BETMGM Q3 2026 BUSINESS UPDATE

BetMGM distributed $50 million to its owners in Q3 while maintaining its full-year revenue and adjusted EBITDA guidance ranges.

Rhea-AI Summary

BetMGM, jointly owned by MGM Resorts International (MGM) and Entain, reported third-quarter 2026 net revenue of $710 million. Revenue rose 7% year over year, with iGaming at $483 million, up 6%, and Online Sports at $216 million, up 7%. Adjusted EBITDA, a non-GAAP earnings measure before Parent Fees, reached $86 million, up 112%. Average monthly active players fell 3% to 878,000.

Nine-month net revenue increased 5% to $2,116 million, while adjusted EBITDA rose 24% to $185 million. Q3 cash to parents totaled $68 million, comprising $18 million in fees and $50 million distributed to Entain and MGM Resorts. BetMGM reiterated full-year guidance and expects results toward the lower end of its $2.9–$3.1 billion revenue and $300–$350 million adjusted EBITDA ranges. Its financial estimates have not been audited or reviewed by its independent accounting firm.

21 points · 0 major

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Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 net revenue of $710 million rose 7% year over year; nine-month revenue increased 5% to $2,116 million.
• Moderate pointQ3 adjusted EBITDA of $86 million rose 112%; nine-month adjusted EBITDA increased 24% to $185 million.
• Moderate pointContribution of $175 million rose 32% in Q3; nine-month contribution increased 5% to $462 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.BetMGM remains confident in $500 million adjusted EBITDA in the coming years.
• Minor pointiGaming revenue of $483 million increased 6% in Q3; nine-month revenue rose 8% to $1,447 million.

16 minor points

• Minor pointOnline Sports revenue of $216 million increased 7% in Q3; nine-month revenue rose 4% to $647 million.
• Minor pointOnline Sports handle of $3,240 million, total bets placed, rose 3%; nine-month handle increased 3% to $10,948 million.
• Minor pointGross gaming revenue hold of 10.7%, revenue retained from bets, increased 55 basis points in Q3.
• Minor pointNine-month gross gaming revenue hold of 9.8% increased 60 basis points year over year.
• Minor pointNet gaming revenue hold of 6.7% increased 30 basis points in Q3; nine-month hold rose 5 basis points to 5.9%.
• Minor pointQ3 Retail / Other revenue of $11 million increased 5% year over year.
• Minor point$50 million distributed to Entain and MGM Resorts provided cash to BetMGM's owners in Q3.
• Minor pointNine-month capital expenditures fell $3 million year over year to $26 million.
• Minor pointQ3 iGaming contribution exceeded $135 million; Online Sports contribution was positive.
• Minor pointiGaming Q3 net gaming revenue per active player increased 4% year over year.
• Minor pointiGaming Q3 average monthly active players increased 2%.
• Minor pointOnline Sports Q3 handle per active player increased 13% year over year.
• Minor pointOnline Sports Q3 net gaming revenue per active player increased 18% year over year.
• Minor pointNevada Q3 online sports betting handle increased 8% year over year.
• Minor pointBorgata average daily active players rose 28% from February 2026, before its brand refresh, through Q3.
• Minor point. Forward-looking: it has not happened yet and may not happen.BetMGM expects accelerating profitability in Q4, supported by year-to-date performance.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.FY2026 results are expected toward the lower end of $2.9–$3.1 billion revenue and $300–$350 million adjusted EBITDA guidance.
• Moderate pointAverage monthly active players fell 3% to 878,000 in Q3 and 5% to 909,000 over nine months.
• Minor pointNine-month Retail / Other revenue fell 50% year over year to $23 million.
• Minor pointParent Fees reached $18 million in Q3 and $36 million over nine months, versus none in prior-year periods.
• Minor pointQ3 capital expenditures increased $1 million year over year to $4 million.
• Minor point. Forward-looking: it has not happened yet and may not happen.Financial estimates are unaudited and unreviewed by the independent accounting firm and could require material adjustments.

