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BetMGM more than doubled its adjusted earnings in the third quarter, powered by online casino gaming, even as its average monthly active player count declined.
The North American operator, a joint venture of MGM Resorts International and Entain, reported net revenue of $710 million for the quarter ended Sept. 30, up 7% from a year earlier, according to its Oct. 13 business update.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 112% to $86 million from $41 million. The results suggest BetMGM’s focus on profitable growth over sheer customer numbers is paying off.
Net revenue and adjusted EBITDA are non-GAAP measures. Adjusted EBITDA is calculated before parent fees, which were $18 million in the quarter and none a year earlier. The company said the figures are unaudited estimates subject to adjustment.
BetMGM’s online casino drives two-thirds of revenue
Online casino revenue rose 6% to $483 million, about two-thirds of the company’s total. BetMGM Casino credited player engagement, exclusive content and product improvements. Net gaming revenue per active casino player rose 4%.
New features included a progressive SideBet jackpot in Michigan and West Virginia and a livestreamed slots experience in New Jersey and Pennsylvania.
Exclusive content remained a differentiator. The company said its new “Game of Thrones” titles were its most successful game franchise launch ever, across the US, Ontario and Alberta. A refresh of the Borgata online casino brand lifted average daily active users 28% from February, before the update, through the third quarter.
Fewer players, higher revenue per player
Average monthly active players fell 3% to 878,000 from 902,000 a year earlier. BetMGM said the decline was expected and reflected more disciplined player acquisition and management.
Engagement indicators moved higher. Average monthly active casino players rose 2%, and online sports customers produced more betting volume and revenue per player.
Contribution, which is revenue minus the cost of revenue and marketing acquisition spending, rose 32% to $175 million from $133 million. For the first nine months, adjusted EBITDA reached $185 million, up 24% from $150 million.
CEO Adam Greenblatt said the company continues to “generate profitable growth.” He said the platform now offers improved speed, stability and responsiveness ahead of football season, and that BetMGM is prioritizing online casino while navigating a highly competitive market.
Online sportsbook upgrades meet World Cup demand
Online sports betting revenue rose 7% to $216 million. Handle, the total amount wagered, climbed 3% to $3.24 billion amid strong World Cup activity. The gross hold percentage, or gross gaming revenue as a share of handle, rose to 10.7% from 10.1%.
Ahead of the NFL season, BetMGM added:
- Expanded cash-out and bet-tracking capabilities
- Smarter betting insights
- More ways to build customizable bets
- An improved rewards hub
Player quality improved as well. Handle per active bettor rose 13%, and net gaming revenue per active sports customer rose 18%, reflecting stronger spending by existing players rather than aggressive acquisition.
BetMGM also completed its multi-product launch in Alberta, where it said early per-player metrics are trending above those of its Ontario debut. It did not disclose financial results for the province. In Nevada, online sports handle rose 8%, which the company credited to its “unique Nevada advantage.”
Full-year guidance holds at lower end
BetMGM reiterated its 2026 guidance of $2.9 billion to $3.1 billion in net revenue and $300 million to $350 million in adjusted EBITDA, and said it expects to land toward the lower end of both ranges. For comparison, the company reported 2025 net revenue of $2.80 billion and adjusted EBITDA of $220 million, according to Alliance News.
The company said its year-to-date performance supports confidence in accelerating profitability in the fourth quarter. It sent $68 million to its parent companies in the third quarter: $18 million in parent fees and $50 million in distributions. BetMGM also said it remains confident it can reach $500 million in adjusted EBITDA “in the coming years.”
BetMGM claims a 14% share of gross gaming revenue in its active markets, including 20% in online casino and 8% in online sports.
Competition is intensifying. Reuters reported that licensed US sportsbook operators face growing pressure from prediction market platforms such as Kalshi, and that rivals FanDuel, DraftKings and Fanatics have launched similar products. Entain shares rose about 4% after the update. MGM Resorts reports its own third-quarter earnings Oct. 28.
