BetMGM has reported Q3 net revenue of $667m (£502m), representing a 23% year-on-year (YoY) increase for the Entain and MGM Resorts International joint venture (JV).
The North America-facing business also reported that EBITDA soared from negative $16m in Q3 2024 to $41m in this latest reporting period.
Average monthly actives increased 6% YoY to 902,000.
The operator said gains in player activity and retention for the three months ending 30 September were down to its “refined player engagement strategy” supported by “further enhanced product and user experiences”.
Breaking it down by vertical, igaming continued to represent the majority of BetMGM revenue, growing 21% YoY from $376m to $454m.
Online sports jumped 36% YoY to $202m on the back of favourable sports results in July and August, which offset customer-friendly results in September.
BetMGM noted its igaming and online sports market share across the five US states the brand is live list them? is now 21%, while online sports market share is 8%.
It was also noted that the operator’s product and app experience has been improved, with an upgrade to the visual design as well as new features such as live same game parlays and in-game same game parlay cashouts.
Adam Greenblatt, BetMGM CEO, said: “BetMGM’s momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan.
“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.”
BetMGM’s “stronger than expected” year-to-date performance has heightened confidence, leading to an increase in its full-year 2025 guidance to net revenue at least $2.75bn, previously set at $2.7bn, and EBITDA of approximately $200m, from $150m – first raising it in Q2.
Greenblatt added: “Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full-year 2025.
“Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts.
“My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger than expected performance through Q3 positions us well for the rest of the year and into 2026.”
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Adam Greenblatt says North America-facing JV is “healthier than it has ever been” as operator once again increases full-year 2025 guidance
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