Betsson has announced the acquisition of the Canadian B2C business of Rhino Entertainment, as well as Rhino’s proprietary technology, in order to improve its in-house B2B...
iGaming Quarterly Report for Q4 2025: Operator Rankings
Q4 of 2025 in the iGaming industry closed out a very busy year. Betsson, BetMGM, Flutter, Entain, Wynn Resorts, and DraftKings all had a fair share of wins and challenges, but before we look ahead, let’s look closer at our iGaming Q4 report to see how the year 2025 ended for the top iGaming operators.
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Q4 2025 for the global iGaming market
iGaming Q4 2025 kept the global market hot and busy. Well-known and fully regulated regions like Europe and North America re-established themselves as leaders, but the emerging markets, among which are Latin America, Asia-Pacific, and the Middle East, had faster market growth and more engagement. Could there be more regional competition in iGaming in 2026? For now, we can only wonder…
Bringing the industry closer to the $100 billion mark through the combined efforts of sports betting and online casinos, the quarter put the market through a major growth phase, and yet, operators had to stay alert to emerging challenges because of new regulations and tax increases, which set an intriguing stage for the upcoming year.
Top iGaming operators in Q4 2025: revenue and performance review
The market momentum is established and iGaming Q4 2025 is behind us, so it’s time to see how the biggest iGaming operators performed. Here’s what iGaming revenue Q4 and profits for some of the top operators throughout 2025 look like:
| OPERATOR | Q4 REVENUE | YOY GROWTH | EBITDA |
| Betsson | €303.9M | -1% | €69.3M |
| BetMGM | $780M | +33% | $220M |
| Entain | £5.33B | +7% | £1.16B (core ops) |
| Wynn Resorts | $1.87B | ~+1.6% | $568.8M |
| DraftKings | $1.9B | +43% | $343M |
| Flutter | $4.73B | +25% | $832M |
Betsson Group
Betsson closed the year with a slightly weaker Q4 compared to the previous quarter. The operator’s revenue dropped by 1% when it decreased from €306.8 million in Q3 to €303.9 million in Q4. The main reason for the slowdown was the decline of sports betting revenue by 9%. Casino revenue, however, increased by 3%. The EBITDA decline reached 20% with a total drop to €69.3 million, while operating income fell by 24% to €53.2 million.
Regionally, Western Europe and Latin America continued to perform well, similar to the performance seen in Q3, but the Nordic region and CEECA slowed down. B2C revenue grew, but B2B revenue fell behind, largely because one of Betsson’s B2B partners generated lower revenue than in the same period last year.
Nevertheless, Betsson had high player activity, reaching a record 1.4 million active customers during Q4. The company is also moving forward with expansion plans, including the acquisitions of Sportsbet.io and BitCasino from Yolo Group.
CEO Pontus Lindwall said:
“Our strong financial position allows us to continue investing in long-term, profitable growth and to deliver returns to shareholders. Looking ahead to 2026, we have several initiatives in place that set the stage for growth.”
Betsson Group predicts that FIFA World Cup matches will increase sportsbook activity as the record number of matches will create extra betting opportunities.
Full Q4 2025 Report: Betsson Group
BetMGM
BetMGM closed 2025 out on a high note, recording impressive growth in Q4 and beating estimates by generating $780 million in net revenue, a 33% Q4 year-on-year increase. The operator had $2.8 billion in total net revenue, which was 33% higher compared to 2024, and an adjusted EBITDA of $220 million. Parent companies MGM Resorts and Entain exceeded their own Q4 targets, collecting $270 million in cash distributions.
Sports betting the star performer, with Q4 revenue growing by 93% in Q4. Interestingly, this growth came despite only a 3% rise in handle. It seems prediction markets are starting to affect player behavior; there may be fewer people betting, but the ones who stay are betting more often.
The strong results had an immediate effect on the market: BetMGM shares rose from $34.17 to $39.25 just hours after the business call.
Emphasizing that Q4 was the strongest quarter ever for BetMGM sports, CEO Adam Greenblatt said:
“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. Not only did Q4 achieve a record, but December was our best month ever, and the last week of the year was also our best week ever.”
Looking ahead to 2026, the company expects net revenue to reach $3.1-$3.2 billion and adjusted EBITDA between $300 million and $350 million, building the foundation for another year of growth.
Entain
After BetMGM’s impressive finish to the year, Entain’s results show a similar story of steady growth, not without a few bumps along the way, though. For 2025, the group reported £5.33 billion in net gaming revenue, which is up 3% when compared to the same quarter in 2024. When including the company’s 50% ownership stake in BetMGM, the total iGaming revenue Q4 growth in 2025 increased by 7% (or 8% on a constant currency basis).
EBITDA from Entain’s core operations reached £1.16 billion, slightly ahead of the company’s original guidance. Including BetMGM’s contribution, EBITDA reached £1.24 billion, recording a 28% rise.
Entain finished the year with an official aftertax loss of £681 million, despite achieving strong operational results. The main influencing factor for this was a £488 million impairment charge linked to higher UK gambling taxes that came into effect in November 2025. The board approved a final dividend of 9.8p per share which raised the total yearly dividend to 19.6p, and the operator finished the year with net debt of £3.64 billion while holding more than £900 million in cash.
