BetMGM Q3: Revenue up 23%, positive EBITDA reported

BetMGM has released its financial results for Q3 2025. In total, the operator reported total net revenue of $667m, up 23% year-over-year, with a positive EBITDA of $41m, compared to last year’s $16m loss.

Monthly customers were up 6% to an average 902,000, though handle growth more than doubled this, up 13%. Handle for the quarter of both iGaming and sports betting totaled $3.16bn. 

By revenue, iGaming reported the highest earnings, making $454m, up 21% year-over-year. However, online sports betting reported a higher rate of growth, up 36% to $202m.

Gross gaming revenue (GGR) and net gaming revenue (NGR) hold were both up, by 20 bps to 10.1% and 110 bps to 6.4%, respectively. 

For the nine-month period ended 30 September, handle reached $10.7bn, up 22%. Indeed, YTD results outperform those from Q3, with iGaming revenue up 26% to $1.35bn and online sports up 52% to $624m. Total net revenue for the year so far totals $2.02bn, up 31% year-over-year. EBITDA sits at $150m, an increase of $289m from the same nine-month period in 2024. 

BetMGM reported that it currently holds a 15% market share as of Q3, with 21% in iGaming and 8% in online sports. 

During the quarter

Several factors contributed to BetMGM’s quarterly growth. 

At the start of July BetMGM and Tappp partnered to bring its gift card program to Ontario, and the next week partnered with Marriott Bonvoy to host a fantasy football sweepstakes event. It also launched a host of new online slots, including a Friends-themed game and AGS’ Rakin’ Bacon. It also partnered with Fremantle to launch a new segment on The Price is Right, and launched new app features ahead of the NFL.

The quarter also saw several new appointments, with Derek Jeter joining as a new brand ambassador and Jarrod Schwarz announced as COO. 

Looking forward

BetMGM’s FY25 guidance sits at $2.75bn in revenue, and EBITDA of $200m. It aims to distribute $100m to its parent companies, Entain and MGM Resorts, leaving approximately $100 in unrestricted cash. 

Beth Turner

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