BetMGM Q3 net revenue hits $710m, YTD up 5%

BetMGM has posted its financial results for the third quarter of the year, highlighting revenue rises overall for the quarter and for the year-to-date.  

At a glance, iGaming revenue continues to lead the way overall, with online sports revenue remaining on the rise. Retail revenue appears flat, despite the operator’s report stating a 5% increase during Q3 – juxtaposed by a 50% decline year-over-year compared to results from the first nine months of 2025. 

Q3: Setting up for a strong finish 

Interestingly, retail revenue has reached $11m during Q3 2026, the same reported figure as Q3 2025, yet the operator’s report indicates a 5% year-over-year increase. Against a challenging long-term financial backdrop, however, anything that is not an annual decline will still represent a victory for BetMGM’s retail department.  

On the other side of the coin, iGaming drove out a revenue figure of $483m during the third quarter, up 6% in comparison to results from the prior year. Trailing behind was online sports revenue, which rose by 7% to settle at a figure of $210m, driven by a wagering handle of $3.24bn – also up 3% from last year.  

Indeed, BetMGM’s overall Q3 revenue rose 7% to $710m, complemented by a significant 112% upswing in adjusted EBITDA, which reached $86m during the quarter. The operator – which is co-owned and operated by Entain and MGM Resorts – appears to be relatively financially unaffected by the withdrawal of People Inc’s $18bn takeover bid of the latter, at least for now.  

A positive gradient for 2026 

Over the course of the year so far, iGaming represented both BetMGM’s highest-earning and fastest-growing department – with revenue reaching $1.45bn, up 8% year-over-year. Online sports also generated $647m over the first three quarters, up 4%, with wagering handle rising 3% to $10.9bn.  

Retail revenue tells a different tale, as the year-to-date figure of $23m represents a 50% drop from the first nine months of 2025. On balance, however, the operator has subsequently reported a positive overall revenue of $2.12bn for the first nine months of the year, up 5% year-over-year.  

As such, BetMGM has reiterated its financial outlook for the year as it progresses through the final quarter, stating its expectations of revenue reaching between $2.9bn and $3.1bn, and EBITDA reaching between $300m and $350m, remain in place.  

CEO’s comments: “Stronger than ever...” 

Speaking on these latest financial figures, BetMGM CEO Adam Greenblatt declared a positive outlook overall, stating: "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.  

“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."