BetMGM Reports $710 Million in Q3 Revenue as EBITDA Jumps 112%
United States.- 14 October 2026 | www.zonadeazar.com BetMGM, the sports betting and online casino operator jointly owned by MGM Resorts International and Entain, has reported net revenue of $710 million for the third quarter of 2026, representing 7% year-on-year growth.
The company also recorded adjusted EBITDA of $86 million, an increase of 112% compared with the corresponding period in 2025.
The results demonstrate improving operational profitability, supported by continued iGaming growth, sportsbook enhancements and a commercial strategy focused on efficiency.
Revenue Reaches $710 Million
BetMGM increased third-quarter net revenue from $667 million in 2025 to $710 million.
Revenue was distributed across the following segments:
- iGaming: $483 million, up 6%.
- Online sports betting: $216 million, up 7%.
- Retail and other operations: $11 million.
During the first nine months of 2026, cumulative net revenue reached $2.116 billion, representing a 5% increase compared with the previous year.
Adjusted EBITDA Increases 112%
One of the quarter’s most significant developments was the increase in adjusted EBITDA from $41 million to $86 million.
Operating contribution rose by 32% to $175 million.
For the first nine months of the year, BetMGM generated $185 million in adjusted EBITDA, compared with $150 million during the corresponding period in 2025.
The company highlighted its continued generation of positive cash flow and improving profitability.
iGaming Remains the Leading Revenue Contributor
Online casino operations continue to represent BetMGM’s largest revenue segment.
During the quarter, iGaming generated $483 million, while its operating contribution exceeded $135 million.
The company highlighted the performance of exclusive content and the introduction of new gaming experiences.
Key developments included:
- New Game of Thrones titles launched across the United States, Ontario and Alberta.
- A refresh of the Borgata brand, delivering a 28% increase in average daily active users compared with previous levels.
- Progressive SideBet jackpots introduced in Michigan and West Virginia.
- Live-streamed slots experiences launched in New Jersey and Pennsylvania.
According to BetMGM, Game of Thrones represented the most successful gaming franchise launch in the company’s history.
Sports Betting Benefits From the World Cup
Online sports betting generated $216 million in net revenue, representing 7% year-on-year growth.
Total sports betting handle reached $3.24 billion, an increase of 3% compared with the third quarter of 2025.
BetMGM highlighted strong customer engagement during the FIFA World Cup and product enhancements introduced ahead of the NFL season.
These improvements included expanded cash-out functionality, bet tracking, personalised insights and additional options for building customised bets.
Improved Player Economics
BetMGM continues implementing a strategy focused on targeted customer acquisition and increasing the value generated by each player.
Third-quarter online sports betting indicators included:
- Handle per active player: up 13%.
- Net gaming revenue per active player: up 18%.
- Gross gaming revenue hold: 10.7%, compared with 10.1% in 2025.
Across its operations, BetMGM recorded an average of 878,000 monthly active users, representing a 3% year-on-year decrease.
This reflects the company’s commercial focus on profitability and player value rather than absolute customer growth.
Alberta Expansion and Market Position
BetMGM highlighted the successful launch of multiple products in Alberta, Canada, where initial player metrics are trending above those recorded during its Ontario market entry.
The company also reported a 14% share of gross gaming revenue (GGR) across its active markets.
Its market share breakdown included:
- iGaming: 20%.
- Online sports betting: 8%.
In Nevada, BetMGM’s online sports betting handle increased by 8% year-on-year during the third quarter.
Statements From Adam Greenblatt
Adam Greenblatt, CEO of BetMGM, highlighted the company’s disciplined execution and continued profitable growth.
He noted that improvements in speed, stability and responsiveness had strengthened the sportsbook experience ahead of the American football season.
Greenblatt also emphasised the importance of BetMGM’s iGaming operations and its ability to adapt within a highly competitive environment.
The executive stated that positive cash flow and adjusted EBITDA supported the company’s confidence in achieving its 2026 financial objectives.
Distributions to MGM Resorts and Entain
During the third quarter, BetMGM transferred a total of $68 million to its parent companies.
The amount consisted of:
- $18 million in fees related to licences and services provided by affiliated businesses.
- $50 million in cash distributions to MGM Resorts and Entain.
These payments demonstrate BetMGM’s progress towards a business model capable of generating financial returns for its shareholders.
Financial Outlook for 2026
BetMGM reaffirmed its full-year financial guidance.
The company expects to finish 2026 towards the lower end of the following ranges:
- Net revenue: between $2.9 billion and $3.1 billion.
- Adjusted EBITDA: between $300 million and $350 million.
Management also reiterated its confidence in delivering $500 million in adjusted EBITDA in the coming years.
The company expects profitability to accelerate during the fourth quarter, supported by its year-to-date performance.
Next Steps and Impact
BetMGM’s third-quarter results confirm its progress towards a more profitable operating structure, with adjusted EBITDA growth significantly outpacing revenue increases.
The continued strength of iGaming, improvements to its sportsbook technology and Canadian expansion remain central to its strategy.
During the final quarter of 2026, the company will focus on consolidating these developments and achieving its annual financial targets.
Upcoming financial reports from Entain on 15 October and MGM Resorts International on 28 October will provide further insight into BetMGM’s performance and its contribution to both parent companies.
Editó: @fonta
