BetMGM reported third-quarter net revenue of $710 million, a 7% increase from $667 million a year earlier, while maintaining its full-year 2026 outlook at the lower end of both its revenue and earnings ranges.
The Entain and MGM Resorts International joint venture expects annual net revenue toward the bottom of its $2.9 billion to $3.1 billion guidance range. It also expects adjusted EBITDA toward the lower end of its $300 million to $350 million range.
The quarter ended Sept. 30 brought $483 million in iGaming net revenue, up 6%, and $216 million in online sports revenue, up 7%. Sports betting handle rose 3% to $3.24 billion, while gross revenue hold increased to 10.7% from 10.1% and net gaming revenue hold rose to 6.7% from 6.4%.
Adjusted EBITDA more than doubled to $86 million from $41 million. Contribution rose 32% to $175 million. The company said it was generating positive cash flow and adjusted EBITDA. It also cited improved speed, stability and responsiveness in its product ahead of football season.
Reuters reported that strong World Cup betting and the revamped sportsbook helped drive the revenue increase. As covered in September, BetMGM had also rolled out football-season product features, enhanced pricing and weekly promotions intended to maintain customer engagement through the NFL calendar.
The revenue growth came despite a 3% fall in average monthly active customers, to 878,000 from 902,000. BetMGM attributed the decline to more selective player acquisition and management, while saying handle per active player increased 13% and gross revenue per active player rose 18%.
Its iGaming business showed a different customer trend. Average monthly iGaming actives increased 2%, while iGaming net gaming revenue per active player rose 4%. BetMGM reported a 20% iGaming gross-revenue market share and an 8% online sports betting market share across the jurisdictions where it operated in the quarter.
For the first nine months, net revenue reached about $2.12 billion, up 5% from roughly $2.02 billion a year earlier. iGaming revenue rose 8% to about $1.45 billion, online sports revenue increased 4% to $647 million, and adjusted EBITDA climbed 24% to $185 million.
The update arrived as licensed U.S. sportsbook operators face pressure from prediction-market platforms such as Kalshi, while FanDuel, DraftKings and Fanatics have launched similar products. BetMGM said it remained confident it could achieve $500 million in annual adjusted EBITDA in the coming years.
