BetMGM Posts Q3 2025 Update, Highlights Double-Digit Increase in Revenue  

Leading sports betting and iGaming operator BetMGM has published its Q3 2025 update, highlighting a double-digit increase in revenue.

Revenues Continued to Soar

In its report, BetMGM emphasized that its Q3 performance has been ahead of expectations due to tailwinds across both its betting and online gaming divisions. As a result, the company’s net revenue has increased by 23% year-on-year to $667 million. In the meantime, the company’s Q3 EBITDA reached $41 million, marking a staggering increase of $57 million from the EBITDA loss recorded in Q3 2024. On a year-to-date basis, EBITDA reached $150 million.

In the meantime, the company reported iGaming net revenue of $454 million, up 21% year-on-year. Sports betting revenue, on the other hand, stood at $202 million, up 36% year-on-year. BetMGM attributed the sports betting growth to the company’s reinforced product offering and refined player engagement.

In the meantime, the number of BetMGM’s monthly active customers increased by 6% year-on-year, thanks to the company’s “refined player targeting and management capabilities.”

Overall, BetMGM reported a secure podium position, saying that it occupies 15% of all GGR in its active markets.

BetMGM used the opportunity to increase its FY 2025 guidance, saying that it now expects $2.75 billion in net revenue and EBITDA of $200 million for the year. BetMGM expects to end the year with roughly $100 million in unrestricted cash after distributing a planned $200 million to its parents.

BetMGM Continued to Excel

BetMGM listed a number of Q3 operational highlights, which included various product enhancements, as well as a successful “Make it Legendary” campaign that featured award-winning actor Jon Hamm and other brand ambassadors.

In the meantime, BetMGM remained an iGaming powerhouse and continued to provide players with best-in-class experiences. In the meantime, the company enhanced its digital offer with omnichannel games in the Wizard of Oz franchise and Rakin’ Bacon, as well as branded casino games in partnership with The Price Is Right franchise and NFL teams ahead of season start.

The company also improved its sportsbook, adding various visual upgrades, new stats, an enhanced rewards dashboard, and many new features.

A Key Inflection Point for the Company

Adam Greenblatt, BetMGM’s chief executive officer, commented on the results, saying that the H1 momentum has continued into Q3. He attributed the favorable results to BetMGM’s improved efficiencies, player management, brand positioning, and overall platform and product.  

Greenblatt added that the strong performance has resulted in improved FY 2025 confidence. He added that BetMGM has reached a key inflection point that will see it finally return operating cash flow to its parent companies, MGM Resorts and Entain.

Greenblatt concluded: “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.”