JERSEY CITY, N.J., Oct. 14, 2025 /PRNewswire/ -- BetMGM LLC ("BetMGM"), a leading sports betting and iGaming operator across North America, jointly owned by Entain plc (LSE: ENT) ("Entain") and MGM Resorts International (NYSE:MGM) ("MGM Resorts"), is today providing an update on its Q3 2025 performance.
Q3 performance ahead of expectations, with strong year-to-date momentum continuing across both Online Sports and iGaming
Net Revenue of $667 million, up +23% YoY
iGaming Net Revenue up +21% YoY and Online Sports Net Revenue up +36% YoY
EBITDA of $41 million, up +$57 million YoY
Ongoing successful execution of BetMGM's refined player engagement strategy supported by further enhanced product and user experiences delivered growth in player activity and retention
Increased FY25 guidance to Net Revenue of at least $2.75 billion and EBITDA of approximately $200 million
BetMGM expects to distribute at least $200 million to parents before end of 2025
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:"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. 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."
Q3 2025 Key Financial Highlights
Q3 2025 BetMGM Financial Summary1,2,3
Three months endedSeptember 30,
Nine months endedSeptember 30,
$ millions, unless otherwise noted
2025
2024
YoY Change
2025
YoY Change
Net Revenue
iGaming
$454
$376
+21 %
$1,345
+26 %
Online Sports
$202
$148
+36 %
$624
+52 %
Handle4
$3,159
$2,800
+13 %
$10,674
+22 %
GGR Hold %
10.1 %
9.9 %
+20bps
9.3 %
-- bps
NGR Hold %
6.4 %
5.3 %
+110bps
5.8 %
+110bps
Retail / Other
$11
$20
(47 %)
$46
(25 %)
Total Net Revenue
$667
$544
+23 %
$2,016
+31 %
Contribution
$132
$80
+$52
$440
+$293
EBITDA
$41
($16)
+$57
$150
