BetMGM, the joint venture between MGM Resorts International and Entain, is projecting $2.7 billion in full-year revenue for 2025, marking a significant milestone in the operator's journey toward sustained profitability in the competitive US iGaming market.

The projection represents substantial growth from the company's $2 billion revenue achievement in 2024, demonstrating BetMGM's ability to compete effectively against market leaders FanDuel and DraftKings despite facing intensified competition and challenging market conditions.

Path to EBITDA Positive Territory

BetMGM expects to achieve positive EBITDA in 2025, a crucial milestone for the joint venture that has been investing heavily in market share and customer acquisition. The company forecasts its full-year 2025 EBITDA will increase by $250 million year-over-year, bringing the operation into profitability.

CEO Adam Greenblatt expressed confidence in the turnaround: "Our improved product, accelerating growth and enhanced efficiency drive our expectation of online sports being contribution positive for FY 2025. With BetMGM's renewed acceleration across both iGaming and online sports, we expect to achieve positive EBITDA in 2025."

Market Position and Performance Metrics

BetMGM maintains its position as the third-largest operator in the US market, trailing FanDuel and DraftKings but holding significant market share in key jurisdictions. The operator has demonstrated particular strength in iGaming, where it competes more closely with the market leaders.

In critical markets like New Jersey, BetMGM holds a 13.2% iGaming market share, while in Michigan, the company has alternated with FanDuel for the top position throughout 2025, demonstrating its competitive capabilities in regulated markets.

2024 Performance Foundation

The optimistic 2025 outlook builds on solid 2024 fundamentals:

1. $2 billion in total revenue, surpassing the company's initial projections
2. Online sports net revenue increased 4% to $554 million
3. Betting handle grew 20% to $13.1 billion
4. Average monthly actives increased 14% to 946,000 users

Strategic Advantages and Challenges

BetMGM's path to profitability is supported by several strategic advantages, including its extensive retail casino network providing market access and brand recognition. The company operates in approximately 20+ states and has leveraged its MGM Resorts relationship for customer acquisition and retention.

However, the operator faces headwinds including:

1. Customer-friendly sporting results that impacted 2024 performance by approximately $50 million
2. Increased promotional competition from market leaders
3. Rising customer acquisition costs across the industry

Long-term Growth Trajectory

Looking beyond 2025, BetMGM has reaffirmed its confidence in achieving $500 million EBITDA in future years, a target it previously set for 2026. This ambitious goal reflects the company's belief in its ability to scale operations efficiently while maintaining competitive market share.

The company noted it currently maintains $150 million in an unused revolving credit facility and expects to require no additional capital from parent companies, indicating financial stability as it approaches profitability.

Industry Context

BetMGM's positive outlook comes amid a maturing US sports betting market where handle growth is expected to decelerate in 2025 following robust expansion in previous years. This environment places greater emphasis on operational efficiency and margin optimization rather than pure growth metrics.

The company's focus on achieving EBITDA positivity aligns with broader industry trends toward sustainable profitability as the initial land-grab phase of US market expansion moderates.

Greenblatt concluded: "Our scaled podium position in the world's largest gaming market underpins our confidence in our pathway to $500 million EBITDA in the coming years."