Key Figures

Net revenue: $710 million; +7% YoY Adjusted EBITDA: $86 million; +112% YoY iGaming net revenue: $483 million; +6% YoY +4 more

Net revenue

$710 million; +7% YoY

Q3 2026

Adjusted EBITDA

$86 million; +112% YoY

Q3 2026

iGaming net revenue

$483 million; +6% YoY

Q3 2026

Online Sports net revenue

$216 million; +7% YoY

Q3 2026

FY 2026 net revenue guidance

$2.9-$3.1 billion

Reiterated; company remained on track toward the lower end of the range

FY 2026 Adjusted EBITDA guidance

$300-$350 million

Reiterated; company remained on track toward the lower end of the range

Average monthly actives

878 thousand; down 3% YoY

Q3 2026

Key Terms

adjusted ebitda, ggr, ngr

3 terms

adjusted ebitda financial

"Adjusted EBITDA of $86 million, up +112% YoY"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ggr financial

"GGR market share consists of the latest reported trailing three-month market data"

GGR stands for gross gaming revenue, the total amount a casino, sportsbook or other betting operator keeps after paying out winnings but before deducting operating costs, taxes or fees. Think of it like a store’s total sales cash after refunds have been returned but before paying rent, staff or bills. Investors watch GGR because it shows customer demand and is the starting point for profits, tax liabilities and growth trends.

ngr financial

"Q3 NGR per Active +4% YoY"

NGR usually stands for Net Gaming Revenue, the amount a gaming or betting operator records as revenue from wagering after subtracting customer winnings returned, player bonuses and promotions, applicable gaming taxes and levies, and any similar adjustments from the gross amounts staked. It measures the operator’s core intake from gaming activity; exact items included or excluded can vary by jurisdiction and by a company’s accounting rules, so comparisons across firms may require checking each firm’s definition.

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Strong Q3 with disciplined execution continuing to drive profitable growth

JERSEY CITY, N.J., Oct. 13, 2026 /PRNewswire/ -- BetMGM LLC ("BetMGM"), a leading sports betting and iGaming operator across North America, jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), is today providing an update on its Q3 2026 performance.

• Strong Q3 performance reflects disciplined execution supported by new exclusive gaming content and enhanced sportsbook offering
• Net Revenue of $710 million, up +7% YoY
  • iGaming Net Revenue of $483 million (+6% YoY) and Online Sports Net Revenue of $216 million (+7% YoY)
  • Adjusted EBITDA of $86 million, up +112% YoY
  • Strong player engagement through Q3 including successful World Cup, driving continued growth in revenue and player values
  • Successful multi-product launch in Alberta with per player metrics trending above Ontario launch
• BetMGM reiterates its FY 2026 guidance and remains on track to deliver towards the lower end of Net Revenue ($2.9-$3.1 billion) and Adjusted EBITDA ($300-$350 million) guidance ranges

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
"BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth. Our product is stronger than it's ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season. We have continued to prioritize our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment. Our underlying player fundamentals remain strong, and we are generating positive cash flow and Adjusted EBITDA. These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business."

Key Financial Highlights

	Q3 2026 BetMGM Financial Summary1,2,3
$ millions, unless otherwise noted		Q3 2026	Q3 2025	YoY Change		9M 2026	9M 2025		YoY Change
Net Revenue
iGaming		$483	$454	+6 %		$1,447	$1,345		+8 %
Online Sports		$216	$202	+7 %		$647	$624		+4 %
Handle4		$3,240	$3,159	+3 %		$10,948	$10,674		+3 %
GGR Hold %		10.7 %	10.1 %	+55bps		9.8 %	9.3 %		+60bps
NGR Hold %		6.7 %	6.4 %	+30bps		5.9 %	5.8 %		+5bps
Retail / Other		$11	$11	+5 %		$23	$46		(50) %
Total Net Revenue		$710	$667	+7 %		$2,116	$2,016		+5 %
Contribution		$175	$133	+32 %		$462	$440		+5 %
Adjusted EBITDA		$86	$41	+112 %		$185	$150		+24 %
Capital Expenditures		$4	$3	+$1		$26	$29		($3)
Parent Fees		$18	--	+$18		$36	--		+$36
Average Monthly Actives (thousands)5		878	902	(3) %		909	957		(5) %

Financial Highlights¹

• Q3 Net Revenue of $710 million, up +7% YoY
  • iGaming Net Revenue up +6% YoY with player engagement momentum underpinned by the strength of our iGaming offering
  • Online Sports Net Revenue up +7% YoY, with strong World Cup engagement and our enhanced sportsbook launched ahead of NFL season
  • Average Monthly Actives down (3)% YoY, as expected, reflecting refined player acquisition and management⁵
• Q3 Adjusted EBITDA of $86 million (year-to-date $185 million) with profitable growth continuing
  • Q3 iGaming Contribution $135+ million and Online Sports Contribution positive  
  • Total cash to parents of $68 million for Q3 consisting of $18 million of Parent Fees and $50 million of cash distributed to Entain and MGM Resorts^6,7
• Podium position with 14% GGR market share in active markets, including iGaming (20%) and Online Sports (8%)^8,9

