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- BetMGM is officially pivoting its marketing spend away from sports-betting-only states to double down on the four states where it offers both online casino and sportsbooks (New Jersey, Pennsylvania, Michigan, and West Virginia), after iGaming drove a massive 68% of its Q3 revenue ($483 million).
- CEO Adam Greenblatt highlighted that up to 60% of sportsbook users cross-sell into the casino product in those dual-market states, driven by recent iGaming product successes like the Borgata brand relaunch and the highly successful debut of Game of Thrones slots.
BetMGM said it is shifting more of its marketing focus to the four states where it offers both online casino and sportsbook products, after online casino generated about 68% of the company’s third-quarter revenue.
The move matters because it shows one of the largest U.S. operators placing more value on regulated iCasino markets than on sports betting-only jurisdictions. BetMGM said online casino revenue rose 6% year over year to $483 million, while CEO Adam Greenblatt said the company will take a more targeted approach centered on higher-value players.
BetMGM puts more weight on shared casino and sportsbook markets
BetMGM’s mobile sportsbook is regulated and available in 25 jurisdictions, but its online casino product operates in only New Jersey, Pennsylvania, Michigan, and West Virginia.
According to the company, those four states are now getting more emphasis as BetMGM cuts back investment in sports betting-only markets. Greenblatt said 55% to 60% of BetMGM Sportsbook users also play on BetMGM Casino during a typical week in states where both products are regulated.
In a company release, Greenblatt said, “We have continued to prioritize our areas of strength — particularly our iGaming franchise — and remain operationally nimble as we navigate a highly competitive environment.”
BetMGM also said average monthly active players across all verticals fell 3%, but player economics improved. Sports betting handle per player increased 13%, and net revenue per player rose 18%.
New product launches and brand updates supported casino growth
The company said online casino revenue increased 8% over the first nine months of 2026 compared with the same period in 2025.
BetMGM pointed to product and brand developments as part of that performance. The June relaunch of the Borgata online brand helped lift average active daily users on that site by 28% compared with February, according to the company. BetMGM also said the launch of new Game of Thrones slots across the U.S. and Canada was its most successful game-franchise debut to date.
Greenblatt said BetMGM’s “underlying player fundamentals remain strong” and that the business is generating positive cash flow and Adjusted EBITDA, which he said keeps the operator on track for its 2026 guidance.
Greenblatt says prediction market risk could return in another form
Greenblatt also addressed prediction markets during the company’s earnings call, even as BetMGM’s main strategy update centered on iGaming.
He described a proposed Commodity Futures Trading Commission rule that could prevent prediction markets from offering casino-style games as “cosmetics,” and said the competitive risk may only be paused, not removed.
“To the extent prediction markets survive, I think it is just a matter of time before the casino-like products reemerge in some other incarnation or some other form,” Greenblatt said.
For now, the clearer near-term change is BetMGM’s allocation of marketing dollars toward the states where casino and sportsbook play overlap, and where the company says cross-sell and revenue per player are strongest.
Source: As reported by Eric Raskin.
