BetMGM Q3 Adjusted EBITDA Jumps 112% as Actives Fall 3%

BetMGM reported its figures in an October 13 business update released through MGM Resorts. The operator generated $667 million in net revenue and $41 million in adjusted EBITDA in Q3 2025. This year’s $710 million revenue total was $43 million higher, but average monthly actives slipped from 902,000 to 878,000.

iGaming Remained the Larger Business

Revenue by segment was as follows:

• iGaming. $483 million, up from $454 million in Q3 2025.
• Online sports. $216 million, compared with $202 million a year earlier.
• Retail and other. $11 million, up 5% year on year.

Sportsbook handle climbed 3%, from $3.159 billion to $3.240 billion. Its net gaming revenue hold improved from 6.4% to 6.7%. BetMGM also recorded $175 million in contribution, compared with $133 million last year.

The smaller player base was expected, the company said, following changes to its player acquisition and management approach. Its active player figure counts monthly users who placed at least one bet and averages those counts across the quarter.

Adjusted EBITDA Margin Moves From 6.1% to 12.1%

A 15M calculation using the two quarterly financial tables puts BetMGM’s adjusted EBITDA margin at 12.1% for Q3 2026, up from 6.1% a year earlier. That is a gain of about six percentage points, while revenue itself grew only 7%.

Another calculation divides total quarterly net revenue by three months and by the reported average monthly actives. It gives approximately $270 per monthly active in Q3 2026, compared with $246 in Q3 2025, a rise of around 9.4%. This is a blended estimate across BetMGM’s business, not the company’s reported ARPU or a measure of individual player spending.

The official product-level figures also moved higher. Online sports handle per active increased 13% year on year and sportsbook net gaming revenue per active rose 18%. For iGaming, net gaming revenue per active grew 4%.

BetMGM’s adjusted EBITDA is a non-GAAP measure and excludes parent fees, which amounted to $18 million in the quarter.

Q4 Must Deliver $115M to Meet Full-Year EBITDA Floor

BetMGM kept its 2026 targets at $2.9 billion to $3.1 billion in net revenue and $300 million to $350 million in adjusted EBITDA. Management expects results towards the lower end of both ranges.

After nine months, BetMGM had generated $2.116 billion in revenue and $185 million in adjusted EBITDA. Reaching the bottom of its annual ranges would require at least $784 million in Q4 revenue and $115 million in adjusted EBITDA, according to 15M calculations. Both are above the third-quarter figures.

The operator linked stronger sportsbook activity to the World Cup and upgrades introduced before the NFL season. It also reported an Alberta launch with per-player metrics above those seen at its Ontario launch, without giving separate provincial revenue figures.