BetMGM Q3 net revenue rises 7% to $710m as adjusted EBITDA more than doubles to $86m

BetMGM, the joint venture owned by MGM Resorts International and Entain, has reported third-quarter net revenue of $710 million, a 7% increase on the same period a year earlier. The figures were published in an update from MGM Resorts International.

IGaming net revenue came in at $483 million, up 6% year on year, while online sports betting net revenue reached $216 million, a 7% rise. Adjusted EBITDA grew 112% to $86 million. BetMGM credited the result to disciplined execution of its strategy and the launch of new exclusive gaming content and sportsbook products.

Player numbers moved in the opposite direction to revenue. Monthly active customers fell 3% to 878,000. BetMGM also returned $68 million in cash to its parent companies during the quarter.

Among the operational highlights was a multi-product launch in Alberta, which has just opened its iGaming market. The company also introduced new Game of Thrones-themed products, which it described as its most successful game franchise launch to date. It refreshed the Borgata brand and released a number of new features as well. Ahead of the NFL season, the sportsbook gained expanded cash-out and bet-tracking capabilities, smarter betting insights, more ways to build customizable bets and an improved rewards hub.

BetMGM reiterated its guidance for the 2026 financial year, expecting net revenue of between $2.9 billion and $3.1 billion and adjusted EBITDA of between $300 million and $350 million. It also said it remains confident of reaching adjusted EBITDA of $500 million in the next few years.

Chief executive officer Adam Greenblatt said the company's product is stronger than ever and that significant improvements to speed, stability and responsiveness will help it make the most of the NFL season. He said BetMGM has continued to prioritize its areas of strength, particularly iGaming, and remains operationally nimble in a highly competitive environment. According to Greenblatt, the underlying player fundamentals remain strong, and the business is generating positive cash flow and adjusted EBITDA, keeping it on track to meet its 2026 guidance.

Separately, BetMGM recently became an official partner of the Minnesota Vikings in Canada.