BetMGM has expressed optimism about iGaming’s future in North America, with online casino once again a major driver of its operational success in 2025.
CEO Adam Greenblatt noted during the operator’s investor call that iGaming “continues to be the powerhouse and anchor” of its operations, with player acquisition and retention being executed well.
“Our iGaming business continues to scale to record heights with the underlying story consistent with our overall plan,” said Greenblatt.
“Throughout 25, we held market share, driven by our exclusive best-in-class content strategy, innovative engagement tools and further improvements to our player management capabilities.”
Content and cross-sell
BetMGM’s iGaming net gaming revenue in 2025 was up 24% year-over-year to $1.8bn (FY2024: $1.5bn), with average monthly actives up 24% and active player days 14% higher than the previous year. Overall revenue rose by 33% to $2.8bn (FY2024: $2.1bn).
Content was also given significant credit for the performance of online casino over the past year, including game launches from brands such as the Wizard of Oz, The Price Is Right and Friends, as well as the expansion of live dealer studios and content.
Cross-sell initiatives were also highlighted, with sports-branded IP games driving online sports betting players to iGaming. As a result, BetMGM said it holds a podium position with a 13% GGR market share in active markets, including 21% in iGaming.
Greenblatt stated: “During this past NFL season, we saw approximately 60% of our online sports players also playing in our casino. As we begin 2026, we are very excited to keep investing behind our powerful and successful strategy.”
Year ahead
BetMGM is eyeing the launch of iGaming operations in the Canadian province of Alberta, the operator’s first new iGaming jurisdiction in four years.
Further iGaming launches across North America include the US state of Maine, although Greenblatt noted that “given the specifics of the market, that’s not going to move the dial for us one way or the other”.
Virginia is another state that has floated the idea of legalising iGaming, but the BetMGM CEO noted that the process from legislation to bets being placed is one that can take several months.
“It’s Virginia and iGaming states that are the primary upside. As we’re seeing with Alberta, the process of regulating a new market is not trivial. There are lots of considerations. I think there’s been some analysis on this; on average, from law passing to first bet taken is about nine months.
“So I think good news this year would probably only have a financial impact in the real world in 2027. I don’t think 2026 is at risk one way or the other from new states.”
