BetMGM more than doubled adjusted EBITDA in the third quarter of 2026, to $86 million, and now needs at least $115 million in the fourth quarter to meet its full-year guidance. That is 34% above the best quarterly result in its reporting history.
Across the first nine months of 2026 the joint venture between MGM Resorts International and Entain, split 50/50, booked $185 million in EBITDA. To reach the bottom of the annual guidance range of $300–350 million it has to generate another $115 million in the last quarter — 62% more than the $71 million posted in Q4 2025. Revenue for that quarter must come in at no less than $784 million.
iGaming carries the quarter
Q3 revenue rose 7% to $710 million. iGaming contributed $483 million, or 68% of the total, while online sports betting brought in $216 million on a handle of $3.24 billion. Hold margin improved to 6.7% from 6.4%. EBITDA added $45 million on $43 million of extra revenue; Citizens JMP Securities puts the flow-through at 105%, helped by a 3% cut in fixed costs.
Monthly active users fell 3% year on year to 878,000, the fourth consecutive quarter of decline. Macquarie Capital estimates betting-segment assets dropped 9%, while iGaming gained 2%. CEO Adam Greenblatt called the drop an expected result of the strategy: the company is chasing high-value players, not volume.
Citizens JMP Securities expects BetMGM to miss the annual EBITDA target. The operator has also pushed its $500 million EBITDA goal beyond 2027, pointing to competition from unregulated predictive platforms.
