Plenty of iGaming brands will be raring to go once Alberta’s long-awaited regulated online gambling market opens. One of the operators that will expect to make the biggest splash in the province is BetMGM, and for good reason.
BetMGM has the U.S. cachet, with an expansive presence across the States and the might of co-parents MGM Resorts International and Entain behind it. It has the Ontario leadership positioning, billing itself last year as that province’s market leader in online casino. And, as evidenced by Wednesday’s full-year 2025 earnings call, it has the momentum.
The company reported FY 2025 net revenue of US$2.8 billion (approximately C$3.8 billion), up 33% year over year. It ended the year with an all-time record quarter in Q4, an all-time record month in December, and an all-time record week in the final week of the year.
“BetMGM had a pretty tremendous year,” said CEO Adam Greenblatt. “We entered 2025 planning for it to be a transformative year for BetMGM, and the success and financial impact of that transformation continued to meaningfully exceed our expectations as we progressed through 2025.”
iCasino the primary moneymaker
While sports betting showed surging growth, up 63% in 2025 from 2024, it’s online casino that remains what Greenblatt called “the powerhouse and anchor of our business.”
Already by far the biggest revenue contributor in terms of gaming verticals for the company, BetMGM’s net revenue from iCasino grew 24% year over year in 2025 to reach US$1.8 billion (around C$2.5 billion). That growth accelerated from 13% in 2024.
Greenblatt said that BetMGM holds a podium position in online casino, with 21% market share by gross gaming revenue in its active markets, including several U.S. iCasino states and Ontario. That is significantly higher than its total GGR market share across all verticals of 13%.
The CEO noted on the call that BetMGM’s growth from an already strong position in online casino was down to several factors, including its ever-expanding live dealer offering, which features dedicated studios and content, as well as increased cross-sell initiatives between sports, land-based gaming and online casino.
“We continue to focus on cross-deal initiatives and sports-branded casino games, allowing us to better showcase our iGaming promotions within our sports offering, encouraging cross-product play,” Greenblatt added. “During this past NFL season, we saw approximately 60% of our online sports players also playing in our casino.”
Leaning on familiar names
A particular strength of BetMGM’s casino offering is its range of intellectual property (IP) deals that allow it to offer games based on well-renowned brands. The roster includes quiz shows like Wheel of Fortune, Family Feud and The Price is Right, as well as other film and television classics such as The Wizard of Oz and Friends.
It’s also benefiting from its investments in live casino at its long-established brick-and-mortar casino properties in Las Vegas. Greenblatt said the Playtech-powered live dealer studio at its MGM Grand in Vegas, which streams table games directly to Ontario players, has become “a strong differentiator” for BetMGM among its competitors.
“We understand from our product partners that we continue to be the fastest growing live dealer business in the U.S.,” he added. “MGM Resorts’ strategic relationship with Playtech brings an authentic Vegas experience to our Ontario players in a way, frankly, in a way that only that MGM can. And Family Feud Live from Las Vegas led the category in audience reach.
“I think we’ve got our strategy right. We have the widest range of games, we have exclusive games, we are the home of entertainment titles, we’ve got bespoke games that we build for our team partners supporting cross-sell. I think you put all that together, we have a fairly compelling, differentiated iGaming offering.”
Plenty to draw upon in Alberta
In Ontario, where online casino makes up close to around 85% of wagering handle and where the roughly 50 licensed platforms made more than C$3.1 billion in non-adjusted GGR from online casino alone in 2025, those advantages matter.
And while BetMGM will look to tap into Alberta’s sports fandom when it launches in the province, particularly leveraging its existing relationships with Edmonton Oilers legends old and new in Wayne Gretzky and Connor McDavid, this all-around strength in online casino will be a core part of its offering.
BetMGM has been talking about its excitement for Alberta for more than a year and a half. Greenblatt noted on Wednesday that when that province opens, hoped to be as soon as spring/summer 2026, it will be the operator’s first new online casino market since 2022. All its other new North American markets have been sports betting only.
“The thing that moves the dial for BetMGM, the biggest single dial mover, is more [iCasino] states,” said Greenblatt. “That’s the thing that fundamentally changes our outlook.
“As we’re seeing with Alberta, the process of regulating a new market is not trivial. There are lots of considerations. And it takes probably, I think there’s been some analysis on this, on average from law passing to first bet taken is about nine months.”
Alberta passed its iGaming law in May 2025, so we’re at that nine-month mark right now. After such a long wait, what’s a little longer? But whenever those doors are open, BetMGM will surely be one of the fastest horses out of the gate.
