BetMGM Posts $710 Million Q3 Net Revenue With Adjusted EBITDA Up 112%

BetMGM LLC reported Net Revenue of $710 million for the third quarter of 2026, up 7% year over year, and Adjusted EBITDA of $86 million, up 112%, in a third-quarter business update issued on October 13, 2026. The sports betting and iGaming operator is jointly owned by MGM Resorts International and Entain plc.

The update, datelined Jersey City, New Jersey, shows iGaming Net Revenue of $483 million for the quarter, up 6% from $454 million in the prior-year period, and Online Sports Net Revenue of $216 million, up 7% from $202 million. Retail and other revenue was $11 million, compared with $11 million a year earlier.

“BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth,” said Adam Greenblatt, Chief Executive Officer of BetMGM. “Our product is stronger than it’s ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season.”

Nine-Month Results and Player Metrics

For the first nine months of 2026, BetMGM reported Net Revenue of $2,116 million, up 5% from $2,016 million in the same period of 2025. Nine-month Adjusted EBITDA was $185 million, up 24% from $150 million. iGaming Net Revenue for the nine months rose 8% to $1,447 million, while Online Sports Net Revenue rose 4% to $647 million.

Online Sports handle for the quarter was $3,240 million, up 3% from $3,159 million a year earlier. GGR hold was 10.7%, compared with 10.1% in Q3 2025, and NGR hold was 6.7%, versus 6.4%. Contribution for the quarter was $175 million, up 32% from $133 million. Capital expenditures were $4 million.

Average Monthly Actives fell 3% year over year to 878,000, a decline the company said was expected and reflected refined player acquisition and management. Parent Fees totaled $18 million in the quarter. BetMGM said total cash to parents was $68 million for the quarter, consisting of the $18 million of Parent Fees and $50 million of cash distributed to Entain and MGM Resorts. iGaming Contribution exceeded $135 million, and Online Sports Contribution was positive.

Parent Fees are the operating expense to BetMGM for licenses and services provided by affiliates of MGM Resorts and Entain. The fees are governed by agreements entered into at the formation of the venture and became effective once BetMGM achieved long-term profitability.

Operational Highlights

The launch of new Game of Thrones titles across the U.S., Ontario, and Alberta was, the company said, BetMGM’s most successful game franchise launch ever. A refresh of the Borgata brand produced Average Daily Actives up 28% versus prior levels, measured from February 2026 through the third quarter. New features in the quarter included a progressive SideBet jackpot in Michigan and West Virginia and a live-streamed slots experience in New Jersey and Pennsylvania.

In iGaming, NGR per active player rose 4% year over year. In Online Sports, handle per active rose 13% and NGR per active rose 18%. Ahead of the NFL season, BetMGM added expanded cash-out and bet-tracking capabilities, betting insights, more ways to build customizable bets, and an improved rewards hub. Nevada online sports handle rose 8% year over year. The company also cited strong player engagement through the quarter, including a successful World Cup, and said its multi-product launch in Alberta produced per-player metrics trending above those of its Ontario launch.

Market Share and Full-Year Outlook

BetMGM reported a podium position with 14% gross gaming revenue market share in its active markets, including 20% in iGaming and 8% in Online Sports. The share figures draw on trailing three-month market data from July or August 2026, with internal estimates used where operator-specific results are unavailable. During the period, BetMGM operated in six iGaming and Online Sports Betting markets and 25 sports-betting-only markets, counting online and retail together.

The company reiterated its FY2026 guidance and said it remains on track to deliver towards the lower end of its Net Revenue range of $2.9 billion to $3.1 billion and its Adjusted EBITDA range of $300 million to $350 million. It also said it remains confident in delivering Adjusted EBITDA of $500 million in the coming years. BetMGM said it has updated its financial disclosure practices to include a more granular breakdown across segments.

Net Revenue, Contribution, and Adjusted EBITDA are non-GAAP measures based on how management analyzes the business. BetMGM said its independent registered public accounting firm has not audited, reviewed, or performed any procedures on the estimates.

An audio webcast with a 30-minute question-and-answer session for analysts and investors was scheduled for 9:00am EST (2:00pm UK) on October 13, 2026. The update lists two upcoming dates: Entain’s Q3 2026 results on October 15, 2026, and MGM Resorts International’s Q3 2026 earnings on October 28, 2026.