BetMGM reported higher third-quarter revenue despite a smaller active player base, with online casino games generating roughly two-thirds of its total business.
The October 13 update put net revenue at $710 million for the three months ending September 30, up 7% from a year earlier. Both online casino and sports betting revenue increased, while the company’s adjusted operating earnings more than doubled.
Fewer Active Players, More Revenue
BetMGM averaged 878,000 monthly active players during the quarter, compared with 902,000 a year earlier. That measure counts customers who place at least one bet in a month, rather than everyone who holds an account.
The company said the 3% decline was expected and reflected changes to how it attracts and manages customers. Revenue per active player increased in both main product categories, helping the business grow even with fewer people betting overall.
The online casino business followed a different pattern from the group total. Its average monthly active player count increased 2%, while net gaming revenue per active player rose 4%.
Casino Games Remain the Biggest Business
Online casino net revenue reached $483 million, more than twice the $216 million generated by online sports betting. The figures show how heavily BetMGM’s overall performance still depends on casino play, even during a quarter that included World Cup betting and the start of the NFL season.
| Metric | Q3 2026 | Q3 2025 |
|---|---|---|
| Total net revenue | $710 million | $667 million |
| Online casino net revenue | $483 million | $454 million |
| Online sports betting net revenue | $216 million | $202 million |
| Adjusted EBITDA | $86 million | $41 million |
Adjusted EBITDA is an earnings measure that excludes interest, taxes, depreciation, amortization and certain other costs. It should not be read as final net profit.
Sports Betting Revenue Outpaced Wager Growth
Customers placed $3.24 billion in online sports wagers, an increase of 3%. This figure, known as handle, includes cash and bonus bets. It measures betting volume, not the amount players lost or the revenue BetMGM retained.
Sports betting net revenue grew faster, rising 7%. The reported gross gaming hold also increased from 10.1% to 10.7%, meaning a larger share of wagers remained after winnings were paid, before deductions used to calculate net revenue.
Players Get More Tools, While Forecasts Stay Unchanged
BetMGM said its sportsbook updates ahead of the NFL season expanded cash-out and bet-tracking capabilities, added more options for building customized bets and improved its rewards hub. These are the changes players can encounter directly, alongside the financial results.
The company, jointly owned by MGM Resorts International and Entain, kept its full-year outlook unchanged. It expects results toward the lower end of its $2.9 billion to $3.1 billion net revenue range and $300 million to $350 million adjusted EBITDA range.
The stronger quarter therefore has not prompted a higher annual forecast. BetMGM is reporting improved earnings while maintaining its existing expectations for the rest of 2026.
