BetMGM Q3 net revenue rises 7% to $710m as active players fall 3%

BetMGM grew net revenue by 7% year on year to $710m in the three months to 30 September, even though its average monthly active player count fell, NEXT.io reported. Adjusted EBITDA rose 112% to $86m.

For affiliates and operators, the figures show a US operator earning more from a smaller player base, with the company linking the drop in actives to a change in how it acquires and manages players.

What happened

BetMGM, the US business co-owned by Entain and MGM Resorts International, said third-quarter revenue compared with $667m a year earlier, in the same period of 2025. All core segments grew, with iGaming again the largest contributor.

Metric (Q3 2026)	Figure
Net revenue	$710m, up 7%
Adjusted EBITDA	$86m, up 112%
iGaming revenue	$483m, up 6%
Online sports betting (OSB) revenue	$216m, up 7%
OSB handle	$3.24bn, up 3%
Average monthly active players	878,000, down 3% from 902,000

Across the jurisdictions where it offered iGaming during the quarter, BetMGM put its gross gaming revenue (GGR) market share at 20%. Its OSB share was 8%, and the average across the two products was closer to 14%.

The company attributed the fall in active players to "refined player acquisition and management". Net gaming revenue (NGR) per active player rose in both verticals: NGR per active in iGaming was up 4% on a year earlier, while OSB NGR per active increased 18%. Handle per active was 13% higher.

Chief executive Adam Greenblatt said the company had delivered profitable growth with discipline and had prioritised its iGaming franchise. He added that BetMGM is operating in what he called a "highly competitive environment".

Year to date. Over the nine months to the end of September, net revenue totalled $2.12bn, a 5% increase on $2.02bn. iGaming revenue rose 8% to $1.45bn and sports betting revenue rose 4% to $647m. Average monthly actives for the period fell 5% to 909,000, while adjusted EBITDA increased 5% to $185m.

Guidance. BetMGM said its performance remains consistent with earlier guidance, though it is likely to finish at the lower end of both ranges. Those ranges are $2.9bn to $3.1bn for revenue and $300m to $500m for adjusted EBITDA. The company said it remains confident of reaching $500m in annual adjusted EBITDA "in the coming years".

Why it matters

Affiliates and media buyers working with BetMGM or comparable US operators could check whether their commercial terms and reporting reward player volumes or the value of each player. BetMGM's results show revenue per active player rising while the number of actives falls.

The company's description of "refined player acquisition and management" suggests that growth in active players is not the metric it is steering by. Partners could ask how this affects the acquisition channels and traffic quality the operator wants, as the figures point to a greater emphasis on iGaming and on revenue per player.

The iGaming share of 20% against 8% in OSB, as BetMGM reports it, shows that the operator holds a larger share of the iGaming market than of online sports betting. Operators competing in the same US states may need to weigh how much of their own acquisition budget goes to casino versus sports betting.

The guidance update is also relevant for planning. BetMGM expects to land at the lower end of both its revenue and adjusted EBITDA ranges, so the company is flagging a more cautious full-year outcome even as quarterly adjusted EBITDA rose.

What's next

Entain's Q3 2026 results are due on 15 October, and MGM Resorts International is scheduled to report on 28 October. Both companies' results could add detail on how the joint venture performed within their respective groups.