MGM Resorts International has published an update detailing the financial performance of the BetMGM brand for the third quarter of the year. As it turns out, the brand’s revenues soared, despite a decline in monthly active players.
BetMGM Experienced Growth in Q3
According to the report, BetMGM, which is jointly owned by MGM Resorts International and Entain, recorded a net revenue of $710 million for Q3, up 7% year-on-year. The iGaming net revenue, on the other hand, was $483 million, up 6% YOY, while the online sports net revenue hit $216 million, up 7% YOY.
The company’s adjusted EBITDA for the third quarter skyrocketed by 112% to $86 million. BetMGM attributed the success to the disciplined execution of its strategy and the launch of new exclusive gaming content and sportsbook products.
Furthermore, BetMGM recorded strong player engagement through Q3, despite a 3% decrease in monthly active customers (to 878K).
In addition to that, BetMGM returned $68 million in cash to its parent companies in Q3 alone.
Other Q3 highlights included a multi-product launch in Alberta, which just opened its iGaming market. In addition to that, the company launched new Game of Thrones-themed products, which it dubbed its most successful game franchise launch ever. At the same time, BetMGM refreshed the Borgata brand and released a slew of new features.
On the sports betting front, BetMGM made significant sportsbook enhancements in time for the NFL, such as 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 FY 2026, confirming that it expects net revenue of between $2.9 billion and $3.1 billion, as well as adjusted EBITDA of between $300 million and $350 million. The company also remained confident in its ability to deliver adjusted EBITDA of $500 million in the next few years.
BetMGM Is Experiencing a Period of Unprecedented Strength
Adam Greenblatt, BetMGM’s chief executive officer, commented on the Q3 results, praising the strong Q3 and continued profitability. He emphasized that the company’s product is stronger than ever and that significant improvements to speed, stability, and responsiveness will allow BetMGM to capitalize on the NFL season.
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.
Adam Greenblatt, CEO, BetMGM
In other news, BetMGM recently became an official partner of the Minnesota Vikings in Canada.