Leading operators such as BetMGM have once again highlighted the position of iGaming (online casinos) as the core engine of industry growth with their outstanding performance in the North American and Brazilian markets.
According to BetMGM FY2025 full-year results and Q1 2026 update, iGaming net revenue continues to be strong. The iGaming net revenue reached $1.8 billion in FY2025, a 24% increase YoY (from $1.479 billion in 2024); Q1 2026 iGaming net revenue reached $481 million, up 9% YoY. The company's overall Q1 net revenue reached $696 million (+6% YoY), with adjusted EBITDA of $25 million (+11% YoY).
🔴 BetMGM holds a 13% GGR market share in active markets, with iGaming accounting for 20%, and a significant increase in average monthly active users and player engagement.
BetMGM CEO Adam Greenblatt emphasized that iGaming remains the "powerhouse" of North American operations, with efficient execution of player acquisition and retention strategies, making online casino business the main driver of performance. The company operates in multiple states across North America, maintaining a competitive edge with exclusive content and innovative tools.
In the Brazilian market, international operators like BetMGM are actively laying out their strategies. Brazil, as a new iGaming hotspot in Latin America, attracts a large amount of capital and brands, but competition is fierce.
BetMGM Brazil CMO Ana Paula Castello Branco stated that balancing brand building with CPA (Customer Acquisition Cost) is a key challenge. Since the official launch of the brand in Brazil in April 2025, the company has focused on long-term brand investment rather than short-term high marketing expenses to achieve sustainable growth.
Other strong performers include Flutter Entertainment (parent company of FanDuel), Entain, and other North American and international giants, which maintain a lead in the sports betting and iGaming sectors with scale advantages and localization strategies, especially in emerging markets like Brazil.
Industry data highlights show that BetMGM's overall net revenue for FY2025 was $2.8 billion (+33% YoY), with a significant contribution from iGaming. The North American iGaming market continues to expand under mature regulatory drivers, while Latin American emerging markets like Brazil become key battlegrounds for global operators in 2026.
🔴 Expert analysis indicates that 2026 will be a year of differentiation for iGaming operators in North America's mature markets and emerging markets like Brazil, with players skilled in balancing brand, cost, and compliance gaining an advantage. BetMGM's strategic practices provide an industry reference for a "strong brand + efficient customer acquisition" path.
The strong performance of operators like BetMGM not only boosts market confidence but also indicates that the global iGaming landscape is expanding from traditional Western markets to high-potential regions like Latin America. In the future, technological innovations (such as AI personalization) and localized operational capabilities will be key for operators to stand out in these markets.
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