BetMGM, the joint venture of MGM Resorts International and Entain, lifted third-quarter adjusted EBITDA by 112% year on year to $86 million. Net revenue came in at $710 million, up 7%. iGaming brought in $483 million (+6%) and online sports betting $216 million (+7%). Growth in both segments carried profitability.
The company reaffirmed full-year 2026 guidance and expects to land at the low end of its ranges: revenue of $2.9–3.1 billion, adjusted EBITDA of $300–350 million. Nine-month EBITDA reached $185 million. BetMGM expects profitability to accelerate in the fourth quarter and stands by its target of $500 million in adjusted EBITDA over the coming years. It paid $68 million to its parents in the quarter: $18 million in fees and $50 million distributed between Entain and MGM Resorts International.
GGR share on active markets was 20% in iGaming and 8% in online sports betting. iGaming contribution for the quarter exceeded $135 million, while sports betting contribution stayed positive. Monthly active users fell 3% year on year, which the company links to a rethink of how it acquires players. iGaming MAU rose 2% and NGR per active player 4%. In sports betting, handle per active player added 13% and NGR per player 18%.
CEO Adam Greenblatt called it a strong quarter and pointed to gains in the product's speed, stability and responsiveness ahead of the football season. A Game of Thrones title launch across the US, Ontario and Alberta became the operator's most successful franchise launch. The Borgata brand refresh raised average daily active players by 28%. Online sports betting handle in Nevada rose 8%, and marketing performed in states where betting runs without an iGaming product. Citizens Research analyst Jordan Bender said betting revenue beat expectations, with handle up 3% year on year and gaming margin widening 55 b.p. to 10.7% from 10.1% in Q3 2026.