CEO Stella David remains confident about the road ahead:
“2025 has been a successful year for Entain. We are continuing to drive strong underlying momentum and I am immensely proud of our strategic and operational progress and the results it is delivering.
I am excited about the future as we evolve our strategic priorities, accelerate our performance, and maintain our focus on sustainable growth and cash generation. I am confident in Entain’s ability to deliver at least £500m of annual adjusted cashflow from 2028.”
The operator expects online revenue outside the US to grow between 5% and 7% in 2026, and online EBITDA margins are forecasted to remain stable (at around 23–24%), even with further UK tax changes expected in April.
Wynn Resorts
Wynn Resorts had one rollercoaster of a quarter, with many highs and lows in Q4 of 2025 and a revenue of $1.87 billion, which is only slightly exceeding its previous quarterly revenue of $1.84 billion. The adjusted property EBITDAR fell from $619.1 million to $568.8 million, with an additional decrease in the company’s net income, dropping to $100 million from $277 million in Q3.
The Las Vegas market was a stable performer, with $688.1 million in revenue and $240.8 million in adjusted property EBITDAR, slightly below last year’s results. Wynn’s Macau properties, however, continued to stand out, with Wynn Palace and Wynn Macau together generating $967.7 million in revenue and $270.9 million in EBITDAR. The Al Marjan Island project in the UAE also hit a milestone, finishing the construction of its 70th floor in Q4.
CEO Craig Billings shared a hopeful outlook:
“We feel good about our ability to perform really, really well in 2026. I mean, by any kind of historical standards, Wynn Las Vegas is absolutely crushing it.”
Compared to Q3, Wynn Resorts’ Q4 revenue was flat and profits took a heavy hit, but Macau and the UAE project give Wynn a lot to be excited about for next year.
Full Q4 2025 Report: Wynn Resorts
DraftKings
DraftKings had a much stronger Q4 than Wynn, ending 2025 with revenue of $1.9 billion which represented a 43% increase from the $1.39 billion they earned in Q4 2024. The full year ended at $6.05 billion; that’s a notable increase, with growth in EBITDA as well ($343 million for Q4 vs $89.4 million last year).
Sportsbook was DraftKings’ main Q4 revenue driver throughout the quarter. Handle increased 13% to $16.8 billion, generating $1.3 billion in revenue, up 63% year-over-year. Online casino revenue, in its turn, contributed $500 million. Monthly active players increased by 5%, while revenue per player grew by 43%, reaching $139.
Jason Robins, DraftKings CEO and co-founder, said:
“We closed 2025 on a high note. Fourth quarter revenue increased 43% year-over-year, and we achieved records for revenue and adjusted EBITDA. Our core business is strong as we enter 2026.”
CFO Alan Ellingson also added that DraftKings reported positive net income for fiscal year 2025, highlighting that the business model is efficient and strong.
Full Q4 2025 Report: DraftKings
Flutter Entertainment
Flutter Entertainment’s group Q4 revenue reached $4.73 billion, which marked a 25% increase, while adjusted EBITDA grew by 27% to reach $832 million. However, U.S. sportsbook handle grew only 3%, highlighting challenges for the quarter, including a 12% fall in shares after the Q4 2025 earnings call.
The share decline didn’t stop the operator from reaching 15.1 million average monthly players, a 3% increase compared to the previous year. The Q4 net income dropped to $10 million from its previous value of $156 million in 2024, while the adjusted EPS decreased by 41% to reach $1.74.
U.S. revenue rose by 33%, with sportsbook revenue up 35% and iGaming revenue Q4 up 33%. International revenue grew by 19%, supported by a 6% increase for sportsbook revenue and a 31% rise for iGaming. Organic sportsbook revenue, however, was down 11%.
CEO Peter Jackson noted that investment timing and market conditions affected results:
“Our standard generosity playbook proved less effective in Q4. Investment phasing did not align with sports results, leading to higher churn and some loss of market share.”
Despite solid revenue growth, lower profitability and weaker sportsbook performance left Q4 as a slightly unsuccessful quarter for Flutter, especially compared to the previous quarter of 2025.
From Q4 2025 into 2026: takeaways and expectations
Q4 2025 had its ups and downs for the iGaming industry. Some operators finished the year strong, others faced slower results. There were big revenues in sportsbook and casino sectors, challenges with regulations and taxes, and lots of movement in new markets.
With new products entering the market, major sporting events ahead, and operators continuing to expand into new regions, 2026 will likely show how well companies can keep growing while dealing with increasing pressure. More mature markets may push operators to focus more on product improvements and keeping existing players engaged. At the same time, newer markets will likely open up more revenue opportunities, even if they often come with changing regulatory requirements.
How operators divide their focus between expansion, innovation, and compliance will play the biggest role in their performance in the year 2026, and AffPapa will be here to cover who keeps the momentum!
If you’re interested in additional context on how the wider iGaming market evolved last year, our report on iGaming affiliates in Q4 2025 offers a broader overview.
Our newest iGaming Q4 2025 affiliate report is here, breaking down how the industry’s top players, Catena Media, Better Collective, Gentoo Media, and Raketech, handled the...
