BetMGM Q3 results show net revenue up 7% year on year to $710m in the third quarter of 2026, while Adjusted EBITDA more than doubled to $86m, according to the BetMGM Q3 2026 business update published on 13 October by the US joint venture of MGM Resorts International and Entain.
BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth.
Adam Greenblatt, Chief Executive Officer, BetMGM, in the Q3 2026 business update
BetMGM Q3 results by segment
iGaming net revenue grew 6% to $483m, against $216m from online sports betting, which was up 7%. Retail and other revenue added $11m. Total net revenue compares with $667m in Q3 2025.
Online sports handle increased 3% to $3.24bn. BetMGM reported a gross gaming revenue (GGR) hold of 10.7%, up 55 basis points, and a net gaming revenue hold of 6.7%, up 30 basis points.
Average monthly actives fell 3% to 878,000. The operator put its share of GGR in the markets where it is live at 14%, made up of 20% in iGaming and 8% in online sports.
Profit and cash to the parents
Adjusted EBITDA rose 112% from $41m a year earlier, and contribution grew 32% to $175m. Capital expenditure was $4m in the quarter.
BetMGM sent $68m to its two owners during Q3: $18m in parent fees and a $50m distribution split between Entain and MGM Resorts. Greenblatt said the business is “generating positive cash flow and Adjusted EBITDA”.
For the first nine months of 2026, net revenue increased 5% to $2.12bn and Adjusted EBITDA climbed 24% to $185m, the company said.
Guidance held at the lower end
BetMGM reiterated its full-year 2026 targets of $2.9bn to $3.1bn in net revenue and $300m to $350m in Adjusted EBITDA, and said it expects to land towards the lower end of both ranges. It cut its full-year guidance in April alongside its Q1 numbers.
The joint venture expects profitability to increase faster in Q4 and said it remains confident of reaching $500m in Adjusted EBITDA in the coming years. A year ago, BetMGM raised its 2025 guidance with its Q3 update.
Outside the US, the business update said BetMGM’s multi-product launch in Alberta is producing per-player metrics above those of its Ontario launch. The province opened its regulated market in July, with 28 operators registered for the 13 July launch.
Next steps
Entain reports its Q3 2026 trading update on 15 October, and MGM Resorts International publishes its Q3 2026 earnings on 28 October.
Source: BetMGM
