BetMGM Q3 EBITDA Doubles, Reiterates 2026 Outlook

BetMGM, one of the largest online sportsbook operators in the U.S., reaffirmed its 2026 financial guidance while noting its third-quarter earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled on a year-over-year basis.

The joint venture between Entain Plc (OTC: GMVHY) and MGM Resorts International (NYSE: MGM) said third-quarter adjusted EBITDA jumped 112% to $86 million, while net revenue increased 7% to $710 million, putting it on pace to reach previously delivered financial guidance.

In the July quarter, iGaming net revenue increased 6% while online sports betting revenue jumped 7%, underscoring “strong player engagement” during the World Cup.

BetMGM iGaming Emphasis Paying 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 is taking that approach and it is paying dividends. In the third quarter, the operator notched iGaming share of 20% in its active markets, or more than double its online sports betting market share of 8%.

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.”

BetMGM Quiet on Prediction Markets

BetMGM has previously decried the spending war brought on by prediction markets, but at a time when some sportsbook operators are responding in significant fashion, BetMGM didn’t speak to that effect in its third-quarter financial 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.”

There’s some evidence those moves are paying off as “favorable return on investment (ROI)” is apparent through the first few weeks of NFL action. BetMGM noted in Nevada, which prohibits sports event contracts, third-quarter sports betting handle rose 8%.