Q3 Results Exceed Expectations Across Sports Betting and iGaming
BetMGM LLC, the sports betting and iGaming operator jointly owned by Entain plc and MGM Resorts International, has announced Q3 2025 results that exceeded expectations, with net revenue reaching $667 million—a 23% year-over-year increase—and EBITDA climbing to $41 million, up $57 million compared to Q3 2024.
The Jersey City-based operator reported strong performance across both business segments, with iGaming net revenue growing 21% year-over-year and Online Sports net revenue jumping 36%. Year-to-date net revenue reached $2.016 billion, while EBITDA for the first nine months totaled $150 million.
Based on the stronger-than-expected performance, BetMGM has raised its full-year 2025 guidance to net revenue of at least $2.75 billion and EBITDA of approximately $200 million. The company also announced plans to distribute at least $200 million to its parent companies before year-end.
Refined Strategy Drives Growth in Player Engagement
The company’s refined player engagement strategy, supported by product and user experience improvements, contributed to growth in player activity and retention. Average monthly active users increased 6% year-over-year to 902,000 in Q3, reflecting targeted player management.
“BetMGM’s momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan. The execution in operations we have described this year—improved marketing efficiency, player management, brand positioning, and product and platform improvements—all contributed to our strong revenue growth and material cash flow increase from both sides of the business,” said Adam Greenblatt, Chief Executive Officer of BetMGM.
“Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025. Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts. My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger than expected performance through Q3 positions us well for the rest of the year and into 2026.”
iGaming Maintains Strong Market Position
BetMGM’s iGaming division posted Q3 net revenue of $454 million, up 21% year-over-year, maintaining the operator’s position as a market leader. The company secured a 21% iGaming market share in active markets during the quarter.
The platform launched exclusive content including omnichannel titles in the Wizard of Oz franchise and Rakin’ Bacon, as well as branded casino games in partnership with The Price Is Right franchise and NFL teams ahead of the season start. Cross-selling initiatives between online sports and iGaming products in multi-product states showed positive results during the NFL season to date.
Online Sports Sees Handle Growth and Margin Improvement
Online Sports net revenue reached $202 million in Q3, up 36% year-over-year, with handle totaling $3.159 billion—a 13% increase. The segment achieved an 8% GGR market share in active markets.
Net revenue hold percentage improved 110 basis points year-over-year to 6.4%, driven by refined player management and engagement strategies. Handle per active user increased 23% and net revenue per active user rose 49% year-over-year.
Product improvements included upgraded visual design, contextual stats and decision support, an enhanced rewards dashboard, and new features such as live same-game parlays and in-game SGP cashout capabilities.
Marketing Campaign Reinforces Brand Positioning
BetMGM launched its "Make it Legendary" campaign ahead of the football season, featuring actor Jon Hamm and other brand ambassadors. The campaign highlights the operator’s entertainment experiences and omnichannel hospitality offerings tied to MGM Resorts properties.
Cash Distribution and Financial Position
BetMGM reached profitability levels that enable cash distributions to its parent companies while maintaining operational liquidity. The company expects to end 2025 with approximately $100 million of unrestricted cash after distributions and will maintain this as a minimum threshold going forward.
The operator has access to more than $250 million in liquidity, consisting of $100 million in unrestricted minimum cash and a $150 million revolving credit facility that remains undrawn. Cash distributions to Entain and MGM Resorts will occur on a quarterly basis going forward, with EBITDA minus capital expenditures serving as a proxy for distributable cash in 2026 and beyond.
BetMGM maintains a 15% GGR market share across active markets, combining its iGaming and online sports operations. The company reiterated its expectation of achieving more than $500 million in contribution for 2025, with positive contribution from the online sports segment.
Source: BetMGM LLC
