BetMGM reported a 112% year-over-year increase in third-quarter adjusted EBITDA to $86 million, as growth in iGaming and online sports betting revenue supported its profitability.
The company, jointly owned by MGM Resorts International and Entain, recorded net revenue of $710 million for the quarter, up 7% from a year earlier. iGaming net revenue increased 6% to $483 million, while online sports betting net revenue rose 7% to $216 million.
BetMGM reiterated its full-year 2026 financial guidance, saying it remained on track to deliver results towards the lower end of its expected net revenue range of $2.9 billion to $3.1 billion and adjusted EBITDA range of $300 million to $350 million. Year-to-date adjusted EBITDA reached $185 million.
“BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth. Our product is stronger than it’s ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season,” said Adam Greenblatt, chief executive officer of BetMGM.
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“We have continued to prioritize our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment. Our underlying player fundamentals remain strong, and we are generating positive cash flow and Adjusted EBITDA. These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business,” Greenblatt added.
BetMGM reported a 20% gross gaming revenue (GGR) market share in iGaming across its active markets, compared with 8% in online sports betting. Its third-quarter iGaming contribution exceeded $135 million, while online sports betting contribution remained positive.
Average monthly active users across the business declined 3% year over year, as expected, reflecting refined player acquisition and management. However, iGaming average monthly actives increased 2%, while net gaming revenue per active player rose 4%.
The operator said the launch of new Game of Thrones titles across the United States, Ontario and Alberta was its most successful game franchise launch to date. A refresh of its Borgata brand increased average daily active users by 28% compared with previous levels.
New gaming features included a progressive SideBet jackpot in Michigan and West Virginia, as well as a live-streamed slots experience in New Jersey and Pennsylvania.
Online sports betting revenue growth was supported by player engagement during the World Cup and sportsbook enhancements introduced ahead of the NFL season. Handle per active player increased 13% year over year, while net gaming revenue per active player rose 18%.
The sportsbook upgrades included expanded cash-out and bet-tracking capabilities, smarter betting insights, customizable bets and an improved rewards hub. BetMGM also reported improved marketing efficiency in states where it operates online sports betting without an accompanying iGaming product, citing favorable returns on investment and encouraging player reactivation during the football season.
In Nevada, online sports betting handle increased 8% year over year in the third quarter. The company also reported a successful multi-product launch in Alberta, where per-player metrics were trending above those recorded following its Ontario launch.
According to the company, its year-to-date performance supported expectations for accelerating profitability in the fourth quarter. It also reiterated its confidence in delivering $500 million in adjusted EBITDA in the coming years.
The company generated $68 million in total cash payments to its parent companies during the quarter, comprising $18 million in parent fees and $50 million distributed to Entain and MGM Resorts International.
Citizens Research analyst Jordan Bender said sports betting revenue exceeded expectations during the quarter, while handle increased 3% year over year.
“Additionally, gaming margins expanded 55 basis points year-over-year to 10.7%, compared with 10.1% in 3Q25,” Bender said.
“We believe the quarter’s results were stronger than feared, alleviating some concerns around game outcomes at the start of the NFL season,” he added.