Under Adam Greenblatt, BetMGM Delivers $710M Revenue & 112% EBITDA Growth in Q3 2026
BetMGM, the North American sports betting and iGaming operator jointly owned by Entain plc and MGM Resorts International, has reported net revenue of $710 million for the third quarter of 2026, up 7% year on year. In a business update published on 13 October 2026, the operator said adjusted EBITDA more than doubled over the period, rising 112% to $86 million.
The quarter tells a clear story about where BetMGM is putting its effort. Profitability rose sharply even as average player numbers edged down, pointing to a business now focused on the value it earns from each player rather than the raw size of its user base.
Inside BetMGM’s Q3 2026 iGaming and Online Sports Revenue
iGaming remained the core engine, delivering net revenue of $483 million, up 6% year on year. Online sports net revenue came in at $216 million, up 7%, which BetMGM linked to strong World Cup engagement and an enhanced sportsbook launched ahead of the NFL season. Including retail and other income, total net revenue reached $710 million, taking the nine-month figure to $2,116 million, up 5% on the same period last year.
Online sports handle rose 3% to $3,240 million, with GGR hold improving 55 basis points to 10.7%.
Why BetMGM’s Adjusted EBITDA Jump Signals a Profit-First Shift
The headline profit figure is where the quarter stands out. Adjusted EBITDA of $86 million was up 112% on the prior year, and contribution rose 32% to $175 million. Year to date, adjusted EBITDA stands at $185 million.
That profit strength came alongside a 3% fall in average monthly actives, to 878,000. BetMGM framed this as the expected result of more refined player acquisition and management. Taken together, the figures describe an operator earning more from fewer players, a pattern that tends to appear as a betting market matures and the race for new sign-ups gives way to a focus on retention and margin.
What BetMGM’s New Content and Product Launches Delivered
On the product side, BetMGM pointed to its exclusive content as a driver of engagement. The launch of new Game of Thrones titles across the US, Ontario and Alberta was described by the company as its most successful game franchise launch ever. A refresh of the Borgata brand lifted average daily actives by 28% against prior levels, and the operator rolled out new features including a progressive SideBet jackpot in Michigan and West Virginia and a live-streamed slots experience in New Jersey and Pennsylvania.
Its multi-product launch in Alberta was also highlighted, with per-player metrics trending above those seen at the Ontario launch.
Adam Greenblatt on BetMGM’s Disciplined Execution
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“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.”
The company reported total cash to parents of $68 million for the quarter, made up of $18 million in parent fees and $50 million distributed to Entain and MGM Resorts.
BetMGM’s Unaudited Figures and Reiterated FY26 Guidance
A few caveats are worth naming. The figures are presented on a management basis, are unaudited, and include non-GAAP measures such as adjusted EBITDA and contribution, which BetMGM defines in its own terms rather than under standard accounting rules. The release also contains forward-looking statements on guidance and market share that are, by the company’s own admission, subject to risk and change. BetMGM reiterated its full-year 2026 guidance and said it remains on track towards the lower end of its ranges, net revenue of $2.9 to $3.1 billion and adjusted EBITDA of $300 to $350 million.
What Does a Profit-First BetMGM Mean for the US iGaming Market?
BetMGM’s Q3 suggests that the next phase of competition in US online gaming may be won on player economics rather than player counts. An operator that can lift profitability by more than 100% while trimming its active base is demonstrating pricing power and retention strength that pure growth players will struggle to match. If that approach holds through the busy football quarter, it strengthens the case that margin discipline, not market-share land grabs, is becoming the defining measure of a mature US operator. The real test will be whether BetMGM can accelerate profit into Q4, as it has signalled, without giving back the player value it has worked to build.
Source: BetMGM
