Key Moments:
- BetMGM reported $667 million in Q3 2025 revenue, marking a 23 percent year-on-year increase.
- The company upgraded its minimum full-year 2025 revenue forecast to $2.75 billion and expects EBITDA of $200 million by year-end.
- BetMGM achieved positive Q3 2025 EBITDA of $41 million, compared to a loss of $16 million in the prior year quarter.
Strong Performance Across Online Gaming and Betting
BetMGM posted revenue of $667 million in the third quarter of 2025, representing a 23 percent increase from the previous year as the company continues to benefit from robust growth in both online gaming and sports betting. The operator’s upgraded full-year outlook now calls for at least $2.75 billion in total revenue and $200 million in EBITDA by the end of 2025.
Revenue Breakdown: iGaming and Sports Betting
Online gaming remained the primary driver, generating $454 million in net gaming revenue during the quarter – an increase of 21 percent over Q3 2024. This segment contributed more than two-thirds of total revenue and reinforced BetMGM’s leadership in U.S. iGaming markets with strict regulation.
Online sports betting secured $202 million in revenue in Q3 2025, a yearly rise of 36 percent, outpacing other verticals as the company’s fastest-growing segment. Together, iGaming and online sports betting delivered $1.96 billion in revenue for the first nine months of 2025, up 31 percent year-on-year.
Despite these gains, retail sports betting underperformed, reporting $11 million for Q3 2025—a 47 percent decrease versus the same quarter last year. Total retail sports revenue for the year so far reached $46 million, reflecting a 25 percent decline.
Leadership Change and Organizational Growth
BetMGM recently named Jarrod Schwarz as Chief Operating Officer, a new position within the company. Having previously served as Chief Product Officer for nearly five years, Schwarz will now manage product, customer operations, technology, and trading functions.
Positive EBITDA and Operational Efficiency
Operational improvements generated significant progress for BetMGM’s EBITDA, which rose to $41 million for the third quarter of 2025. This stands in sharp contrast to the $16 million loss in the same period last year and corresponds to a 193 percent year-on-year improvement, underscoring enhanced efficiency and more effective marketing expenditure.
Market Share and Betting Handle Expansion
The operator’s total betting handle reached $3.2 billion for the quarter, increasing 13 percent over Q3 2024. Year-to-date handle climbed to $10.7 billion, up 22 percent from the first nine months of 2024. These numbers highlight BetMGM’s strengthened position in competitive U.S. and Canadian markets.
BetMGM attributed this performance to a focus on player engagement and retention, along with a successful player strategy executed during the quarter, aimed at maximizing customer lifetime value and reducing acquisition costs.
Financial Guidance and Strategic Milestones
Based on the latest quarter’s outcomes, BetMGM provided a higher full-year guidance for 2025, projecting at least $2.75 billion in revenue and EBITDA of approximately $200 million. Plans include distributing at least $200 million to parent companies Entain and MGM Resorts before the end of the year.
While Q3 revenue surpassed the $657 million recorded in Q1, it was 3.7 percent lower than Q2 revenue. Nonetheless, strong year-on-year growth continues to define BetMGM’s momentum.
| Indicator | Q3 2025 | Year-on-Year Change | 2025 YTD Total | Year-on-Year Change (YTD) |
|---|---|---|---|---|
| Total Revenue | $667 million | +23% | – | – |
| Online Gaming Revenue | $454 million | +21% | – | – |
| Online Sports Betting Revenue | $202 million | +36% | – | – |
| Retail Sports Betting Revenue | $11 million | -47% | $46 million | -25% |
| Earned EBITDA | $41 million | +193% | – | – |
| Total Betting Handle | $3.2 billion | +13% | $10.7 billion | +22% |
CEO’s Commentary
Commenting on the results, CEO Adam Greenblatt said BetMGM’s strong revenue growth and cash flow reflect disciplined execution and operational improvements across the business. “The underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025,” he said.
Greenblatt added that BetMGM is now returning operating cash flow to its parent companies, marking another step forward in its financial maturity. He stated that the company is well positioned for the rest of the year and into 2026.
Brand Partnerships and Product Initiatives
The company enhanced its marketing with new collaborations and product launches during the quarter. In July, baseball Hall of Famer Derek Jeter entered the fold as a brand ambassador, featuring in exclusive promotional campaigns for fans in the United States and Canada.
BetMGM also rolled out branded gift cards in Ontario through a partnership with Tappp and commenced work with Fremantle to debut iGaming titles themed after The Price is Right.
- Author
Daniel Williams
