On October 14, 2025, BetMGM, one of the leading names in sports betting and iGaming, revealed its Q3 financial results with a clear statement of triumph: the company has experienced a 23% year-on-year revenue increase, reaching an impressive $667 million. This surge was fueled by favorable conditions in both its sports betting and online gaming operations. The Q3 EBITDA also reflected a remarkable turnaround, climbing to $41 million, which is $57 million above the loss reported in the same quarter of the previous year. Year-to-date, the EBITDA reached $150 million, setting a strong foundation for the company’s fiscal year.
The iGaming segment of BetMGM reported net revenue of $454 million, an increase of 21% compared to the previous year. Meanwhile, sports betting revenue rose to $202 million, marking a 36% increase from Q3 2024. This growth in sports betting was attributed to enhanced product offerings and improved player engagement strategies, which resonated well with customers. A significant 6% year-on-year increase in monthly active customers was noted, underscoring the effectiveness of BetMGM’s refined player targeting and management capabilities.
The company proudly announced that it holds a 15% share of the gross gaming revenue in its active markets, securing its position as a dominant force in the sector. In light of these positive results, BetMGM has adjusted its fiscal year 2025 guidance, anticipating net revenue of $2.75 billion and an EBITDA of $200 million. The company also plans to conclude the year with approximately $100 million in unrestricted cash, following a $200 million distribution to its parent companies.
In Q3, BetMGM continued to excel through a series of strategic enhancements and initiatives. Key highlights included notable product improvements and a successful marketing campaign, “Make it Legendary,” featuring award-winning actor Jon Hamm and other brand ambassadors. These efforts not only expanded BetMGM’s market presence but also reinforced its brand identity.
The company sustained its strong position in the iGaming sector, offering players top-tier experiences. The digital offerings were further enhanced with the introduction of omnichannel games from franchises like Wizard of Oz and Rakin’ Bacon, alongside branded casino games developed in collaboration with The Price Is Right franchise and NFL teams, strategically timed for the start of the season. Additionally, the BetMGM sportsbook received multiple visual upgrades, new statistics features, an improved rewards dashboard, and a slew of new functionalities, enhancing the overall user experience.
BetMGM’s CEO, Adam Greenblatt, expressed pride in these accomplishments, noting that the momentum from the first half of the year continued into Q3. He credited the strong performance to the company’s refined efficiencies, superior player management, strategic brand positioning, and its robust platform and product offerings. Greenblatt confidently stated that the financial metrics have empowered the company with greater confidence for the fiscal year 2025. He emphasized that BetMGM has reached a pivotal point, poised to return operating cash flow to its parent companies, MGM Resorts and Entain.
He reflected on the company’s journey: “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.”
However, while BetMGM’s financial achievements are noteworthy, the broader market landscape presents challenges. The U.S. sports betting and iGaming industries are witnessing rapid growth, driven by increasing legalization across states. Competition is intensifying with major players like DraftKings and FanDuel, which continue to innovate and expand aggressively. These companies are also reporting significant revenue gains and are investing heavily in technology and marketing to capture greater market share.
A counterpoint to BetMGM’s optimism is the looming regulatory landscape. As more states consider legalizing sports betting and iGaming, regulatory scrutiny is expected to increase. Companies must navigate complex legal requirements and ensure compliance to maintain their licenses. Furthermore, there are concerns about market saturation in more mature markets, which could lead to intensified competition and potentially compress margins.
BetMGM’s strategic investment in brand differentiation and technological advancements is crucial for sustaining its competitive edge. Its ability to adapt to changing market dynamics and regulatory environments will be essential in maintaining its growth trajectory. While the company’s Q3 results provide a solid foundation, continuous innovation and customer-centric strategies will be vital to thrive in an increasingly crowded marketplace.
As BetMGM looks to the future, balancing growth ambitions with regulatory compliance and operational efficiency will be key. The company’s current trajectory suggests it is well-positioned to capitalize on emerging opportunities, but maintaining this momentum requires agility and strategic foresight in a rapidly evolving industry landscape.
