BetMGM lifted third-quarter net revenue 7% year on year to $710 million and more than doubled adjusted EBITDA to $86 million, while average monthly actives fell 3% to 878,000. The operator reiterated its 2026 guidance, targeting net revenue of $2.9 billion to $3.1 billion and adjusted EBITDA of $300 million to $350 million, according to its Q3 business update.
Revenue and profitability rise as actives ease
The business, jointly owned by MGM Resorts International and Entain, recorded iGaming net revenue of $483 million, up 6%, and online sports net revenue of $216 million, up 7%. Sports betting handle reached $3.24 billion, a 3% increase, with gross gaming revenue (GGR) hold of 10.7% and net gaming revenue (NGR) hold of 6.7%.
Contribution increased 32% to $175 million. BetMGM said average monthly actives declined to 878,000 as a result of refined player acquisition and management; meanwhile, it reported that NGR per active rose 4% year on year. The company returned $68 million in cash to its parent companies during the quarter: $18 million in parent fees and $50 million distributed to MGM Resorts and Entain.
Expansion and product launches also featured in the update. BetMGM launched multiple products in Alberta, where per-player metrics were trending above those seen during its Ontario launch, and released new Game of Thrones titles across the US, Ontario and Alberta. The company described the franchise launch as its most successful to date.
A refresh of the Borgata brand was followed by average daily actives 28% above prior levels. BetMGM also introduced a progressive SideBet jackpot in Michigan and West Virginia, and live-streamed slots in New Jersey and Pennsylvania.
For its sportsbook, the operator added expanded cash-out and bet-tracking options, betting insights, more customizable bets and an updated rewards hub ahead of the NFL season. The product changes follow a previous quarter in which BetMGM’s sports-betting revenue and active-user trends drew attention.
Guidance reiterated amid product investment
The guidance ranges are unchanged, although BetMGM said it remains on track to deliver toward their lower ends. It also maintained confidence in reaching $500 million in adjusted EBITDA in the coming years.
Chief executive Adam Greenblatt credited disciplined execution and profitable growth, highlighting product improvements in speed, stability and responsiveness. He said the company continued to prioritise iGaming while managing a competitive market, and pointed to positive cash flow and adjusted EBITDA as support for meeting the 2026 targets.
BetMGM reported a 14% GGR market share across its active markets, including 20% in iGaming and 8% in online sports. Online sports NGR per active increased 18% year on year, while handle per active rose 13%; the company also cited World Cup engagement alongside its sportsbook enhancements.
The company’s next scheduled parent-company results are Entain’s Q3 update on October 15, 2026, followed by MGM Resorts International’s earnings release on October 28.
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