BetMGM, the U.S. joint venture of Entain and MGM Resorts, will begin distributing cash to its parent companies this year after a strong third-quarter performance.
The company said it expects BetMGM to return at least $200 million in 2025, marking a key milestone for the sports betting and iGaming operator.
According to the company, BetMGM's net revenue for the third quarter rose 23% on a constant currency basis to $667 million, beating expectations.
Following the results, BetMGM raised its full-year 2025 guidance, now expecting net revenue of at least $2.75 billion and earnings before interest, taxes, depreciation, and amortization of approximately $200 million.
"We are delighted that BetMGM is achieving sustainable profitable growth and expects to begin distributing cash to parents later this year," said Entain CEO Stella David.
Entain, which owns brands like Ladbrokes and Coral, reiterated its own full-year guidance, continuing to expect group earnings in the range of 1.1 billion to 1.15 billion British Pounds.
For the third quarter, Entain's total group net gaming revenue, including its share of BetMGM, increased by 7% on a constant currency basis, the company reported.
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BetMGM, the U.S. sports betting and iGaming joint venture of Entain and MGM Resorts, will begin distributing cash to its parent companies this year following a strong third-quarter performance.
BetMGM said Tuesday it will distribute at least $200 million to its parent companies this year, a key milestone for the joint venture, after its third-quarter performance beat expectations.