BetMGM is making more money from fewer people.
The sportsbook and online casino operator posted its third-quarter numbers Tuesday. Revenue was up, profit more than doubled, and the full-year outlook held, but just barely.
That’s a big profit jump for a company that’s been losing ground. BetMGM now sits fourth among US online sportsbooks. A couple of years ago it was in the fight for the top three.
BetMGM Q3 2026 Earnings at a Glance
- Net revenue: $710 million (up 7%)
- Adjusted EBITDA: $86 million (up 112%)
- iGaming revenue: $483 million (up 6%)
- Online sports revenue: $216 million (up 7%)
- Sports handle: $3.24 billion (up 3%)
So what’s going on? The simple version: BetMGM stopped chasing every bettor and started squeezing more out of the ones it has.
Casino Still Pays the Bills
Online casino did most of the work again. iGaming brought in $483 million, up from $454 million a year ago.
- About 20% iGaming revenue share in the states where it operates
- Revenue per active casino player up 4%
- New Game of Thrones slots were its best game franchise launch ever
The Sportsbook Got Sharper
Online sports revenue climbed 7% to $216 million, with the World Cup giving the summer a nice bump.
The more interesting numbers are per player:
- Handle per active bettor: up 13%
- Revenue per active bettor: up 18%
People are betting more, and BetMGM is keeping more of it. The company credited more efficient marketing and said it saw solid reactivations as football season kicked off. It also launched in Alberta in July.
The Catch
Average monthly active players fell during the quarter. Growing revenue while losing customers works for a while, but at some point you need new people walking in the door.
The full-year outlook backs that up. BetMGM kept its 2026 guidance but said it’s tracking toward the low end:
- Revenue: $2.9 to $3.1 billion
- Adjusted EBITDA: $300 to $350 million
Through nine months, revenue sits at $2.12 billion (up 5%) and adjusted EBITDA at $185 million (up 24%).
CEO Adam Greenblatt said the company continues to “execute with discipline and generate profitable growth.” BetMGM still says it can reach $500 million in annual EBITDA in the next few years.
What’s Next
BetMGM is a 50/50 joint venture between MGM Resorts and Entain, so more is coming soon:
- Oct. 15: Entain Q3 results
- Oct. 28: MGM Resorts Q3 earnings
For now, the takeaway is pretty clear. BetMGM isn’t the biggest book anymore, but it’s finally acting like a business that wants to make money.