BetMGM reports 7% revenue rise and doubling of adjusted EBITDA
The MGM Resorts International and Entain joint venture posted Q3 revenue of $710m and said its igaming and sports betting product has never been stronger, EGR reports.
BetMGM has posted third-quarter revenue of $710m (£536m), a 7% year-on-year rise from $667m, according to figures reported by EGR.
Adjusted EBITDA more than doubled, climbing 112% from $41m to $86m over the same period. The joint venture between MGM Resorts International and Entain returned $18m in parent fees during the quarter.
Average monthly active players fell 3%, from 902,000 to 878,000, even as revenue and profitability improved. BetMGM said it held an overall gross gaming revenue market share of 14% across the jurisdictions where it operates, split between a 20% share in igaming and 8% in sports betting.
The operator is live in six US states with both online casino and sports betting, and in a further 25 states offering sports betting only.
Igaming remained the larger of BetMGM's two business lines, with revenue up 6% year-on-year from $454m to $483m. Net gaming revenue per igaming active rose 4%, while average monthly online casino actives increased 2%.
BetMGM said its "leading igaming offering and ongoing player management continue to drive revenue growth and attractive player economics," pointing to exclusive content such as a new Game of Thrones-themed title and the relaunch of its Borgata brand as contributing factors.
Online sports betting revenue grew 7% year-on-year, from $202m to $216m. Handle per active jumped 13% and net gaming revenue per active rose 18%. Management credited a continued focus on so-called premium mass players and said the omnichannel opportunity in Nevada had driven an 8% rise in handle there.
Total handle across the business increased 3% year-on-year to $3.2bn, while gross gaming revenue hold rose 55 basis points to 10.7%. Bosses attributed part of the sports betting gain to product improvements made ahead of the 2026 NFL season and to greater marketing efficiency in states where BetMGM offers sports betting only.
BetMGM has reiterated its full-year 2026 guidance, targeting net revenue of between $2.9bn and $3.1bn and adjusted EBITDA of between $300m and $350m, though management indicated current performance is tracking toward the lower end of both ranges.
The company said it remains confident of delivering adjusted EBITDA of $500m "in the coming years."
BetMGM chief executive Adam Greenblatt said the joint venture had delivered a strong third quarter and remained on course to generate profitable growth. "Our product is stronger than it's ever been, with significant improvements to speed, stability and responsiveness ahead of this football season," he said.
Greenblatt added that the business 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 the company was generating positive cash flow and adjusted EBITDA, putting it on track to meet its 2026 guidance and supporting confidence in the long-term outlook.