iGaming's Billion-Euro Boom: What BetMGM's Record Year Tells Us About the Future of Online Casinos
When one of the world's largest online casino operators reports its best year on record — with iGaming revenue topping €1.6 billion — it's worth paying attention. BetMGM's 2025 financial results offer a fascinating window into the global online casino industry, and the trends driving that growth have direct implications for Irish players and the casinos they choose to play at.
As someone who spends a lot of time analysing the financial mechanics of the online casino industry, I find BetMGM's results particularly instructive. They reveal not just how one company is performing, but where the entire sector is heading — and what that means for the value players can expect from their casino experience.
The Numbers Behind the Headlines
BetMGM CEO Adam Greenblatt delivered a bullish assessment to investors in early 2026, and the numbers back him up. The company reported full-year net revenue growth of 33%, reaching $2.8 billion (approximately €2.6 billion). EBITDA — a key measure of operational profitability — grew by €464 million year-over-year to reach €220 million.
But it's the breakdown of that revenue that tells the most interesting story. Online casino gaming — what the industry calls iGaming — contributed more than half a billion dollars to BetMGM's revenue, while online sports betting contributed around €200 million. iGaming revenue was up 24% for the full year, delivering €1.8 billion in net revenue.
To put that in context: BetMGM claims a 21% market share in online casino gaming across its active markets. That's a dominant position in a sector that is growing rapidly across North America and, of course, across Europe — including Ireland.
Why Live Dealer Is Driving Growth
One of the most significant drivers of BetMGM's iGaming growth was its investment in live dealer casino games. Greenblatt specifically credited "an expanded and refined live dealer strategy" as a key factor in the company's strong performance.
This aligns with what we're seeing across the Irish market. Live dealer games — where real croupiers deal cards or spin roulette wheels in real time, streamed directly to your device — have become one of the most popular categories at online casinos. They combine the convenience of online play with the social atmosphere of a physical casino, and Irish players have embraced them enthusiastically.
The major software providers powering live dealer games — Evolution Gaming, Pragmatic Play Live, and Playtech — have all reported strong growth in recent years. If you haven't tried live dealer games yet, our casino guides include detailed explanations of how they work and which casinos offer the best live dealer experiences for Irish players.
The Cross-Sell Opportunity
Another key insight from BetMGM's results is the power of cross-selling between sports betting and casino gaming. Greenblatt revealed that during the NFL season, approximately 60% of BetMGM's online sports players also played in the casino — and he's targeting 70%.
This cross-sell dynamic is increasingly relevant for Irish players. Many of the top online casinos available in Ireland now offer both sports betting and casino gaming under one roof. This can be genuinely convenient — you can watch a match, place a bet, and then enjoy some slots or live blackjack, all within the same account.
However, it's worth being aware of the financial mechanics at play. Casinos invest heavily in cross-sell initiatives because casino gaming typically generates higher margins than sports betting. As a player, this means you should always check the bonus terms carefully when switching between products — wagering requirements and eligible games can vary significantly between the sports betting and casino sections of the same platform.
Our bonus guides break down the terms and conditions of the best offers available to Irish players, helping you understand exactly what you're getting before you commit.
Market Expansion: What It Means for Players
Greenblatt was particularly enthusiastic about the potential for new online casino markets to open in North America. He described more iGaming states as "the single biggest dial-mover" for BetMGM — "the mic-drop moment" that would fundamentally change the company's outlook.
While the specific markets he mentioned — Virginia in the US and Alberta in Canada — are far from Ireland, the underlying dynamic is directly relevant to Irish players. The global expansion of regulated online casino markets creates competition among operators, which ultimately benefits players through better products, more generous bonuses, and improved customer service.
When operators compete for players in new markets, they invest in their platforms, improve their game libraries, and offer more attractive welcome bonuses. Irish players benefit from this competitive dynamic because many of the casinos available here are global operators who apply lessons learned in other markets.
The Prediction Markets Question
One of the more nuanced aspects of BetMGM's investor presentation was Greenblatt's discussion of prediction markets — platforms like Kalshi and Polymarket that allow users to bet on the outcomes of real-world events, including sports.
