BetMGM Q3 EBITDA more than doubles as Entain leans on US arm
Joint venture between Entain and MGM Resorts International posted a 112% jump in adjusted EBITDA for Q3, even as Entain faces pressure from UK tax changes and a Brazil betting ban.
BetMGM, the North America-facing sportsbook and iGaming joint venture owned by Entain and MGM Resorts International, reported adjusted EBITDA of $86m for the third quarter of 2025, up from $41m a year earlier, an increase of 112%, according to figures published by both parent companies.
Net revenue at the business climbed 7% year-on-year to $710m, with the online sportsbook segment contributing $216m against $202m in the prior-year period, SBC News reported.
Monthly active users fell 3% year-on-year to 878,000, a decline BetMGM described as expected despite the knockout stages of the 2026 World Cup falling within the quarter and having been pitched as a significant tool for attracting new customers.
BetMGM pointed to strong player engagement around the World Cup and its expansion into Alberta, having previously operated only in Ontario within the Canadian market, as drivers of the improved financial performance.
For the year to date, net revenue is up 5% to $2.11bn, with online sportsbook revenue rising 4% to $647m and iGaming revenue up 8% to $1.447bn. Retail revenue held flat in the quarter at $11m, but is down 50% year-to-date at $23m after a weak second quarter for the company's land-based operations.
Adam Greenblatt, chief executive of BetMGM, said the business had delivered a strong third quarter while executing with discipline and generating profitable growth. He said the product was stronger than it had ever been, citing improvements to speed, stability and responsiveness ahead of the football season.
Greenblatt added that the company had prioritised its areas of strength, particularly its iGaming franchise, while staying operationally nimble in a highly competitive market. He said underlying player fundamentals remained strong and that positive cash flow and adjusted EBITDA left the business on track to meet its 2026 guidance.
The BetMGM result gives Entain a financial cushion as the FTSE 250 group contends with a new UK tax regime that is weighing on earnings, alongside the recent announcement of a ban on online betting in Brazil.
Entain had previously pointed to growth prospects for its Sportingbet brand in Brazil, a market regulated for barely two years, before President Lula da Silva moved to shut down online betting there.
Entain is due to publish its own third-quarter results on 23 October. Its shares have fallen 42% year-to-date despite a 4% rise on the day to £4.46 on the London Stock Exchange, SBC News reported. MGM Resorts shares traded steadily in pre-market dealing on the NYSE at $29.90, slightly up from $29.64.
BetMGM is still targeting adjusted EBITDA of $500m in the coming years, and for the current year expects net revenue and adjusted EBITDA to land at the lower end of its guidance ranges of $2.9bn-$3.1bn and $300m-$350m respectively.