Operational Highlights

• Best in class iGaming, leveraging our iconic brand heritage and product excellence
  • Leading iGaming offering and ongoing player management continue to drive revenue growth and attractive player economics
    • Q3 NGR per Active +4% YoY¹⁰
    • Q3 Average Monthly Actives +2%⁵
  • BetMGM's premium and exclusive content continues to provide players with exciting and differentiated experiences
    • Launch of new Game of Thrones titles across the U.S., Ontario, and Alberta was BetMGM's most successful game franchise launch ever
    • Successful refresh of Borgata brand with Average Daily Actives +28% vs prior levels¹¹
    • Release of innovative new features, including progressive SideBet jackpot in Michigan and West Virginia and live-streamed slots experience in New Jersey and Pennsylvania
• Focused approach to Online Sports continuing to deliver healthy player-level KPIs
  • Targeted player acquisition and "premium mass" player engagement continue to drive growth and support healthy underlying KPIs
    • Q3 Handle per Active +13% YoY¹⁰
    • Q3 NGR per Active +18% YoY¹⁰
  • Ahead of NFL season, sportsbook product enhancements, included expanded cash-out and bet-tracking capabilities, smarter betting insights, more ways to build customizable bets, and an improved rewards hub
  • Ongoing marketing efficiency across OSB-only states delivering attractive FTDs, favorable ROIs and encouraging football season reactivation metrics
  • Growing success in leveraging BetMGM's unique Nevada advantage, with Q3 Nevada OSB handle +8% YoY¹² 

Outlook

• Strong year-to-date performance supports our confidence in accelerating profitability in Q4
• BetMGM reiterates its FY26 guidance and remains on track to deliver towards the lower end of the guidance ranges:
  • Net Revenue of $2.9-$3.1 billion
  • Adjusted EBITDA of $300-$350 million
• BetMGM is well positioned to deliver sustainable long-term profitable growth driven by strategic focus and disciplined execution
• BetMGM remains confident in delivering Adjusted EBITDA of $500 million in the coming years

Q3 2026 Results Audio Webcast and Q&A

• An audio webcast call will be held today, Tuesday, October 13, 2026 at 9:00am EST (2:00pm UK), with participants able to join via webcast
  • Live audio webcast registration link: BetMGM Q3 2026 Audio Webcast
• The call will include a 30-minute Q&A session for analysts and investors
  • Those wishing to ask a question should use the dial ins below and register via the following link: Investor Registration for Q&A
    ‌  US Toll free  + 1 883 461 5787
    ‌  US                + 1 585 542 9983
    ‌  UK Toll free  +44 808 196 8935
    ‌  UK                +44 117 389 0104‌
      International dial-in numbers: Conference ID 479 569 785

Upcoming dates:
‌  Entain Q3 2026 Results	October 15, 2026
‌  MGM Resorts International Q3 2026 Earnings	October 28, 2026
Contacts:
MGM Resorts International
Investment Community
Sarah Rogers – Senior Vice President, Corporate Finance and Treasurer	srogers@mgmresorts.com
Howard Wang – Vice President, Investor Relations	hwang@mgmresorts.com
News Media
Brian Ahern – Executive Director, Communications	media@mgmresorts.com
Entain plc
Investor Relations	investors@entaingroup.com
Media	media@entaingroup.com
BetMGM
Nitish Basandra – Senior Director, Corporate Development & IR	nitish.basandra@betmgm.com
Jennifer Arapoff – Director, Public Relations	jennifer.arapoff@betmgm.com

 

Notes:

1: Net Revenue, Contribution, and Adjusted EBITDA are based on how management analyzes the performance of the business, which are not prepared in accordance with GAAP. Adjusted EBITDA reflects the impact of employee long-term incentive compensation programs and represents EBITDA prior to deducting Parent Fees. Refer to "Non-GAAP Financial Information" section below for additional detail.

2: BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.

3: Totals may not sum due to rounding.

4: Handle reflects the total Online Sports handle (cash + bonus bets) taken in the period.

5: Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played; monthly actives include players that place 1+ bets within the month.

6: Parent Fees is the operating expense to BetMGM for the provision of certain licenses and services by affiliates of MGM and Entain. Parent Fees are governed by agreements entered into at the time of formation of the venture, and became effective upon BetMGM achieving long-term profitability. Reference to parents throughout includes our MGM and Entain parent entities and their MGM and Entain affiliates.

