BetMGM Reports 7% Revenue Growth in Q3 2026

BetMGM has reported 7% Revenue Growth in Q3 2026. The online gambling operator recorded higher revenue across its iGaming and sports betting businesses. It also highlighted improvements to its platform and recent expansion into Alberta.

Key Takeaways

• BetMGM’s iGaming net revenue increased 6% to $483 million, while online sports betting revenue grew 7% to $216 million.
• Adjusted EBITDA more than doubled, rising 112% to $86 million.
• The operator reported encouraging early results following its July launch in Alberta, Canada.
• BetMGM maintained its 2026 financial guidance despite a decline in average monthly active players.

Revenue Growth Driven by Sports Betting

BetMGM reported $710 million in net revenue for Q3 2026, representing a 7% increase compared with the same period last year. The company attributed the performance partly to strong betting activity during the World Cup.

According to its third-quarter business update, iGaming net revenue rose 6% to $483 million. Online sports betting revenue also increased 7%, reaching $216 million.

Adjusted EBITDA climbed 112% year over year to $86 million, reflecting improved profitability.

“BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth,” said CEO Adam Greenblatt.

Greenblatt added that the company had strengthened its platform, with improvements to speed, stability and responsiveness ahead of the football season. He also highlighted the operator’s focus on iGaming and its ability to respond to an increasingly competitive market.

BetMGM is jointly owned by MGM Resorts International and Entain, with each company holding a 50% stake.

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Ahead of the football season, BetMGM upgraded its sportsbook platform. The improvements included enhanced technology, updates to the rewards section and new betting tools for NFL and college football.

The company also entered Alberta’s regulated online gambling market in July. BetMGM said its early player metrics were performing above the levels recorded following its Ontario launch.

Sports Betting Activity Increases

BetMGM recorded a sports betting handle of $3.24 billion during the third quarter. This represented a 3% increase compared with Q3 2025, supported by strong engagement during the World Cup.

Nevada also delivered positive results. The operator’s betting handle in the state increased 8% year over year, reflecting continued activity in a market where retail sportsbooks remain important.

BetMGM’s online sports betting gross revenue hold improved to 10.7%, up from 10.1% a year earlier. Its net revenue win rate also increased from 6.4% to 6.7%.

The company attributed its performance to targeted player acquisition and stronger engagement among its premium mass-market customers.

Handle per active player increased 13% year over year, while gross revenue per active player rose 18%.

BetMGM also reported improved marketing efficiency in states where it operates online sports betting without iGaming. The company said this supported favourable returns on investment. It also recorded encouraging player reactivation levels at the start of the football season.

iGaming Growth Supported by Exclusive Content

BetMGM’s iGaming business continued to deliver growth, supported by its premium online casino offering.

Average monthly active players increased 2% during the quarter. However, net revenue per active player grew by a more modest 4%.

The company highlighted its Game of Thrones-themed products as a major success. According to BetMGM, the games delivered the most successful franchise launch in its history across Ontario and Alberta.

The operator also refreshed its Borgata brand. Following the update, average daily active players increased 28% compared with previous levels.

These developments highlight the role of exclusive gaming content and product improvements in attracting and retaining online casino players.

BetMGM Maintains 2026 Financial Outlook

During the first nine months of 2026, BetMGM generated $2.11 billion in net revenue, representing a 5% increase year over year. However, average monthly active players declined 5% over the same period.

Despite the decline, the company maintained its financial guidance for the full year.

BetMGM expects 2026 net revenue to reach between $2.9 billion and $3.1 billion. It also forecasts Adjusted EBITDA of between $300 million and $350 million, although it expects results to land towards the lower end of both ranges.

Looking further ahead, the operator remains focused on achieving $500 million in Adjusted EBITDA in the coming years.

Greenblatt said the company’s underlying player fundamentals remained strong. He also pointed to positive cash flow and Adjusted EBITDA as factors supporting confidence in its financial outlook.

BetMGM’s third-quarter results reflect continued revenue growth, stronger profitability and investment in its sportsbook and casino products. The company’s ability to maintain this momentum will depend on player engagement, operational efficiency and competition across North America’s regulated online gambling markets.