BetMGM revenue rises 7% in Q3
BetMGM reported Q3 revenue growth and more than doubled adjusted EBITDA, despite a decline in average monthly active players. For the quarter that concluded on September 30, BetMGM had revenue of $710 million, which is a 7% increase year on year, whereas the adjusted EBITDA saw a hike of 112% to $8…
BetMGM reported Q3 revenue growth and more than doubled adjusted EBITDA, despite a decline in average monthly active players. For the quarter that concluded on September 30, BetMGM had revenue of $710 million, which is a 7% increase year on year, whereas the adjusted EBITDA saw a hike of 112% to $86 million. CEO Adam Greenblatt said: BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth. Our product is stronger than it’s ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season. We have continued to prioritise our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment. Revenue from online casino games increased by 6% to reach $483 million, while sports book revenue went up by 7% to reach $216 million. The overall volume of sports betting increased 3% to reach $3.24 billion. Number of average monthly users decreased by 3% to reach 878,000. Nevertheless, the net gaming income per user increased by 4% in the online casino segment and by 18% in the betting segment, while the volume of bets per user improved by 13%. CEO Adam Greenblatt commented: Our underlying player fundamentals remain strong, and we are generating positive cash flow and adjusted EBITDA. These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business.