BetMGM Confirms $200 Million Return to Entain and MGM Resorts in 2025
BetMGM is making significant strides in 2025, with recent reports highlighting a robust financial performance. The company’s third-quarter revenue reached $667 million, representing a 23% increase compared to the same period last year. In a trading update, BetMGM shared that its revenue for the three months ending September 30th had exceeded initial expectations. Player spending also saw a notable rise, climbing 13% to $3.16 billion. BetMGM $200 Return
Growth was evident across all segments of the business, with both iGaming and sports betting experiencing double-digit expansion. Online sports betting led the way, with revenue increasing by 36% to $202 million. The company attributed this growth to an upgraded online sports product designed to enhance user experience. However, it also acknowledged that the favorable sports results in July and August helped boost figures, while customer-friendly results in September somewhat offset these gains.
Within the sports betting segment, net gaming revenue (NGR) per active customer was 49% higher than in Q3 of the previous year, and handle per active increased by 23%. Meanwhile, iGaming revenue rose 21% to $454 million, driven by continued growth in player acquisition, retention, and activity. Average monthly active users during this period increased by 21%. BetMGM also highlighted several ongoing initiatives, such as launching exclusive omnichannel titles and cross-selling iGaming within its sports betting platforms, as part of its broader strategy to strengthen its offerings.
In addition to digital operations, retail and other activities contributed an extra $11 million in net gaming revenue during Q3. The company also reported a positive group EBITDA of $41 million, a remarkable turnaround from last year’s $16 million loss. Looking at the year-to-date figures, BetMGM indicated that its revenue for the first nine months of 2025 would total approximately $2.02 billion, representing a 31% increase over the same period last year. Specifically, iGaming revenue is projected to be $1.35 billion, up 26%, while sports betting revenue is expected to reach $624 million, a 52% increase. Player spending over this period is estimated at $10.67 billion, reflecting a 22% rise.
The EBITDA for the nine months is expected to be around $150 million, contrasting with a $139 million loss in the previous year. This positive outcome aligns with earlier guidance provided after a strong Q2, which led BetMGM to increase its full-year outlook.
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The company now expects full-year EBITDA to reach $200 million, up from previous estimates, with net revenue on track to hit $2.75 billion—consistent with the “at least $2.7 billion” target announced after Q2.
BetMGM’s CEO, Adam Greenblatt, expressed confidence in the company’s momentum, stating, “Our momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan.” He elaborated that improved marketing efficiency, player management, brand positioning, and product enhancements collectively contributed to the revenue growth and increased cash flow. Greenblatt added, “Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025. Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts.” He concluded by reaffirming the company’s strong position, saying, “My previous statements that BetMGM is healthier than it has ever been still ring loudly and our stronger-than-expected performance through Q3 positions us well for the rest of the year and into 2026.” BetMGM $200 Return
One of the most notable parts of the update concerned BetMGM’s plans to return capital to its parent companies. Since 2019, Entain and MGM Resorts International have operated BetMGM as a joint venture. In August, CFO Gary Deutsch indicated that the operator might be in a position to return cash to both parents by the end of the year.
Now, BetMGM has confirmed its intention to return “at least $200 million” to Entain and MGM before December, with expectations to end the year with approximately $100 million of unrestricted cash remaining. The company also announced that future distributions to the parent companies will be made on a “quarterly cadence,” ensuring a steady flow of funds going forward.
