BetMGM, the US online gambling joint venture between MGM Resorts and Entain, reported net revenue of $710 million for the third quarter of 2026, 7% higher than a year earlier.
Adjusted EBITDA more than doubled to $86 million from $41 million, bringing the year-to-date total to $185 million.
Average monthly active users fell 3% to 878,000. BetMGM said it had expected the decline as it focuses on a smaller base of higher-value customers.
The quarter in numbers
- iGaming revenue: $483 million, up 6%, with contribution above $135 million
- Online sports revenue: $216 million, up 7%, on handle of $3.24 billion
- Gross sports hold: 10.7%, up from 10.1%
- Cash returned to MGM Resorts and Entain: $68 million, including $18 million in parent fees
- Share of gross gaming revenue in active markets: 14% overall, 20% in iGaming and 8% in online sports
Products and markets
BetMGM launched in Alberta during the period and said early per-player figures were running ahead of its Ontario launch. Game of Thrones titles went live across the US, Ontario and Alberta, which the company described as its most successful franchise launch so far.
A refresh of the Borgata casino brand lifted daily active users by 28%. The operator also introduced a Progressive SideBet jackpot in Michigan and West Virginia, launched live-streamed slots in New Jersey and Pennsylvania, and upgraded its app before the NFL season with wider cash-out, bet tracking and more bet-builder options. The World Cup also lifted engagement.
Outlook
Chief executive Adam Greenblatt said the product had never been stronger and that the business is now generating positive cash flow. BetMGM kept its 2026 guidance of $2.9–3.1 billion in net revenue and $300–350 million in adjusted EBITDA, but expects to finish at the lower end of both ranges.
