BetMGM raises 2025 guidance after strong third quarter performance

BetMGM LLC, the sports betting and iGaming operator jointly owned by Entain plc and MGM Resorts International (NYSE: MGM), reported third-quarter net revenue of $667 million, representing a 23% increase from the prior year period, according to a company statement.

The company's third-quarter EBITDA reached $41 million, an improvement of $57 million compared to the same period in 2024 when it posted a loss of $16 million. Both iGaming and online sports betting segments contributed positively to the results.

iGaming net revenue grew 21% year-over-year to $454 million in the third quarter, while online sports net revenue increased 36% to $202 million. The company's average monthly active users rose 6% to 902,000 during the quarter.

For the nine months ended September 30, BetMGM reported net revenue of $2.016 billion, up 31% from the previous year, with EBITDA of $150 million compared to a loss in the prior year period.

Based on the stronger-than-expected performance, BetMGM raised its full-year 2025 guidance to net revenue of at least $2.75 billion and EBITDA of approximately $200 million. The company expects to distribute at least $200 million to its parent companies before the end of 2025.

"BetMGM's momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan," said Adam Greenblatt, Chief Executive Officer of BetMGM, in the statement.

The company reported a 15% gross gaming revenue market share in active markets, including 21% in iGaming and 8% in online sports betting. BetMGM operates iGaming and online sports betting in five markets and sports betting in 24 markets across North America.

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