BetMGM revenue grows to $667m in Q3, up by 23%

• BetMGM released its Q3 2025 financial update, recording strong performance with 23% increase in revenue year-over-year
• Adam Greenblatt, BetMGM's Chief Executive Officer, shares his excitement about the latest figures
• The company updated its FY 25 guidance

The leading sports betting and iGaming operator in North America, which represents a joint venture between MGM Resorts International and Entain plc, BetMGM, released its latest financial results.

On Tuesday, the company uncovered details regarding its third-quarter performance and provided an update on its FY25 guidance.

Online sports betting revenue soars, retail records a dip

Notably, in Q3 2025, BetMGM recorded net revenue of $667m, a result that points to a solid 23% increase year-over-year.

A breakdown of this total reveals that the company's iGaming revenue during the third quarter, or three months ending September 30, hit $454m, up by 21% year-over-year.

BetMGM's online sports operations during the latest period also posted strong growth by hitting $202m, up by 36% when compared to Q3 in 2024.

Despite the overall increase in net revenue, BetMGM's retail and other revenue dipped by 47% to $11m during the latest trading period.

Further details from the operator's Q3 2025 financial summary reveal that EBITDA hit $41m, up by $57m year-over-year.

BetMGM also recorded strong growth in the number of Average Monthly Active players, which increased by 6% year-over-year during Q3 this year.

BetMGM is positioned well for further growth

Adam Greenblatt, BetMGM's Chief Executive Officer, praised the company's strong momentum in the first half of the year, which continued in Q3.

He recognized that, besides the positive momentum, BetMGM continued to execute its strategic growth plan.

"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," Greenblatt added.

Moreover, the executive pointed out: "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."

Finally, Greenblatt predicted further growth for BetMGM throughout the rest of the year and in 2026, recognizing that the latest figures point to stronger than expected performance.

Per the latest report, BetMGM increased its FY25 guidance to net revenue of at least $2.75bn in net revenue and EBITDA of approximately $200m.

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