Jersey City – October 13, 2026 -- BetMGM LLC reported Q3 2026 adjusted EBITDA of $86 million, up 112% year over year, on net revenue of $710 million, up 7%. The North American sports betting and iGaming operator is jointly owned by MGM Resorts International and Entain plc. It reiterated full-year guidance but said it expects to land at the lower end of the ranges.
iGaming delivers $483 million as online sports adds $216 million
iGaming net revenue rose 6% to $483 million, and online sports net revenue rose 7% to $216 million. iGaming contribution exceeded $135 million, while online sports contribution was positive. Year-to-date adjusted EBITDA stands at $185 million.
BetMGM holds a 14% gross gaming revenue share in its active markets, including 20% in iGaming and 8% in online sports.
Player counts fall 3% as per-player economics improve
Average monthly actives declined 3% year over year, which the company described as expected and tied to refined player acquisition and management. The iGaming segment bucked the trend, with average monthly actives up 2% and net gaming revenue per active up 4%.
In online sports, handle per active rose 13% and net gaming revenue per active rose 18%. Nevada online sports betting handle grew 8%, which BetMGM credits to its Nevada advantage.
Game of Thrones launch becomes BetMGM's biggest game franchise debut
New Game of Thrones titles launched across the U.S., Ontario and Alberta in what BetMGM calls its most successful game franchise launch ever. The refreshed Borgata brand lifted average daily actives 28% against prior levels. New features included a progressive SideBet jackpot in Michigan and West Virginia and live-streamed slots in New Jersey and Pennsylvania.
The multi-product launch in Alberta is producing per-player metrics above those of the earlier Ontario launch. Ahead of the NFL season, the sportsbook gained expanded cash-out, bet-tracking, customizable bet building and an improved rewards hub.
Parents receive $68 million in cash for the quarter
Total cash to parents reached $68 million in Q3, made up of $18 million in parent fees and $50 million distributed to Entain and MGM Resorts.
Guidance holds at $2.9-$3.1 billion revenue and $300-$350 million EBITDA
BetMGM expects full-year 2026 net revenue of $2.9-$3.1 billion and adjusted EBITDA of $300-$350 million, and says it is tracking toward the lower end of both. Management expects profitability to accelerate in Q4.
CEO Adam Greenblatt said BetMGM remains "operationally nimble" in a highly competitive environment and is prioritizing its iGaming franchise. The company also updated its disclosure practices to provide a more granular segment breakdown.
BetMGM said it remains confident of reaching adjusted EBITDA of $500 million in the coming years.