In a press release dated October 14, 2025, BetMGM LLC, a leading sports betting and iGaming operator co-owned by MGM Resorts International and Entain plc, reported impressive financial results for the third quarter of 2025. The company's performance not only exceeded expectations but also showcased strong momentum that has continued throughout the year.

Key Financial Highlights

For the quarter ending September 30, BetMGM achieved a net revenue of $667 million, reflecting a 23% increase year-over-year. This growth was driven by a robust performance in both the iGaming and Online Sports segments:

iGaming: Net revenue rose 21% year-over-year to $454 million.

Online Sports: The segment saw a remarkable 36% increase in net revenue to $202 million.

BetMGM's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) surged to $41 million, up $57 million from the previous year, marking a significant turnaround from a loss of $16 million in Q3 2024.

Year-to-Date Performance

The year-to-date performance is equally impressive, with total net revenue reaching $2.016 billion, an increase of 31% from the previous year. Year-to-date EBITDA stands at $150 million, a 289% increase compared to the same period last year.

Strategic Initiatives Driving Growth

Adam Greenblatt, CEO of BetMGM, attributed this strong performance to the successful execution of the company's refined player engagement strategy. Key initiatives included improved marketing efficiency, brand positioning, and significant enhancements to product and user experiences.

"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 stated.

He further emphasized that the company has reached a pivotal moment, allowing it to begin distributing operating cash flow back to its parent companies, Entain and MGM Resorts.

Raised Full-Year Guidance

BetMGM has increased its full-year guidance for 2025, projecting net revenue of at least $2.75 billion and an EBITDA of approximately $200 million.

The company also expects to return at least $200 million to its parent companies by the end of the year, demonstrating its commitment to delivering shareholder value while maintaining a healthy cash reserve of approximately $100 million.

2. Operational Highlights

BetMGM's operational improvements were evident throughout the quarter:

Average Monthly Actives: Increased by 6% year-over-year to 902,000, indicating a successful player engagement strategy.

Game Offerings: The company launched exclusive content and enhanced player management techniques, which contributed to a 23% increase in Handle per Active and a 49% increase in NGR (Net Gaming Revenue) per active player year-over-year.

Marketing and Brand Positioning

The successful launch of the "Make it Legendary" marketing campaign, featuring award-winning actor Jon Hamm, was aimed at refining BetMGM's brand identity and promoting its unique entertainment offerings. This campaign coincided with the football season, which traditionally drives increased betting activity.

3. Future Outlook

With a strong performance heading into the final quarter of 2025, BetMGM's outlook remains optimistic. The company aims to maintain its market leadership, holding a 15% market share in active markets, with 21% in iGaming and 8% in Online Sports.

BetMGM is poised to operate with ample liquidity, having over $250 million available, which includes a $150 million revolving credit facility that remains undrawn.

Conclusion

The results from BetMGM's Q3 2025 performance underscore the company's robust growth trajectory within the North American sports betting and iGaming landscape. As it continues to enhance its product offerings and refine its marketing strategies, BetMGM is well-positioned for sustained success in the coming years.

Original press release