BetMGM says it is raising its full-year earnings forecast and plans to give at least $200 million to its joint owners, Entain and MGM Resorts International, after publication Stronger results than expected For the third quarter of 2025.
The company, which operates online sports betting and gaming platforms across North America, said in a statement press release It generated net revenues of $667 million for the quarter, an increase of 23% over the same period last year.
iGaming revenues grew 21% year over year, and online sports gaming revenues rose 36%. BetMGM also reported third-quarter EBITDA of $41 million, which is $57 million higher than last year.
“BetMGM’s momentum from the first half has continued into the third quarter, supported by the continued execution of our strategic plan,” said CEO Adam Greenblatt. “Implementing the processes we described this year – improved marketing efficiency, player management, brand positioning, product and platform improvements – all contributed to our strong revenue growth and increased material cash flow from both sides of the business.”
“Strong fundamental metrics and margin outperformance during July and August support our confidence in raising full-year 2025 guidance,” Greenblatt added. He also noted that the company “has reached another inflection point in our journey, restoring operating cash flow to Entain and MGM Resorts.”
BetMGM Q3 2025 earnings rise thanks to online sports gains
For the first nine months of 2025, BetMGM reported year-to-date net revenue of $2.016 billion and EBITDA of $150 million. The company said it has a 15% share of total gaming revenue across active markets, including 21% in iGaming and 8% in online sports betting.
BetMGM raised its full-year 2025 forecast to at least $2.75 billion in net revenue and about $200 million in EBITDA. It also reiterated its goal of raising more than $500 million in contributions Positive results expected from online sportslike the first quarter.
The company plans to distribute additional cash to its parent companies each quarter while keeping at least $100 million of unrestricted cash on hand. By the end of 2025BetMGM expects to receive approximately $100 million in unrestricted cash after these distributions.
On the operations side, BetMGM highlighted recent product upgrades and the success of its “Make It Legendary” marketing campaign, which was launched prior to the football season and features actor Jon Hamm. The company reported growth in player acquisition and retention, especially in iGaming, where the average number of monthly active users was up 21% from last year.
Never miss a finished photo
Make every game legendary this football season pic.twitter.com/jLDC4gwHC5
— Pete MGM
(@BetMGM) August 29, 2025
Better player engagement and Application improvementssuch as direct investment options in the same game and an updated design, also helped boost activity. The company said that engagement with each active customer increased by 23%, while net gaming revenues per active customer jumped by 49% compared to last year.
BetMGM also said it has more than $250 million in liquidity, consisting of $100 million in unrestricted cash and an unused $150 million revolving credit facility.
“BetMGM is healthier than ever,” Greenblatt said. “Our stronger-than-expected performance during the third quarter positions us well for the rest of the year and into 2026.”
Featured image: BetMGM
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