Key facts
- BetMGM reported Q3 net revenue of $710 million, up 7% year-on-year.
- The company reiterated its 2026 guidance for net revenue between $2.9 billion and $3.1 billion.
- BetMGM expects adjusted EBITDA toward the lower end of its $300 million to $350 million range for 2026.
- Strong betting during the World Cup and a revamped sportsbook contributed to the revenue increase.
- BetMGM is confident in reaching $500 million in adjusted EBITDA in the coming years.
BetMGM, the online gambling operator jointly owned by Entain and MGM Resorts, reported a 7% increase in third-quarter revenue, reaching $710 million compared to $667 million in the same period last year. The company attributed the growth to strong betting activity during the World Cup and enhancements to its sportsbook ahead of the NFL season.
Despite the revenue increase, BetMGM reiterated its 2026 financial outlook, expecting net revenue to be at the lower end of its previously stated $2.9 billion to $3.1 billion range and adjusted EBITDA toward the lower end of its $300 million to $350 million range. The company expressed confidence in achieving $500 million in adjusted EBITDA in the coming years.
Shares of Entain, BetMGM's UK-based parent company, rose 4% following the announcement. The online gambling sector faces increasing pressure from prediction market platforms like Kalshi, with rivals such as FanDuel, DraftKings, and Fanatics introducing similar products.