BetMGM Q3 Revenue Rises 7% as Sportsbook Demand Stays Strong
BetMGM reported third-quarter 2026 net revenue of $710 million, up 7% from $667 million a year earlier, as improved sportsbook hold helped turn a modest increase in betting volume into stronger online sports revenue. The operator’s adjusted EBITDA more than doubled to $86 million, although it said full-year results were expected near the lower end of its existing outlook.
In the October 13 update from Entain and BetMGM, average monthly actives fell 3% year over year, while the share of sportsbook wagers retained as gross gaming revenue rose. The figures point to monetisation, rather than a larger active customer base, as a central feature of the quarter.
Sportsbook hold rose as handle grew 3%
Online sports net revenue increased 7% to $216 million in the third quarter. Sportsbook handle—the total amount wagered—rose 3% to $3.24 billion.
The larger revenue gain reflects a higher gross gaming revenue hold of 10.7%, compared with 10.1% in the same period of 2025. Hold is not the same as customer betting activity: it measures the portion of stakes retained as gross gaming revenue before other costs. In this case, the improvement meant BetMGM generated more sports revenue from a relatively limited increase in the amount wagered.
That distinction matters when assessing a sportsbook quarter. Handle can rise without producing proportionate revenue growth, while changes in hold can materially affect reported results. BetMGM’s update presents the higher hold as a reported outcome, not evidence that individual customers should expect particular betting results.
World Cup engagement and pre-NFL product changes
BetMGM said player engagement was supported in part by World Cup betting. It also said it introduced a series of sportsbook changes before the NFL season, including expanded cash-out functionality, bet tracking, customisable bets and an improved rewards hub.
The company did not quantify how much revenue or engagement came from any one tournament, feature or product update. Nor does the announcement establish that the additions improve outcomes for customers. Cash-out options, for example, may alter how a wager is settled but do not remove the underlying risk of gambling.
For consumers, feature announcements are only one part of the picture. Customers considering any regulated betting product should review applicable terms, odds, withdrawal rules, eligibility requirements and responsible-gambling controls in their jurisdiction before placing a wager.
Higher EBITDA alongside fewer monthly active customers
Adjusted EBITDA rose 112% to $86 million from $41 million in the third quarter of 2025. At the same time, average monthly actives declined to 878,000 from the prior-year period.
BetMGM characterised the result as coming alongside more selective customer acquisition and management. The figures are consistent with a strategy focused on the economics of customers acquired rather than simply expanding the active base, but the company’s update does not isolate the financial effect of that approach. Higher sportsbook hold also contributed to the revenue result.
The contrast is important because customer-count growth and profitability do not necessarily move together in online gambling. Marketing, promotional incentives and acquisition costs can affect profitability, while quarterly sports outcomes can affect hold. BetMGM did not provide a detailed breakdown in the update of those factors’ respective contribution to the EBITDA increase.
BetMGM keeps 2026 guidance but targets the low end
BetMGM’s 2026 outlook remains net revenue of $2.9 billion to $3.1 billion and adjusted EBITDA of $300 million to $350 million.
Reuters, via Investing.com, independently reported the company’s revenue figures and unchanged guidance.
BetMGM expects both measures to land toward the lower end of their respective ranges. The outlook is a company projection rather than a completed result, which puts quarterly performance in a more restrained full-year context.
Joint-venture reporting and unaudited management measures
BetMGM is a 50/50 joint venture between MGM Resorts International and Entain. Its reported revenue, contribution and adjusted EBITDA in the third-quarter update are management measures not prepared in accordance with generally accepted accounting principles, or GAAP.
The company also said the Q3 estimates had not been audited or reviewed by its independent accounting firm. That does not negate the reported quarter, but it is a material qualification for readers comparing the update with audited financial statements or using adjusted EBITDA as a measure of underlying performance.
BetMGM’s $710 million revenue figure therefore shows continued growth in the quarter, with online sports revenue aided by a 10.7% hold on $3.24 billion of handle. Its next reported results will offer a clearer view of whether that mix of selective acquisition, betting activity and hold can support its low-end 2026 targets.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.