financial loss and addictive behavior."
James is keen to highlight the criminal penalties for breaches of NY law
In a continuing social media post, James said, "I’m also warning the prediction market industry that unlicensed sports wagering violates New York's laws and could face civil and criminal liability. My office will always defend New Yorkers and enforce the laws of our state."
James added that the financial industry is beginning to flag the debt-related risks of problem gambling, including credit overextension and rising loan defaults.
Bettors within state limits have also been asked to verify the list of New York State Gaming Commission-approved and licensed operators before opening an account.
The Attorney General was stark, saying, "Avoid risking money you cannot afford to lose. Treat these prediction markets as high-risk—no guarantee of returns, and no guarantee of access to your funds."
Featured image: Attorney General Letitia James via X
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Polymarket has officially announced 'New York's first free grocery store,' which will open on February 12.
The company shared the news through a series of posts on X, first writing: "After months of planning, we’re excited to announce ‘The Polymarket’ is coming to New York City. New York's first free grocery store."
They then expanded on this, by saying they've already signed the lease and donated $1 million to Food Bank For NYC. They describe this as being part of their mission of giving back to the city they call home.
After months of planning, we're excited to announce 'The Polymarket' is coming to New York City.
New York's first free grocery store.
We signed the lease. And we donated $1 million to Food Bank For NYC — an organization that changes how our city responds to hunger.
pic.twitter.com/BGMCWUMz8n
— Polymarket (@Polymarket) February 3, 2026
The store is fully stocked and open to all New Yorkers, with no purchase required. "A real, physical investment in our community. The Polymarket’s grand opening is on February 12th @ noon ET."
When someone in the replies asked how this helps Polymarket's users, the company replied with "it helps the city in which we call home." Also in replies to followers, they confirmed they had broken ground with construction last month.
When replying to people, they say the $1 million donation is in addition to The Polymarket free grocery store and they've also said people can join them in donating through a Food Bank for NYC link.
Polymarket and Kalshi offer free groceries in New York
The timing of the announcement comes just as prediction market competitor Kalshi began to opt for a similar approach, as the prediction market company gave away free groceries worth up to $50 at West Side Market on Third Avenue.
Thousands have already picked up their free Kalshi groceries!
We are being told we've already inspired other companies to keep up the initiative!
2 more hours to get yours
Westside Market | 84 3rd Ave. NYC pic.twitter.com/8R11OGODLu
— Kalshi (@Kalshi) February 3, 2026
The company made an X post announcing the move with: "F it. Free groceries for everyone. Tomorrow 12pm…"
While the news appeared to have gone down well with people in the area, as people shared on social media that the line was snaking down 12th Street, many people replied to the tweet suggesting the company had copied Polymarket. However, it's not known for how long Kalshi was planning to give away groceries.
Featured Image: Polymarket on X
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A 'new prediction market experience' has been launched by Crypto.com, called OG, which aims to give consumers a new way to trade, engage, and climb the leaderboard.
The company announced the news on Tuesday (February 3) and they explained how OG provides sports fans access to a range of CFTC-regulated sports event contracts, as well as additional event contracts across financial, political, cultural, and entertainment events.
In its explanation, the team say they've combined the accessibility of a consumer app, engagement features of a social media network, and 'the rigor' of an institutional-grade platform.
We're excited to officially unveil the new era of prediction markets for sports fans with the launch of OG! Make your call now at https://t.co/X9D1s2StPQ.
Read more here: https://t.co/a2FrohML3B pic.twitter.com/6suaOYy1yL
— Crypto.com (@cryptocom) February 3, 2026
Speaking on its launch, Kris Marszalek, Co-Founder and CEO of Crypto.com said: "Crypto.com successfully built one of the largest brands and best app experiences in cryptocurrency during a period of hypergrowth amid a complex regulatory landscape, and now we will work to replicate this experience with OG in the prediction market space."
The co-founder said they've experienced 40x weekly growth in their prediction market business over the last six months which he says warrants a concerted effort with a standalone platform.
"Our goal is to establish OG as the premier sports prediction market technology with the best customer experience."
Crypto.com's OG could become first prediction markets platform to offer margin trading
The app will aggregate market-driven probabilities into clear, updated forecasts to give a transparent view of what the crowd believes will happen next. It will also have a space for consumers to connect with other traders and share their opinions.
According to the press release, OG plans to provide access to Cyrpto.com | Derivatives North America's (CDNA) margin prediction contracts offering through Crypto.com's federally licensed futures commission merchant. They suggest this will be the first prediction markets platform to offer margin trading.
As part of the launch, Nick Lundgren has been named the CEO of the app. He also serves as Chief Legal Officer at Crypto.com and he led the company's entrance into CFTC-regulated sports event contracts in December 2024. That said, the launch comes after Crypto.com pulled its prediction markets and sports contracts from nine states, following pressure from state regulators and government agencies. Critics argue that prediction market platforms like Crypto.com are essentially offering unlicensed sports betting under a different name.
Featured image: Crypto.com / OG via press release
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The Nevada Gaming Control Board (NGCB) has filed a civil enforcement action against cryptocurrency exchange Coinbase to restrict what the regulator calls unlicensed wagering in violation of state law.
The injunctive action was filed in the District Court for Carson City against the Commodity Futures Trading Commission (CFTC) regulated operator, reinforcing NGBC's zero tolerance for federally regulated markets.
Coinbase is the most recent operator to face NGCB
The letter, from the office of Governor Joe Lombardo, is also co-signed by current ranking members Mike Dreitzer, Chair of the NGCB; Judge George Assad (Ret); and Chandeni K. Sendall.
"Nevada Gaming Control Board Files Civil Enforcement Action Against Coinbase"
Press release from NGCB: pic.twitter.com/mSSN6NlOZO
— Daniel Wallach (@WALLACHLEGAL) February 3, 2026
A key part of the NGBC's pursuit of Coinbase is related to the regulator's perception that the company "offers products referred to as event contracts for sale on its mobile app, which are made available to people in Nevada. The Board considers offering sports event contracts, or certain other event contracts, to constitute wagering activity under NRS 463.0193 and 463.01962 and, therefore, entities offering such event contracts must be licensed."
NGCB takes infractions seriously, says Chair
"The Board takes seriously its obligation to operate a thriving gaming industry and to protect Nevada citizens. The action taken yesterday reinforces this obligation," said Chairman Dreitzer.
In the legal docket published on the Nevada government website, the NGCB’s case is clear: Coinbase is not paying the required licensee fee.
"Entities conducting gaming activities in the State of Nevada must pay taxes on gross gaming revenue derived from gaming activities accessible in the State," said Complaint 5. "Coinbase does not pay taxes on gross gaming revenue derived from gaming activities, including wagers, accessible in the State of Nevada."
As we reported, Nevada has proved to be a decisive proving ground for prediction markets and the argument over federal and state-level oversight.
BREAKING: Nevada state court issues temporary restraining order against Polymarket over offering of event contracts, says that the CEA does not vest exclusive jurisdiction in the CFTC. TRO will remain in effect for 14 days; hearing on the PI motion scheduled for 2/11. pic.twitter.com/p1tRk38EMD
— Daniel Wallach (@WALLACHLEGAL) January 30, 2026
Polymarket recently faced a ruling by Judge Jason Woodbury, who ordered the company to be temporarily excluded from state contracts. The NGBC's argument in this case was that Polymarket’s ability to offer event contracts violated the same gaming law.
Featured image: Coinbase / Canva
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