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BetMGM Q3 Revenue Rises 7% to $710 Million as Adjusted EBITDA Doubles

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ENTGBX 450.10 5.19%MGM$29.32 0.17%

BetMGM LLC, an online gaming and sports betting operator jointly owned by Entain plc (LSE:ENT) and MGM Resorts International (NYSE:MGM), reported third-quarter 2026 net revenue of $710 million, representing a 7% increase year-over-year. Growth was driven by iGaming net revenue of $483 million, up 6%, and online sports net revenue of $216 million, up 7%. Adjusted EBITDA rose 112% from the prior-year period to $86 million.

The quarter benefited from high player engagement during major sporting events like the World Cup, as well as product updates ahead of the football season. Operating efficiencies helped BetMGM maintain a 14% gross gaming revenue market share across its active markets, including 20% in iGaming and 8% in online sports betting. Strong cash generation enabled BetMGM to return $68 million to its parent companies in the third quarter, comprising $18 million in parent fees and $50 million in direct cash distributions.

BetMGM reiterated its full-year 2026 guidance, tracking toward the lower end of its target ranges of $2.9 billion to $3.1 billion for net revenue and $300 million to $350 million for adjusted EBITDA. Management also voiced confidence in delivering $500 million in annual adjusted EBITDA in future years. Investors will get further context on performance when Entain plc reports its third-quarter updates on October 15, 2026, followed by MGM Resorts International on October 28, 2026.

Key points

  • BetMGM third-quarter net revenue grew 7% year-over-year to $710 million.
  • Adjusted EBITDA surged 112% year-over-year to $86 million for the quarter.
  • Total cash paid to parent companies Entain plc and MGM Resorts International reached $68 million in Q3.
  • Full-year 2026 guidance was reiterated toward the lower end of $2.9-$3.1 billion in net revenue.
  • Overall market share in active jurisdictions stood at 14%, leading with 20% in iGaming.

Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org

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Questions and answers

What were BetMGM's financial results for Q3 2026?

BetMGM reported Q3 2026 net revenue of $710 million, up 7% year-over-year, and adjusted EBITDA of $86 million, up 112%. iGaming revenue contributed $483 million, while online sports revenue totaled $216 million.

Did BetMGM change its full-year 2026 financial guidance?

No, BetMGM reiterated its full-year 2026 guidance. It remains on track to hit the lower end of its target ranges, which forecast net revenue of $2.9 billion to $3.1 billion and adjusted EBITDA of $300 million to $350 million.

Who owns BetMGM and how much cash did they receive in Q3 2026?

BetMGM is jointly owned by Entain plc and MGM Resorts International. During Q3 2026, BetMGM distributed $68 million in total cash to its parent companies, which included $18 million in parent fees and $50 million in cash distributions.