BetMGM has reported a strong third quarter for 2025, posting revenue of $667 million, up 23 percent year-on-year, as growth across online gaming and sports betting continues to drive the operator’s performance. The company also upgraded its full-year financial outlook, forecasting total revenue of at least $2.75 billion and earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $200 million by the end of 2025.
Online gaming leads revenue growth
With $454 million in net gaming revenue (NGR) from online gambling in Q3 2025, it continued to be BetMGM’s biggest source of income, up 21 percent from the same time the previous year. More over two-thirds of the company’s entire revenue came from this area, demonstrating iGaming’s ongoing dominance in US markets with strict regulations.
Online sports betting followed closely, producing $202 million in revenue for the quarter, up 36 percent year-on-year. This growth positioned online sports as BetMGM’s fastest-growing business segment. Combined, iGaming and online sports brought total revenue for the first nine months of 2025 to $1.96 billion, a rise of 31 percent compared to the same period in 2024.
Retail sports betting, however, continued to face challenges. The vertical recorded just $11 million in revenue for the quarter, a decline of 47 percent year-on-year. Cumulative revenue for retail sports in 2025 reached $46 million, down 25 percent from the prior year.
Recently, BetMGM promoted Jarrod Schwarz to the newly created role of Chief Operating Officer (COO). Schwarz, who previously served as Chief Product Officer (CPO) for nearly five years, now oversees product, customer operations, technology, and trading functions across the business.
EBITDA turns positive amid strong margins
One of the most notable improvements for BetMGM was its EBITDA performance. The company achieved $41 million in positive EBITDA during Q3 2025, compared to a $16 million loss in the same quarter last year. This represents a 193 percent year-on-year increase, reflecting improved operational efficiency and better marketing spend management.
Handle rises as BetMGM strengthens market share
According to the company filing, the total betting handle for the quarter reached $3.2 billion, up 13 percent from Q3 2024. Year-to-date handle now stands at $10.7 billion, representing 22 percent growth compared to the same period last year. The figures underline the company’s growing presence in competitive markets across the United States and Canada.
The strong performance was supported by BetMGM’s focus on optimising player engagement and retention. The company reported successful execution of its refined player strategy during the quarter, designed to boost customer lifetime value while reducing acquisition costs.
Upgraded outlook and strategic milestones
Following the positive quarter, BetMGM raised its full-year 2025 revenue guidance to no less than $2.75 billion, with expected EBITDA of around $200 million. The company also announced plans to distribute at least $200 million to parent firms Entain and MGM Resorts before the end of the year.
BetMGM’s Q3 revenue surpassed the $657m posted in Q1 but fell slightly by 3.7 percent compared to Q2. Despite this sequential dip, the operator’s year-on-year growth trajectory remains strong.
Commenting on the results, CEO Adam Greenblatt said BetMGM’s strong revenue growth and cash flow reflect disciplined execution and operational improvements across the business. “The underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025,” he said.
Greenblatt added that BetMGM is now returning operating cash flow to its parent companies, marking another step forward in its financial maturity. He stated that the company is well positioned for the rest of the year and into 2026.
Brand expansion and product innovation
During the quarter, BetMGM continued to expand its brand partnerships and product offerings. In July, baseball Hall of Famer Derek Jeter joined as a brand ambassador, engaging with fans through exclusive promotions across the US and Canada.
The operator also introduced BetMGM gift cards in Ontario through a partnership with Tappp and collaborated with Fremantle to launch The Price is Right-themed iGaming titles.
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