BetMGM is confident it is on the right path and pleased with its recent product developments following a profitable third quarter.
- BetMGM’s iGaming net revenue rose 6%, while online sports betting was up 7% during a quarter highlighted by the World Cup.
- The operator launched in Alberta in July and has experienced notable activity.
- BetMGM maintains its fiscal-year guidance after nine months.
Coming off a highly wagered World Cup, the online sports betting and iGaming operator reported a 7% year-over-year net revenue increase on Tuesday behind a $710 million haul.
In the Q3 2026 earnings release, BetMGM said iGaming net revenue rose 6% to $483 million, while online sports betting’s $216 million spiked 7% compared to the previous third quarter. Q3’s Adjusted EBITDA of $86 million increased 112%.
“BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth,” BetMGM CEO Adam Greenblatt said in a statement.
“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.”
BetMGM, which is 50/50 owned by MGM Resorts and gaming giant Entain, revamped its sports betting platform before the football season, upgrading its technology and rewards section and adding NFL and college football betting tools to the app.
The gaming operator also made its Alberta debut in July, “with per-player metrics trending above Ontario launch,” the company said.
Engaging products
BetMGM reported a Q3 sports betting handle of $3.24 billion, a 3% year-over-year increase that was fueled by the high-engagement World Cup. Nevada, where BetMGM is one of the few major online operators in a state where retail sports betting is stronger than most, the handle grew 8% from Q3 2025.
BetMGM’s gross revenue hold of 10.7% on online sports betting was up from 10.1%, while the net revenue win rate rose from 6.4% to 6.7% during the third quarter.
BetMGM said its player acquisition targeting and "premium mass” engagement led to a 13% year-over-year handle per active rise, while gross revenue per active spiked an even higher 18%.
The operator also reported “ongoing marketing efficiency” across online sports betting-only states helped produce “favorable” return on investments, and the company saw “encouraging” reactivations to start football season.
iGaming experienced slightly lower net revenue per active growth (4%), while average monthly actives rose 2% in Q3, bolstered by premium and exclusive online casino products.
BetMGM noted that new Game of Thrones-themed products produced the most successful game franchise launch across Ontario and Alberta in the operator’s history. A refresh of BetMGM’s Borgata brand helped fuel a 28% average daily actives increase compared to previous levels.
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Maintaining course
The first nine months of 2026 have produced $2.11 billion in net revenue for BetMGM, up 5% year over year. This comes despite a 5% decline in average monthly actives.
The company is maintaining its fiscal-year guidance for 2026, saying it “remains on track to deliver towards the lower end” of the projected range of $2.9 to $3.1 billion in net revenue and $300 to $350 million in Adjusted EBITDA.
Long-term profitable growth and a “strategic focus and disciplined execution” keep BetMGM confident that it can reach $500 million in Adjusted EBITDA “in the coming years.”
“Our underlying player fundamentals remain strong, and we are generating positive cash flow and Adjusted EBITDA,” Greenblatt said. “These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business.”
