BetMGM Q3 EBITDA Doubles as Operator Reaffirms Full-Year 2026 Guidance

BetMGM, one of the largest online sports betting operators in the U.S., reported that its third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled year over year, as the company reaffirmed its 2026 financial guidance.

The joint venture between Entain Plc (OTC: GMVHY) and MGM Resorts International (NYSE: MGM) reported that third-quarter adjusted EBITDA surged 112% to $86 million, as net revenue increased 7% to $710 million—keeping the operator on track to hit full-year financial targets.

During the quarter, iGaming net revenue rose 6%, while online sports betting revenue climbed 7%, driven by strong player engagement during summer sports programming.

BetMGM iGaming Strategy Pays Off

While BetMGM is one of the industry’s most visible online sportsbook operators, cracking the DraftKings/FanDuel duopoly is no easy task, implying that a well-executed iGaming strategy is an avenue through which operators can gain share in the internet wagering realm.

BetMGM’s focus on internet casino gaming continues to yield results. In the third quarter, the operator held a 20% iGaming market share across its active jurisdictions—more than double its 8% market share in online sports betting.

Helped by new investments in content and technology, BetMGM’s third-quarter iGaming average monthly active users increased 2% while net gaming revenue per active user rose 4%. iGaming strength may also cool fears around customer-friendly outcomes in the early stages of the NFL season.

“During the quarter, iGaming revenue increased 6%, while sports betting revenue exceeded our expectations as handle increased 3% year-over-year,” notes Citizens Research analyst Jordan Bender. “Additionally, gaming margins expanded 55 basis points year-over-year to 10.7%, compared with 10.1% in 3Q25. We believe the quarter’s results were stronger than feared, alleviating some concerns around game outcomes at the start of the NFL season.”

Quiet on Prediction Markets

While BetMGM executives have previously criticized aggressive marketing spend in the prediction market sector, the company did not address event contracts or binary exchanges in its latest release.

The company did say it made new investments ahead of the start of the NFL season, including “sportsbook product enhancements, expanded cash-out and bet-tracking capabilities, smarter betting insights.”

Early indicators suggest those product upgrades are driving positive return on investment (ROI) through the opening weeks of the football season. In Nevada, where sports event contracts remain prohibited, BetMGM reported an 8% year-over-year increase in third-quarter sports betting handle.

With online casino margins remaining durable and product updates driving NFL handle, BetMGM appears well-positioned to meet its full-year EBITDA targets as the fall sports calendar accelerates.