7: Total cash to parents comprises Parent Fees and excess cash above BetMGM's minimum unrestricted cash needs that has been distributed to Entain and MGM Resorts. Adjusted EBITDA less CapEx is a reasonable proxy for total cash to parents. Minimum unrestricted cash balance may be adjusted as the business continues to scale and drives increased working capital needs.

8: Reflects BetMGM's operations in six iGaming and Online Sports Betting markets and 25 Sports Betting-only markets (combined online and retail) during the period.

9: Gross Gaming Revenue (GGR) market share consists of the latest reported trailing three-month market data from July or August 2026 for U.S. sports betting markets where BetMGM was active (online and retail), August 2026 for U.S. iGaming markets where BetMGM was active, and August 2026 for Ontario. Internal estimates are used where operator-specific results are unavailable.

10: Handle and NGR per Active are equal to each respective metric over the period divided by the sum of the total monthly actives during the same period.

11: Represents growth in Average Daily Actives from February 2026 (before brand refresh) through Q3.

12: Includes Online Sports handle only for Nevada.

Supplementary financial disclosures
BetMGM has updated its financial disclosure practices, aiming to provide investors with more comprehensive and transparent information regarding its financial position and operations. These enhanced disclosures will include a more granular breakdown across different segments to provide greater insight into performance drivers.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financial outlook (including forecasted net revenues from operations, EBITDA, and expected distributions to Entain and MGM Resorts), projected market share position, its expected growth in new and existing jurisdictions, product capabilities, and achievement of key milestones. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: the significant competition within the gaming and entertainment industry; BetMGM's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growth and access the capital needed to support its growth plans; and BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, BetMGM is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

Non-GAAP Financial Information
In this press release we provide certain financial measures, including Net Revenue from operations, Contribution, EBITDA and Adjusted EBITDA, which have not been prepared in accordance with GAAP. BetMGM believes these measures, which it uses for its own analysis of operations, are useful to supplement the results presented in accordance with GAAP. These non-GAAP financial measures, which may not be comparable to other similarly titled measures presented by other companies, should not be considered a substitute for, or superior to, the financial information prepared in accordance with GAAP. BetMGM defines Net Revenue from operations as revenue, adjusted to reflect revenue related to certain operations on a gross basis, primarily related to the Company's Nevada digital and retail sports betting operations. If BetMGM presented Net Revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations differently, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with net income remaining the same. We define EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization and Adjusted EBITDA is further adjusted to add back the Parent Fees. We define Contribution as Net Revenue, less cost of revenue (exclusive of depreciation and amortization) and marketing acquisition spend.

About BetMGM
BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM Resorts' U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state-of-the-art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit www.betmgminc.com 

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500^® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 30 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE^® Magazine's World's Most Admired Companies^®. For more information, please visit us at mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

About Entain plc
Entain plc (LSE: ENT) is a FTSE listed company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios.
The Group is tax resident in the UK and is a global operator focused on regulated or regulating markets, operating in over 30 territories.
Entain is a leader in ESG, being AAA rated by MSCI, and a member of the S&P Global Sustainability Yearbook and the FTSE4Good. For more information see the Group's website: www.entaingroup.com

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SOURCE MGM Resorts International

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BetMGM's Q3 2026 revenue and adjusted EBITDA results?

BetMGM reported $710 million in net revenue, up 7% year over year, and $86 million in adjusted EBITDA, up 112%. iGaming revenue was $483 million, up 6%, while Online Sports revenue was $216 million, up 7%.

What is BetMGM's full-year 2026 guidance?

BetMGM reiterated guidance of $2.9–$3.1 billion in net revenue and $300–$350 million in adjusted EBITDA. The company expects to deliver toward the lower end of both ranges.

What does BetMGM's adjusted EBITDA include and exclude?

BetMGM's adjusted EBITDA includes employee long-term incentive compensation and is measured before deducting Parent Fees. Net revenue, contribution and adjusted EBITDA are management performance measures that are not prepared under generally accepted accounting principles, or GAAP.

How does BetMGM determine cash payments to its parent companies?

Cash to parents comprises Parent Fees and excess cash above minimum unrestricted cash needs distributed to Entain and MGM Resorts. Parent Fees cover licenses and services provided by parent affiliates. BetMGM considers adjusted EBITDA less capital expenditures a reasonable proxy for total cash to parents; minimum cash needs may change as the business scales.

What market share did BetMGM report in its Q3 2026 update?

BetMGM reported 14% gross gaming revenue market share in active markets, including 20% in iGaming and 8% in Online Sports. The figures use the latest reported trailing three-month market data from July or August 2026, depending on the market, with internal estimates where operator-specific results were unavailable.