BetMGM more than doubles Q3 adjusted EBITDA to $86m, guides to low end

BetMGM more than doubled its adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, before parent fees) to $86 million in the third quarter of 2026, from $41 million a year earlier. Net revenue rose 7% to $710 million, while the number of average monthly active players fell, the North American betting joint venture of MGM Resorts International and Entain said in an unaudited update on 13 October 2026.

By the numbers

• iGaming net revenue: $483m, up 6% from $454m.
• Online sports net revenue: $216m, up from $202m.
• Contribution (net revenue less cost of revenue and marketing acquisition spend): $175m, up 32% from $133m.
• Average monthly actives: 878,000, down 3% from 902,000.
• Nine months: net revenue $2,116m, up 5%; adjusted EBITDA $185m, up 24% from $150m.

What drove it

The company says iGaming (online casino) was helped by exclusive content, naming a Game of Thrones title launch as its most successful game franchise launch. It says online sports benefited from World Cup engagement and an upgraded sportsbook released before the NFL season.

The fall in actives was “as expected”, it said, reflecting a refined approach to player acquisition. iGaming actives rose 2%. Sports betting handle (total stakes) reached $3.24bn, and gross gaming revenue hold, the share of handle kept by the operator before costs, rose to 10.7% from 10.1%.

Cash to the owners

BetMGM sent $68 million to its parents in the quarter: $18 million of parent fees and $50 million of cash distributed to Entain and MGM Resorts. The fees, which pay affiliates of both owners for licences and services, were nil a year earlier and took effect once BetMGM reached long-term profitability, according to the release. The update does not say how the fees are split between the two.

What’s next

Guidance for 2026 is unchanged: net revenue of $2.9bn to $3.1bn and adjusted EBITDA of $300m to $350m, with delivery expected toward the lower end of both. Without giving a date, BetMGM said it remained confident of reaching $500 million of adjusted EBITDA “in the coming years”. Entain reports on 15 October 2026 and MGM Resorts on 28 October.