BetMGM just dropped its fiscal year 2025 business update, and the numbers are stupid good. The sportsbook posted a record year, beat expectations across the board, and is now projecting $3.1 to $3.2 billion in net revenue for 2026.

The Quick Hit

• What happened: BetMGM released FY 2025 results showing record performance
• The damage: Projecting $3.1-3.2B revenue and $300-350M EBITDA for 2026
• Why you should care: A profitable BetMGM means more promos and better odds for degenerates
• The move: Keep an eye on BetMGM promos—they've got cash to burn now

The Numbers Are Insane

Through Q3 2025, BetMGM generated $2.016 billion in net revenue—up 31% year-over-year. iGaming revenue jumped 24% as well, proving that degenerates love their online casino action just as much as their sports betting.

The company expected to hit at least $2.75 billion for the full year, and based on this update, they crushed it. More importantly, they're finally returning cash to parent companies MGM Resorts and Entain. That's a big deal for a company that spent years burning through cash trying to catch DraftKings and FanDuel.

For 2026, BetMGM projects Adjusted EBITDA between $300 and $350 million. They're also confident they can hit $500 million in EBITDA by 2027. That's the kind of profitability that keeps the promos flowing and the free bets coming.

What This Means for You

Look, industry financial updates aren't exactly the sexiest content for degenerates. But here's why you should care: a healthy BetMGM with money to spend means aggressive customer acquisition. Translation? Better promos, bigger deposit matches, and more second-chance bet offers.

BetMGM now operates in 30 states after launching in Missouri on December 1. That's a massive footprint and a lot of new customers to compete for. When sportsbooks are profitable and expanding, they don't get stingy—they get competitive.

The company also noted that their "refined strategy" is working at scale. In practical terms, that means their app, odds, and user experience are solid enough that people actually stick around instead of chasing sign-up bonuses elsewhere.

The Bigger Picture

The prediction markets battle has consumed a lot of industry attention lately, with DraftKings and FanDuel making moves into that space. BetMGM seems content to focus on what they do well—traditional sports betting and iGaming—rather than chase the next shiny object.

Industry analysts like Barry Jonas at Truist Securities project DraftKings will generate $940 million in cash flow for 2026, while Flutter (FanDuel's parent) could hit $3.7 billion. BetMGM isn't quite at those levels, but the trajectory is clear: this company is no longer the struggling third-place operator it was a few years ago.

The Bottom Line

BetMGM went from "will they survive?" to "they're returning cash to shareholders" in a remarkably short time. For degenerates, that's good news. A three-horse race between DraftKings, FanDuel, and BetMGM means competition, and competition means better odds, more promos, and operators fighting for your action. Keep shopping those lines.