Boyd’s Online Revenue Rises 24% Despite 7% Segment Decline

The Las Vegas-based operator released its Q3 results with group revenue of $990.5 million, down from $1.00 billion a year earlier. Group Adjusted EBITDAR slipped from $321.8 million to $319.6 million.

A $17.48M Drop Erased the Online Revenue Gain

Boyd’s third-quarter financial tables show four different movements in its digital business:

• Online revenue – $33.24 million, up from $26.89 million (+23.6%);
• Online reimbursements – $121.23 million, down from $138.70 million (−12.6%);
• Total Online segment revenue – $154.47 million, down from $165.60 million (−6.7%);
• Online Adjusted EBITDAR – $10.93 million, up from $9.42 million (+15.9%).

The two revenue entries moved in opposite directions. Online revenue added $6.35 million year on year, but reimbursements dropped $17.48 million. The resulting $11.13 million decline matches the fall in reported segment revenue.

Reimbursements still accounted for 78.5% of Boyd’s Online segment revenue in Q3, compared with 83.8% one year earlier. That’s a decline of 5.3 percentage points, based on 15M’s calculation from the reported figures.

Why Reimbursements Count as Revenue and Expense

Boyd’s online activities include its Boyd Interactive casino business and agreements giving third-party betting operators access to regulated state markets.

Under some agreements, Boyd is legally responsible for gaming taxes and other licensing costs incurred by its partners. Operators repay those amounts. Boyd records the repayment as revenue and the corresponding payment as an expense, meaning the two entries offset each other.

The company explained this treatment in its second-quarter SEC filing. It began reporting reimbursements separately in Q3 2025, with earlier comparisons recast to reflect the change.

A smaller reimbursement total therefore reduces published segment revenue without directly reducing earnings by the same amount.

Online EBITDAR Rises 15.9% Despite Revenue Decline

Boyd attributed the improvement in Online Adjusted EBITDAR to continued strength in its online casino business. The figure reached $10.93 million, up $1.50 million from Q3 2025, even as total segment revenue fell by $11.13 million.

The $33.24 million Online revenue line includes both Boyd Interactive operations and market-access agreements. The company did not disclose how much each contributed to the increase.

For the quarter, lower reimbursements pulled down Boyd’s reported Online segment revenue, while its earnings moved in the opposite direction.