BetMGM, the joint venture between Entain and MGM Resorts International, has reported better-than-expected results for Q3 2025, driven by strong performance across both its iGaming and online sports verticals.
The company recorded net revenue of US$667 million for the quarter, up 23 percent year-on-year, with iGaming revenue rising 21 percent and online sports revenue surging by 36 percent.
EBITDA reached US$41 million, a year-on-year improvement of US$57 million.
Year-to-date, BetMGM has generated US$2.016 billion in net revenue and US$150 million in EBITDA.
The company has now increased its full-year 2025 guidance to at least US$2.75 billion in net revenue and approximately US$200 million in EBITDA. It also expects to distribute at least US$200 million to its parent companies before the end of the year.
Improved
Average monthly active users rose six percent, y-o-y; reflecting what BetMGM described as improved player management and engagement.
The company now holds a 15 percent GGR market share across active markets, embracing a 21 percent share in iGaming and eight percent in online sports betting.
Operationally, BetMGM has introduced product enhancements across its platform, including new app features such as live same-game parlays and improved rewards functionality. Exclusive content partnerships have also expanded, with new branded titles in collaboration with franchises such as The Wizard of Oz and The Price Is Right.
BetMGM stated that its strong year-to-date results provide increased confidence for the remainder of 2025, supported by a disciplined acquisition strategy and improved player retention metrics across both sports betting and iGaming channels.
Momentum
“[Our] momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan,” affirmed BetMGM CEO Adam Greenblatt.
“The execution in operations we have described this year–improved marketing efficiency, player management, brand positioning, and product and platform improvements–all contributed to our strong revenue growth and material cash flow increase from both sides of the business.
“Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025.
“Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts.
“My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger-than-expected performance through Q3 positions us well for the rest of the year and into 2026,” concluded Greenblatt.
