BetMGM grew net revenue 7% to $710 million in the third quarter of 2026 and more than doubled adjusted EBITDA to $86 million. Online casino remains the engine: iGaming brought in $483 million, more than twice what the sportsbook made.
The quarter in numbers
- Net revenue: $710 million, up 7% on Q3 2025.
- iGaming: $483 million, up 6%, with contribution above $135 million.
- Online sports: $216 million, up 7%, on handle of $3.24 billion. Gross hold rose to 10.7% from 10.1%.
- Adjusted EBITDA: $86 million, up from $41 million. The year to date stands at $185 million.
- Players: average monthly actives fell 3% to 878,000. BetMGM says this was expected as it targets fewer, higher-value customers.
- Cash to owners: $68 million went to MGM Resorts and Entain in the quarter, including $18 million in parent fees.
The joint venture says it holds 14% of gross gaming revenue across its active markets: 20% in iGaming and 8% in online sports.
What drove it
BetMGM put the growth down to exclusive content and a better sportsbook. Its new Game of Thrones titles, launched across the US, Ontario and Alberta, were its most successful game franchise launch to date. A refresh of the Borgata casino brand lifted daily actives by 28%. New features included a progressive SideBet jackpot in Michigan and West Virginia and live-streamed slots in New Jersey and Pennsylvania.
On the sports side, the World Cup lifted engagement, and the app was upgraded before the NFL season with wider cash-out, bet tracking and more bet-builder options. BetMGM also launched in Alberta, where it says early per-player numbers are running ahead of its Ontario launch.
Chief executive Adam Greenblatt said the product had never been stronger and that the business is generating positive cash flow. BetMGM kept its 2026 guidance of $2.9–3.1 billion in net revenue and $300–350 million in adjusted EBITDA, but expects to land at the lower end of both ranges.
Gamitas view
BetMGM runs on Entain's own technology, so it does not buy a platform. It does buy content, and exclusives are now central to its story. The supplier profiles on Gamitas show how that works in practice. Jogo Global began co-creating exclusive Survivor-branded games with BetMGM this year, and NetGaming built The Price Is Right – Fortune Pick with the operator. Studios such as AGS, Incentive Games and Skillzzgaming list BetMGM as a live partner, and TAPPP runs BetMGM's retail gift card programme in the US and Ontario.
The Alberta comment matters for suppliers too. Our coverage of the province's opening shows studios such as Push Gaming going live with BetMGM as the market opened. If player value there really is beating Ontario, Alberta will move up the list for studios still waiting on registration. Operators and suppliers can compare rules on our Ontario, New Jersey and Michigan compliance pages.
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