BetMGM Reports $667 Million in Q3 Revenue

Strong Growth in Revenue and Profit

BetMGM posted $667 million in net revenue for Q3, a 23% increase from the previous year. iGaming revenue climbed 21% to $454 million, while online sports betting rose 36% to $202 million. Year-to-date revenue reached $2.016 billion.

Profitability also improved. Q3 EBITDA was $41 million, compared to a $16 million loss a year earlier. For the first nine months of 2025, EBITDA totaled $150 million. Contribution rose by $52 million year-over-year to $132 million in Q3.

Market Share and User Growth

The company holds a 15% gross gaming revenue share in active markets. This includes 21% in iGaming and 8% in online sports betting. Average monthly active users grew by 6% to 902,000.

CEO Adam Greenblatt said BetMGM reached “yet another inflection point” thanks to better marketing, product upgrades, and improved player management. “Our stronger than expected performance through Q3 positions us well for the rest of the year and into 2026,” he added.

Product Improvements Boost Engagement

New features improved BetMGM’s online sports product. These included updated visuals, real-time stats, live same-game parlays, and cashout options. Handle per active user rose 23% year-over-year, while net gaming revenue per user increased 49%.

In iGaming, BetMGM launched exclusive content tied to The Price Is Right, NFL teams, and titles like The Wizard of Oz and Rakin’ Bacon. These helped lift average monthly iGaming actives by 21%.

Updated Forecast and Payouts to Owners

Based on its strong performance, BetMGM now expects at least $2.75 billion in full-year revenue. It also raised its EBITDA forecast to about $200 million. The company reaffirmed its goal of over $500 million in contribution for 2025.

BetMGM plans to return at least $200 million to its parent companies by year-end. It will maintain a minimum of $100 million in unrestricted cash and has a $150 million undrawn credit facility. Future payouts will follow a quarterly schedule.