BetMGM Q3 net revenue rises 7% to $710m

BetMGM, the US online-casino and sportsbook joint venture of MGM Resorts and Entain, reported third-quarter 2026 net revenue of $710 million, up 7% from $667 million a year earlier. Adjusted EBITDA rose 112%, from $41 million to $86 million. The figures come from a business update on 13 October; they are management numbers, not GAAP accounts, and they have not been audited.

The numbers

• Net revenue: $710 million (Q3 2025: $667 million), up 7%.
• iGaming: $483 million (Q3 2025: $454 million), up 6%.
• Online sports: $216 million (Q3 2025: $202 million), up 7%, on handle of $3,240 million (up 3%).
• Retail and other: $11 million.
• Adjusted EBITDA: $86 million (Q3 2025: $41 million), up 112%.
• Average monthly actives: 878,000, down 3%.

Online casino remains the engine: iGaming brought roughly two-thirds of net revenue in the quarter. BetMGM said the fall in active players was expected and reflects "refined player acquisition and management." Net revenue per active player rose 4% in iGaming and 18% in online sports, according to the release.

BetMGM also said it paid $68 million to its two parent companies in the quarter: $18 million in fees and $50 million in cash distributions.

Guidance held, at the lower end

BetMGM confirmed its 2026 guidance of $2.9–3.1 billion in net revenue and $300–350 million in adjusted EBITDA. The company says it remains on track to reach "the lower end" of both ranges. After nine months, net revenue is $2,116 million and adjusted EBITDA is $185 million.

CEO Adam Greenblatt said: "Our product is stronger than it's ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season." He added that BetMGM is moving through "a highly competitive environment."

Alberta and Game of Thrones

The update speaks of a "successful multi-product launch in Alberta" with "per player metrics trending above Ontario launch." The comparison is BetMGM's own. Alberta's regulated market opened on 13 July; the last transition extensions for previously unregulated sites ran out on 13 October (our Alberta briefing).

BetMGM also called its new Game of Thrones titles, launched in the US, in Ontario and in Alberta, the "most successful game franchise launch ever." We have written separately about the US launch of the Game of Thrones slot.

What comes next

Entain reports its third quarter on 15 October, and MGM Resorts on 28 October. For another look at how the quarter went for the industry, see Hacksaw's preliminary Q3 update.

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