BetMGM reported a 7% increase in revenue for the third quarter of the year, reaching $710 million, along with a significant rise in adjusted EBITDA, which more than doubled to $86 million. This growth comes despite a decline in the number of average monthly active players.
The quarter ended on September 30, and CEO Adam Greenblatt expressed satisfaction with the company’s performance, stating, "BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth. Our product is stronger than it’s ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season. We have continued to prioritize our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment."
Revenue from online casino games rose by 6%, totaling $483 million, while sportsbook revenue increased by 7% to $216 million. The overall volume of sports betting also saw a bump, rising 3% to $3.24 billion.
Despite the positive revenue changes, the average number of monthly users fell by 3%, amounting to 878,000. However, the net gaming income per user climbed by 4% in the online casino segment and significantly by 18% in the betting segment. Additionally, the volume of bets placed per user improved by 13%.
Greenblatt noted the strong fundamentals underlying their player base, emphasizing that the company is generating positive cash flow and adjusted EBITDA, which aligns with the guidance set for 2026 and bolsters confidence in the long-term prospects of the business.