Greenblatt was clear that BetMGM remains "steadfast in support" of state-regulated gaming and has concerns about prediction markets undermining regulatory frameworks. He cited consumer protection, underage play, self-exclusion, and anti-money laundering protections as areas where prediction markets fall short of regulated casino standards.
From a player perspective, this debate highlights something important: the value of playing at properly regulated casinos. When you play at a casino licensed by the Malta Gaming Authority (MGA) or the UK Gambling Commission (UKGC) — the two most common licences held by casinos popular with Irish players — you benefit from a comprehensive framework of consumer protections that unregulated platforms simply cannot match.
These protections include:
- Segregated player funds — your deposits are kept separate from the operator's operating funds
- Dispute resolution — independent adjudication if you have a complaint
- Responsible gambling tools — mandatory deposit limits, self-exclusion, and reality checks
- Fair game certification — independent testing of random number generators
- Anti-money laundering checks — protecting the integrity of the financial system
When choosing where to play, always check that the casino holds a valid licence from a reputable authority. Our casino reviews include detailed information about the licences held by each operator.
What Record Industry Growth Means for Bonus Value
Here's the financial analyst's perspective that I think is most useful for Irish players: when an industry is growing rapidly and operators are competing aggressively for market share, bonus value tends to be at its highest.
BetMGM's 33% revenue growth reflects a sector that is expanding quickly. Operators are investing heavily in player acquisition — and that investment often takes the form of welcome bonuses, free spins, and ongoing promotions. For Irish players, this is genuinely good news.
However — and this is crucial — not all bonuses are created equal. A large headline bonus figure means nothing if the wagering requirements are so high that you'll never realistically clear them. My approach to evaluating casino bonuses focuses on three key metrics:
- Wagering requirement — how many times you need to play through the bonus before you can withdraw. Anything above 40x is generally unfavourable.
- Game contribution — which games count towards the wagering requirement, and at what percentage. Slots typically contribute 100%, while table games often contribute much less.
- Time limit — how long you have to meet the wagering requirement. Shorter time limits make it harder to clear bonuses responsibly.
Our bonus analysis section applies this framework to the best offers currently available to Irish players, so you can make informed decisions about where to play.
The Irish Market in Context
Ireland may be a small market by global standards, but Irish players punch above their weight in terms of online casino engagement. The combination of a tech-savvy population, strong broadband infrastructure, and a cultural affinity for gaming makes Ireland an attractive market for international operators.
The Gambling Regulatory Authority of Ireland (GRAI) is currently developing the licensing framework that will govern online casinos operating in Ireland. When that framework is in place, Irish players will have even stronger consumer protections — and operators will need to meet Irish-specific standards to access the market.
In the meantime, Irish players are best served by choosing casinos that hold licences from the MGA or UKGC, as these provide the strongest available consumer protections. You can find our recommendations in our top casinos for Irish players section.
Key Takeaways for Irish Casino Players
BetMGM's record results are a reminder that the online casino industry is in rude health — and that competition among operators is intensifying. For Irish players, the practical implications are:
- Live dealer games are worth exploring — they're driving industry growth for good reason, offering an immersive experience that slots alone can't match
- Cross-platform bonuses need careful scrutiny — if you're using a combined sports betting and casino platform, read the bonus terms carefully
- Regulated casinos offer real value — the consumer protections that come with a proper licence are worth more than any headline bonus figure
- Industry growth benefits players — competitive markets mean better products and more generous promotions
- Always gamble within your means — industry growth statistics are interesting, but your personal budget is what matters
The global online casino industry is growing, and Irish players are well-positioned to benefit from that growth — provided they choose their casinos wisely and approach gambling as the entertainment it's meant to be.
For personalised recommendations based on your preferences and playing style, explore our casino comparison tools and player guides. And as always, if you have questions about specific bonuses or casino terms, our team is here to help you make sense of the small print.
Gambling should always be entertainment. Set a budget, stick to it, and never chase losses. If you need support, contact the Gambling Awareness Trust Ireland.
