BetMGM shoots up its EBITDA by 112% in the third quarter and reaches 710 million dollars in revenues

BetMGM closed a strong third quarter of 2026 with $710 million in net income, up 7% from the same period last year, while its adjusted EBITDA soared 112% to $86 million.

The company, 50% owned by Entain and MGM Resorts International, highlights that the evolution responds to a more disciplined execution, the launch of new exclusive online casino content and the improvements introduced in its sports betting offer.

iGaming continues to be BetMGM's main driver, with quarterly net income of $483 million, up 6% year-on-year. For its part, online sports betting generated $216 million, up 7%. The retail business and other activities contributed another $11 million.

In the first nine months of the year, BetMGM has already accumulated 2,116 million dollars in net revenue, compared to 2,016 million recorded a year earlier, while adjusted EBITDA reached 185 million, up 24%.

The volume bet (handle) on online sports betting reached $3.24 billion during the quarter, up 3%, with a GGR margin of 10.7%, compared to 10.1% in the third quarter of 2025.

The company also maintains a 14% market share in GGR in the markets in which it operates, with 20% in iGaming and 8% in online sports betting.

Despite revenue growth, average monthly active players declined by 3% to approximately 878,000, an evolution that BetMGM attributes to a more selective customer acquisition and management strategy.

Individual player behavior, however, continues to improve. In sports betting, the handle per active player increased by 13% and net revenue per asset grew by 18% compared to the same quarter in 2025.

BetMGM also highlights the impact of its online casino catalog. The launch of new Game of Thrones titles in the United States, Ontario, and Alberta became the most successful gaming franchise launch in its history.

In addition to this, the renewal of the Borgata brand, which has increased its daily active players by 28% compared to pre-repositioning levels, as well as new functionalities such as SideBet progressive jackpots and live-streamed machine experiences.

In sports betting, the company has bolstered its product ahead of the start of the NFL season with new cash-out features, bet tracking, smart insights, customizable betting, and enhancements to its rewards program.

BetMGM also points to the strong performance of Nevada, where online sports betting volume grew by 8% year-on-year during the third quarter.

Adam Greenblatt, CEO of BetMGM, has highlighted that the company continues to advance its profitable growth strategy and that its product is now "stronger than ever", especially after the improvements introduced in speed, stability and responsiveness.

The company has reiterated its guidance for 2026 and expects to end the year at the lower end of its forecast ranges, with net income of between $2.9 billion and $3.1 billion and adjusted EBITDA of between $300 million and $350 million.

BetMGM also maintains its goal of reaching $500 million of adjusted EBITDA in the coming years.

During the quarter, BetMGM also delivered $68 million to its parent companies, of which $18 million corresponded to fees and another $50 million to cash distributions to Entain and MGM Resorts.

The result confirms the turn towards profitability of one of the leading online gaming and betting platforms in North America, with the online casino as the main driver of the business and a sports betting increasingly focused on profitability per player.