BetMGM has reported a robust third quarter for 2025, posting net revenue of $667 million, a 23 percent year-on-year increase, underscoring the operator’s expanding presence across online gaming and sports betting. This performance has led the company to raise its full-year 2025 guidance, forecasting total revenue of at least $2.75 billion and EBITDA of approximately $200 million.
Online gaming remained the primary revenue driver, generating $454 million in NGR, up 21 percent YoY. Accounting for over two-thirds of total revenue, iGaming demonstrates BetMGM’s dominance in U.S. markets even amid stringent regulations. Online sports betting also saw substantial growth, producing $202 million, up 36 percent YoY, marking it as the fastest-growing segment for the operator. Combined, iGaming and online sports revenue for the first nine months of 2025 reached $1.96 billion, a 31 percent increase over 2024.
Retail sports betting continued to face challenges, with revenue declining 47 percent YoY to $11 million for Q3, bringing cumulative 2025 retail revenue to $46 million, down 25 percent from the prior year.
EBITDA Turns Positive as Operational Efficiency Improves
A key highlight for the quarter was BetMGM’s $41 million positive EBITDA, reversing a $16 million loss from Q3 2024, representing a 193 percent YoY improvement. The company attributes this gain to enhanced operational efficiency and refined marketing strategies. Total betting handle reached $3.2 billion for Q3, up 13 percent from the previous year, while year-to-date handle now stands at $10.7 billion, a 22 percent increase, reflecting growing market share across the U.S. and Canada.
Recently, Jarrod Schwarz was promoted to the newly created role of Chief Operating Officer, overseeing product, customer operations, technology, and trading, after serving nearly five years as Chief Product Officer.
Strategic Initiatives and Market Expansion
CEO Adam Greenblatt highlighted the company’s disciplined approach to growth: “The underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025.” BetMGM has also begun distributing $200 million in cash to parent companies, marking a “new era for our shareholders.” The remaining $100 million in cash is being held as a targeted minimum, with an undrawn $150 million line of credit providing additional flexibility.
The company continued brand expansion and product innovation during the quarter, including iGaming launches tied to NFL teams and The Price is Right-themed games in Canada. In July, baseball Hall of Famer Derek Jeter joined as a brand ambassador, promoting engagement across the U.S. and Canada.
Navigating Regulatory Environment
BetMGM reinforced its cautious approach toward prediction markets, with Greenblatt noting: “BetMGM is not going to put itself on the wrong side of our regulators… we think this is not good for the integrity of sports, our players, our states.” The operator emphasized compliance while targeting expansion in states including Missouri, Alabama, Nebraska, and Georgia, alongside broader iGaming opportunities in Virginia, Indiana, and Washington, D.C.
iGaming continues to show strong growth, supported by exclusive content and higher player value, which CEO Greenblatt described as “fabulously deep” and reinforcing confidence for Q4 and 2026.
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Source:
“2025 Q3 Trading Update”, entaingroup.com, October, 15, 2025
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