What Happened to BetMGM Sportsbook?

BetMGM Sportsbook was established in August 2018 as a 50/50 joint venture between MGM Resorts International, a global entertainment and hospitality company, and Entain plc (formerly GVC Holdings), a leading international sports betting and gaming group. This partnership, initially named Roar Digital, LLC, aimed to leverage MGM's established brand presence and land-based casino expertise with Entain's advanced online gaming technology to capitalize on the burgeoning U.S. legal sports betting market following the repeal of PASPA.

Since its first online sportsbook launch in New Jersey in September 2019, BetMGM embarked on a rapid expansion strategy, quickly entering numerous states as sports betting became legalized. The company focused on aggressive customer acquisition and geographic growth, establishing a significant footprint across over 30 North American markets for sports betting and iGaming. Key turning points included integrating the GameSense Responsible Gaming Program in 2021 and expanding its poker player pools across states in 2025.

Financially, BetMGM reached a significant milestone in fiscal year 2025, achieving profitability for the first time. The company reported $2.8 billion in net revenue, a 33% increase year-over-year, and $220 million in adjusted EBITDA, exceeding financial expectations. This strong performance was driven by a 24% rise in iGaming revenue to $1.83 billion and a 63% jump in online sports betting revenue to $903 million. The company also returned $270 million in cash to its parent companies in the fourth quarter of 2025.

As of 2026, BetMGM holds a podium position with a 13% gross gaming revenue market share in active markets, including 21% in iGaming and 8% in online sports betting. However, the company faced some challenges in Q1 2026, reporting $696 million in net revenue (up 6% YoY) and adjusted EBITDA of $25 million (up 11% YoY), which was slightly below expectations due to player-friendly sports results and intensifying competition. Consequently, BetMGM revised its fiscal year 2026 net revenue forecast to between $2.9 billion and $3.1 billion, down from an earlier projection, while maintaining its adjusted EBITDA guidance towards the lower end of the $300 million to $350 million range.

BetMGM's current strategy, as of August 2026, is shifting from rapid geographic expansion and mass customer acquisition to focusing on customer retention, personalization, and building a robust loyalty ecosystem. This includes leveraging its partnership with Marriott International, allowing BetMGM rewards to be redeemed for hotel stays and other experiences. The company is also heavily investing in product development, particularly in iGaming, which accounts for two-thirds of its business, and enhancing its sportsbook features for the upcoming football season, including expanded cash-out capabilities, advanced betting insights, and improved live betting functionality. BetMGM also renewed its multi-year partnership with Major League Baseball in June 2026, continuing its role as an official gaming and sports betting partner.