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BetMGM LLC, jointly owned by MGM Resorts International and Entain PLC, recently released its Q3 business update detailing the company’s performance. The report shows that the sports betting and iGaming operator posted strong Q3 performance, with net revenue up +7% YoY and adjusted EBITDA up +112% YoY.
Adam Greenblatt, Chief Executive Officer of BetMGM, said, “BetMGM delivered a strong Q3 as we continue to execute with discipline and 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 continued, “We have continued to prioritize our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment. Our underlying player fundamentals remain strong, and we are generating positive cash flow and Adjusted EBITDA. These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business.”
Here’s a breakdown of the Q3 business update and insights into what the numbers mean.
The numbers
Q3 net revenue reached $710 million, jumping +7% YoY. $483 million of the total was from iGaming net revenue, up +6% YoY, while online sports betting net revenue brought in $216 million, up +7% YoY. BtMGM credited the strong iGaming performance to its robust iGaming content offering, while the World Cup and NFL season have helped to drive strong sports betting engagement.
Q3 net revenue reached $710 million, jumping +7% YoY. $483 million of the total was from iGaming net revenue, up +6% YoY, while online sports betting net revenue brought in $216 million, up +7% YoY. BetMGM credited the strong iGaming performance to its robust content offering across North American online casinos, while the World Cup and NFL season have helped to drive strong sports betting engagement.
Adjusted EBITDA for Q3 reached $86 million, up +112% YoY, with profitable growth continuing. Notably, year-to-date EBITDA now stands at $185 million. Total cash to parent companies was $68 million, comprising $18 million in Parent Fees and $50 million cash distributed to MGM Resorts and Entain.
Operational highlights
BetMGM LLC says that the strong Q3 performance comes down to disciplined execution supported by new exclusive gaming content and enhanced sportsbook offerings. Here’s an overview of the operational highlights that helped drive the strong performance:
Best-in-class iGaming
BetMGM has leveraged its iconic brand heritage and product excellence to deliver the best-in-class iGaming experience. The operator especially focused on premium and exclusive content to deliver exciting and differentiated player experiences.
Notably, the launch of the new Game of Thrones titles across the U.S., Ontario, and Alberta was the platform’s most successful game franchise launch ever. The release of innovative new features also helped drive engagement, including live-streamed slots experience in New Jersey and Pennsylvania, as well as the progressive SideBet jackpot in Michigan and West Virginia.
Focused approach to online sports betting
The sportsbook side of the business focused on targeted player acquisition and premium mass player engagement to continue driving growth. Notably, the platform underwent various product enhancements ahead of the NFL season, including more ways to build customizable bets, expanded cash-out and bet-tracking capabilities, smarter betting insights, and a revamped rewards hub.
Additionally, the operator’s ongoing marketing efficiency across OSB-only states continues to deliver attractive FTDs, positive ROIs, and an uptick in football season reactivation metrics. Moreover, business in Nevada is good, with Q3 Nevada OSB handle rising +8% YoY.
What the future holds
BetMGM says that the strong Q3 performance demonstrates its confidence in boosting profitability in Q4. To this end, it remains on track to deliver on the lower end of the guidance ranges, reiterating its FY26 guidance. It targets net revenue of $2.9-$3.1 billion plus adjusted EBITDA of $300-$350 million. Moreover, it is confident in delivering Adjusted EBITDA of $500 million in the coming years. Overall, the operator is well positioned to apply its strategic focus and disciplined execution to deliver sustainable long-term profitable growth.
