BetMGM announced its financial results for the third quarter of 2025, with revenues reaching $667 million, a 23% increase year-over-year, and player spending increasing by 13% to $3.16 billion. The company's online sports betting business performed exceptionally well, with revenue increasing by 36% to $202 million, and iGaming business growing by 21% to $454 million. The group's EBITDA for the third quarter was $41 million, compared to a loss of $16 million in the same period last year. Based on strong performance, BetMGM has once again raised its full-year expectations, anticipating an EBITDA of $200 million and net revenue of $2.75 billion for the year. The company confirmed plans to return at least $200 million in cash to its parent companies, Entain and MGM Resorts International, by the end of the year, expecting to still hold about $100 million in unrestricted cash. CEO Adam Greenblatt stated that the business is "healthier than ever."
Overall Performance in the Third Quarter
BetMGM's revenue reached $667 million in the third quarter, a 23% increase from the same period last year. Player spending also grew by 13% to $3.16 billion, reflecting the continuous expansion of the business.
The performance exceeded the company's initial expectations, mainly due to product upgrades and operational efficiency improvements, driving both revenue and profit growth.
Analysis of Online Sports Betting Business
The online sports betting business became the fastest-growing sector, with revenue increasing by 36% to $202 million. The company attributes this to the upgraded online sports products, providing a better experience for users.
Net gaming revenue per active user increased by 49% compared to the third quarter of last year, and the handling volume per active user grew by 23%, indicating improved user quality and engagement.
Growth Drivers of iGaming Business
The iGaming business revenue grew by 21% to $454 million, mainly due to "strong continuous growth" in player acquisition, retention, and activity. The average monthly active users increased by 21% in the third quarter.
The company launched exclusive omni-channel games and cross-sold iGaming in its sports betting products, further boosting business growth.
Retail and Other Business Performance
The net gaming revenue for retail and other businesses was $11 million in the third quarter. Although relatively small in scale, this business segment provides a diversified income source for the company.
The retail business complements the online operations, offering a comprehensive service option for users with different preferences.
Profitability and EBITDA Improvement
The group's EBITDA for the third quarter was $41 million, a significant improvement from a loss of $16 million in the same period last year. Profitability enhancement mainly stemmed from revenue growth and operational efficiency optimization.
The positive EBITDA and substantial growth indicate that the company's business model is maturing and scale effects are beginning to emerge.
Cumulative Performance for the First Nine Months
By the end of September, the group's revenue is expected to reach $2.02 billion, a 31% increase year-over-year. iGaming revenue grew by 26% to $1.35 billion, and sports betting revenue increased by 52% to $624 million.
Player spending for the first nine months is expected to reach $10.67 billion, a 22% increase, with EBITDA expected to be $150 million, compared to a loss of $139 million in the same period last year.
Full-Year Performance Expectations Raised
Based on strong performance, BetMGM has once again raised its full-year expectations, anticipating an EBITDA of $200 million and net revenue of $2.75 billion. This marks the second time this year that the company has raised its performance guidance.
The raised performance expectations reflect the management's confidence in continuous business growth and the effectiveness of operational strategies.
Cash Flow and Shareholder Returns
The company confirmed plans to return at least $200 million in cash to its parent companies, Entain and MGM Resorts International, by the end of the year. It is expected to still hold about $100 million in unrestricted cash after the return.
Future cash returns will be conducted on a "quarterly rhythm," establishing a stable shareholder return mechanism.
Management Comments and Business Outlook
CEO Adam Greenblatt stated: "Thanks to our continuously executed strategic plans, the good momentum from the first half of the year has continued into the third quarter. The business is healthier than ever, laying a solid foundation for the remainder of this year and into 2026."
The management emphasized that marketing efficiency improvements, player management enhancements, brand positioning, and product platform optimization are key factors for growth.
Parent Company Collaboration and Structure
Since 2019, BetMGM has been operated as a joint venture by Entain and MGM Resorts International. The planned cash return reflects the benefit distribution mechanism under the joint venture structure.
The parent companies will continue to support the development of BetMGM's business, sharing the fruits of business growth.
Industry Position and Competitive Situation
The performance has solidified BetMGM's competitive position in the U.S. online gaming market. The company's investments in product innovation and user experience are beginning to pay off.
As the market continues to grow, BetMGM is expected to further expand its market share and enhance its industry influence.
Future Development Strategic Focus
The company will continue to focus on product improvements and platform optimization to enhance user experience and engagement. Omni-channel strategy and cross-selling will be key focuses for future development.
Through continuous innovation and operational optimization, BetMGM plans to maintain its growth momentum and achieve sustainable profitability.
