BetMGM Exceeds Expectations with $667 Million in Q3

BetMGM has reported a stronger-than-expected performance in the third quarter of 2025, with revenue reaching $667 million, a 23% increase year-on-year, driven by broad-based growth across its online sports betting and iGaming divisions.

The company also announced plans to return $200 million to its joint owners, Entain and MGM Resorts International, by the end of the year — a milestone that marks a turning point in the joint venture’s financial trajectory.

Metric	Q3 2025 / YTD
Revenue (Q3)	$667 million
YoY Revenue Growth	23%
iGaming (Q3)	$454 million (+21%)
Sports Betting (Q3)	$202 million (+36%)
Player Spending (Q3)	$3.16 billion (+13%)
Group EBITDA (Q3)	$41 million (positive)
Planned Cash Return	At least $200 million to Entain & MGM

Strong Quarter Across Segments

For the three months ending 30 September 2025, player spending at BetMGM rose 13% to $3.16 billion, reflecting stronger engagement and improved platform performance. The operator highlighted double-digit net revenue growth in both iGaming and online sports betting.

Online sports betting saw the sharpest gains, with revenue climbing 36% to $202 million. BetMGM credited the growth to upgrades in its online sports product, which enhanced user experience and retention. While favorable sports results in July and August boosted margins, customer-friendly outcomes in September offset some of those gains. Within this segment, net gaming revenue (NGR) per active player was 49% higher than last year, while handle per active increased 23%.

iGaming revenue rose 21% to $454 million, supported by continued growth in player acquisition and retention. The company reported a 21% increase in average monthly actives, citing exclusive omnichannel game launches and cross-selling between iGaming and sports betting as key drivers. A further $11 million in net gaming revenue came from retail and other operations, bringing total group EBITDA to $41 million, compared with a $16 million loss in Q3 2024.

 

Full-Year Guidance Raised Again

Following its strong third quarter, BetMGM raised its full-year outlook for the second time in 2025. Revenue for the nine months to 30 September is expected to reach $2.02 billion, up 31% year-on-year. Within that, iGaming revenue is set to rise 26% to $1.35 billion, while sports betting revenue is projected to jump 52% to $624 million.

Player spending for the year-to-date stands at $10.67 billion, representing a 22% increase from the same period in 2024. BetMGM’s EBITDA for the year-to-date reached $150 million, compared to a $139 million loss last year — a figure that already met the company’s earlier full-year guidance. The operator now expects full-year EBITDA to hit $200 million, with net revenue on track for $2.75 billion, exceeding its previous forecast of “at least $2.7 billion.” BetMGM CEO Adam Greenblatt attributed the strong results to disciplined execution and operational efficiency. “Our momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan,” Greenblatt said. “Improved marketing efficiency, player management, brand positioning, and platform enhancements all contributed to strong revenue growth and increased cash flow.”

He added that the company’s performance has reached “another inflection point,” allowing it to begin returning capital to its parent companies. “My previous statements that BetMGM is healthier than it has ever been still ring loudly,” Greenblatt said, noting that the company is well-positioned heading into 2026.

BetMGM confirmed it will return at least $200 million to Entain and MGM Resorts by the end of 2025. The company expects to maintain approximately $100 million in unrestricted cash after the payout and said future distributions will occur on a quarterly basis. The move marks a significant shift for the joint venture, launched in 2019, as it transitions from a high-growth phase to one capable of consistent profitability and shareholder returns.

 

BetMGM reported $667 million in Q3 2025 revenue, up 23% year-on-year, driven by strong growth in both iGaming (+21%) and sports betting (+36%). The company raised its full-year EBITDA guidance to $200 million and announced plans to return $200 million to parent companies Entain and MGM Resorts by year-end,

 

Outlook

BetMGM’s latest results reinforce its growing strength in the U.S. online gambling market, where competition among major operators remains intense. With continued expansion across iGaming and online sports betting, and a solid path to profitability, the company appears poised to sustain its upward trajectory into 2026.