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

BullishMedium impact
MGM$29.23 −0.32%GMVHF$5.83 −0.92%

BetMGM, an online gambling operator jointly owned by MGM Resorts International (NYSE:MGM) and Entain PLC (OTC:GMVHF), generated $710 million in third-quarter net revenue, up 7% from $667 million in the same period last year. Adjusted EBITDA more than doubled to $86 million from $41 million, while contribution grew 32% to $175 million.

The quarterly expansion reflected gains across key divisions, as iGaming revenue rose 6% to $483 million and online sports betting revenue increased 7% to $216 million on $3.24 billion in sports betting handle. Performance benefited from strong engagement during the World Cup, sportsbook enhancements ahead of the NFL season, and the launch of Game of Thrones titles across North America. Although average monthly active users decreased 3% to 878,000 due to a refined marketing strategy, core earnings grew significantly.

Looking ahead, the enterprise reaffirmed its full-year 2026 targets of approximately $3 billion in net revenue and $325 million in adjusted EBITDA, noting it remains on track for the lower end of both ranges. For the first nine months of 2026, revenue reached $2.12 billion with $185 million in adjusted EBITDA, supporting management's long-term objective of achieving $500 million in annual adjusted EBITDA.

Key points

  • BetMGM third-quarter net revenue grew 7% year over year to $710 million.
  • Adjusted EBITDA more than doubled to $86 million from $41 million a year earlier.
  • iGaming revenue rose 6% to $483 million, while online sports betting revenue grew 7% to $216 million.
  • Average monthly active users fell 3% to 878,000 as the firm refined its player acquisition strategy.
  • The business reaffirmed its 2026 outlook for $3 billion in net revenue and $325 million in adjusted EBITDA.

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Questions and answers

What were BetMGM's third-quarter 2026 financial results?

BetMGM reported third-quarter net revenue of $710 million, up 7% year over year. Adjusted EBITDA more than doubled to $86 million from $41 million in the prior-year period.

Who owns BetMGM?

BetMGM is a joint venture jointly owned by MGM Resorts International (NYSE:MGM) and Entain PLC (OTC:GMVHF).

What is BetMGM's full-year 2026 financial forecast?

BetMGM reiterated its full-year 2026 forecast of roughly $3 billion in net revenue and $325 million in adjusted EBITDA at the midpoints, remaining on track for the lower end of both ranges.