BetMGM Sees Q3 Net Revenue Of $667M, Up +23% YoY, Q3 EBITDA Of $41M; Increases FY25 Guidance To Net Revenue Of At Least $2.75B And EBITDA Of ~$200M; Expects A Total Of At Least $200M To Be Returned For FY25
Author: Benzinga Newsdesk | October 14, 2025 11:00am
Q3 2025 Key Financial Highlights
Q3 2025 BetMGM Financial Summary1,2,3
Three months ended
September 30,
Nine months ended
September 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
+$289
Capital Expenditures
$3
$2
+$2
$29
+$15
Average Monthly Actives (thousands)5
902
854
+6 %
957
+6 %
Financial Highlights
Q3 Net Revenue of $667 million, up +23% YoY, with continued strong underlying momentum
Year-to-date Net Revenue of $2.016 billion
iGaming Net Revenue up +21% YoY underpinned by our leading iGaming offering
Online Sports Net Revenue up +36% YoY reflecting our strengthened product offering and refined player engagement; favorable sports results in July and August offset by player-friendly outcomes in September
Average Monthly Actives up +6% YoY in line with expectations, reflecting our refined player targeting and management capabilities
Q3 EBITDA of $41 million (up +$57 million YoY), with both iGaming and Online Sports delivering positive Contribution
Year-to-date EBITDA of $150 million
Secure podium position with 15% GGR market share in active markets, including iGaming (21%) and Online Sports (8%)6,7
Operational Highlights
Ongoing product enhancements saw BetMGM offering players its fastest, most user-friendly and most complete product to date
Successful Make it Legendary campaign launch ahead of football season, featuring award-winning actor Jon Hamm and other brand ambassadors, refining BetMGM's brand identity and highlighting its elevated entertainment experiences including exceptional omnichannel hospitality
Market-leading iGaming offering
Leading iGaming offering and enhanced player management, seeing continued strong growth in player acquisition, retention and activity
Q3 Average Monthly Actives +21%5
Best-in-class and exclusive content continues to provide players with exciting and engaging experiences
Exclusive launches include omnichannel titles in the Wizard of Oz franchise and Rakin' Bacon, as well as branded casino games in partnership with The Price Is Right franchise and NFL teams ahead of season start
Further targeting and showcasing of promotions to cross-sell Online Sports and iGaming players in our multi-product states during NFL season to date
Upgraded Online Sports product supported by refined player management and disciplined acquisition approach
Improved product and app experience including upgraded visual design, contextual stats and decision support, and enhanced rewards dashboard, as well as exciting new features including live SGPs and in-game SGP cashout capabilities
Refined approach to player management and engagement delivering further improvements to retention, economics and activity metrics across both new and existing cohorts
Q3 Handle per Active +23% and NGR per active +49% YoY8
Q3 NGR margin improvement of +110 bps YoY
Outlook
BetMGM's stronger than expected year-to-date performance provides increased confidence for the balance of 2025
FY25 guidance increased to Net Revenue of at least $2.75 billion and EBITDA of approximately $200 million
Reiterated expectation of achieving more than $500M of Contribution, with positive Contribution from Online Sports
BetMGM is now positioned to distribute excess cash to parents, Entain and MGM Resorts, while maintaining a minimum unrestricted cash threshold of $100 million going forward
Expect a total of at least $200 million to be returned for FY25
BetMGM expects to end the year with approximately $100 million of unrestricted cash after distributing excess cash to parents
EBITDA minus CapEx is a reasonable proxy for distributable cash to parents in 2026 and beyond
Ample liquidity with more than $250 million to operate the business, consisting of $100 million of unrestricted minimum cash and a $150 million revolving credit facility (which currently remains undrawn)
Distributions of cash to parents will be on a quarterly cadence going forward
