BetMGM Q3 Revenue Rises 7%, EBITDA Jumps 112%
Adam Greenblatt commented in the statement that accompanied BetMGM’s third-quarter business update, datelined Jersey City, New Jersey, on October 13, 2026. “BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth,” the chief executive said. “Our product is stronger than it's ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season.”
Net revenue for the quarter was $710 million, up 7 percent from $667 million in the third quarter of 2025.
BetMGM is the North American sports-betting and iGaming joint venture of Entain and MGM Resorts International. Sports betting is the placing of wagers on game outcomes; iGaming is casino-style play online—slots, tables, and the rest—run through the same apps and sites. The product work Greenblatt described had been ahead of the football season then under way. Whether that rise had come from more monthly players, or fewer, sat in the rest of the update.
The answer was fewer. Average monthly actives—the distinct players who wagered or played in a given month—came in at 878,000, down 3 percent from 902,000 in the third quarter of 2025. The company tied the softer headcount to refined player acquisition and management. Fewer people logged in. The revenue still rose.
“We have continued to prioritise our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment,” Greenblatt said. The joint venture was choosing its ground. Online casino remained the priority; sports betting ran beside it. Neither needed a larger monthly roster to lift the top line that quarter.
Retail and other revenue sat at $11 million, flat against the same period a year earlier. No lift from physical books or the residual other lines. Online revenue up, the monthly crowd down, retail unchanged. The rest of the update had to show what, inside that smaller base, had actually turned.
Adjusted EBITDA for the quarter was $86 million, up 112 percent from $41 million.
The figure more than doubled while monthly actives fell. Adjusted EBITDA is operating profit before interest, taxes, depreciation, and amortization, with one-time items stripped out—the gauge investors use to see whether a betting company is making money after the cost of running the product. Contribution, the cash left once the direct costs of taking wagers and hosting games are paid, reached $175 million, up 32 percent from $133 million.
Handle—the total sum customers put at risk—rose to $3.24 billion from $3.159 billion, a 3 percent lift. GGR hold, the house’s share of that handle before free bets and promotions, widened to 10.7 percent from 10.1 percent a year earlier. NGR hold, the same cut after those giveaways, moved to 6.7 percent from 6.4 percent. Fewer people logged in. Each one who did wagered more, and the house kept a thicker slice of every dollar. Profitable growth, on these pages, was hold, handle, and contribution—not headcount.
iGaming net revenue for the quarter reached $483 million, up 6 percent from $454 million a year earlier. Online sports net revenue hit $216 million, up 7 percent from $202 million. The casino side still produced more than twice the sportsbook. Sports grew one point faster on the smaller base.
Total cash to the parents came to $68 million for the quarter. Parent Fees made up $18 million of it—the operating expense BetMGM pays for licenses and services from affiliates of Entain and MGM Resorts, under agreements set when the venture was formed and effective once the business reached long-term profitability. The other $50 million was cash distributed to the two owners. The franchise was throwing off money, not merely booking a top line.
Nine-month net revenue reached $2.116 billion, up 5 percent from $2.016 billion. Nine-month adjusted EBITDA was $185 million, up 24 percent from $150 million. The same pattern that had marked the quarter—tighter hold, higher contribution, cash moving to the parents—had held across the longer stretch.
“We have continued to prioritize our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment,” Greenblatt said. “Our underlying player fundamentals remain strong, and we are generating positive cash flow and Adjusted EBITDA. These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business.”
The nine-month numbers were the evidence under that claim. The same morning still held one more appointment.
On the same October morning the Jersey City update posted, BetMGM opened an audio webcast for analysts and investors. The call was fixed for 9:00 a.m. Eastern Standard Time—2:00 p.m. in the United Kingdom—on October 13, 2026. Registration links went live. Dial-in numbers were listed for the United States and the United Kingdom, with an international conference line under the same session. Anyone who wanted to ask a question was directed to the phone lines and a separate investor registration page.
The agenda set aside thirty minutes for questions after the prepared portion. Phones and links opened onto that hour. The Q&A waited.