BetMGM reported net revenue of $710m in Q3, up 7% year-on-year, while adjusted EBITDA more than doubled to $86m. Average monthly actives fell 3% to 878,000. The operator reaffirmed its 2026 guidance: revenue of $2.9bn to $3.1bn and EBITDA of $300m to $350m.
The joint venture between MGM Resorts International and Entain earned $483m from iGaming, up 6%, and $216m from online sports betting, up 7%. Handle reached $3.24bn, up 3%, with GGR hold at 10.7% and NGR hold at 6.7%. The company attributed the drop in actives to stricter player acquisition and management. NGR per active user rose 4%. BetMGM returned $68m to shareholders during the quarter: $18m in royalties and $50m distributed between MGM Resorts and Entain.
Several products launched in Alberta, where per-player metrics exceeded those seen at the Ontario launch. Game of Thrones slots went live in the US, Ontario and Alberta — the company called it the most successful release in the franchise's history. The Borgata rebrand lifted average daily actives 28%. Michigan and West Virginia added the SideBet progressive jackpot; New Jersey and Pennsylvania got live-streamed slots.
CEO Adam Greenblatt highlighted the focus on profitable growth and product improvements: speed, stability and responsiveness. iGaming remains the priority. BetMGM holds a 14% GGR share in active states — 20% in casino, 8% in betting. NGR per active in sports betting rose 18%, handle per player 13%. The company expects to reach $500m EBITDA in the coming years, though 2026 results are likely to land near the lower end of the range.
