BetMGM raises revenue 7% in Q3 and doubles adjusted EBITDA

BetMGM reported a 7% increase in revenue for the third quarter ended 30 September 2026, reaching $710 million, and more than doubled its adjusted EBITDA, which rose 112% to $86 million. The company delivered these results despite a 3% decline in average monthly active users, which stood at 878,000.

I write as Emilio Navarro, trade technology correspondent. This quarterly report reflects BetMGM’s focus on prioritising its iGaming franchise and improving per-user profitability, according to remarks by CEO Adam Greenblatt included in the release.

Key financial results for BetMGM in Q3 2026

BetMGM reported total revenue of $710 million for the quarter ended 30 September 2026, a year-on-year increase of 7%. Adjusted EBITDA rose 112%, to $86 million. These headline figures sit alongside operating indicators that show different dynamics across volume and user metrics.

Product breakdowns show online casino (iGaming) revenue increased 6% to $483 million, while sports betting revenue rose 7% to $216 million.

Users and per-customer metrics: more value from fewer users

Average monthly active users declined 3% year-on-year to 878,000. Nevertheless, the company increased net gaming income per user: iGaming grew 4% and betting rose 18%. Betting handle per user also improved by 13%.

Those figures suggest BetMGM is extracting higher value from its remaining customer base: fewer active accounts, but greater spend and frequency per user.

Betting handle and market behaviour

Total sports betting handle for the quarter rose 3%, to $3.24 billion. That increase in activity contrasts with the modest user contraction and, according to the company, reflects product and technical improvements that made conversion and retention of the most active customers more efficient.

Management comments

"BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth. Our product is stronger than it’s ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season," said Adam Greenblatt, CEO of BetMGM.

"We have continued to prioritise our areas of strength – particularly our iGaming franchise – and remain operationally nimble as we navigate a highly competitive environment," Greenblatt added, emphasising the prioritisation of iGaming and the company’s operational discipline.

The CEO also linked the results to positive cash flow and adjusted EBITDA, saying those metrics position the company to meet its 2026 guidance and reinforce confidence in the business’s long-term trajectory.

Implications for operators and technology suppliers

The company’s narrative is clear: improving technical experience (speed, stability, responsiveness) and focusing on the most profitable segments—particularly the iGaming franchise—has allowed higher revenue per user. For B2B suppliers this implies demand for tools that optimise retention of high-value customers and upgrades to technical infrastructure.

Operators competing in saturated markets may read these results as a practical example of a trade-off between user base growth and per-user profitability. BetMGM shows that compressing the customer base does not preclude revenue growth if monetisation improves.

What to watch in coming quarters

Analysts and competitors will watch several specific signals:

1. The evolution of average monthly active users after product investment and customer acquisition campaigns during the football season.

2. Whether the 18% rise in betting revenue per user holds beyond the reported quarter.

3. How acquisition cost evolves relative to retention of higher-value customers.

BetMGM has explicitly tied its 2026 guidance to continued positive cash flow and the operational performance shown this quarter.

Market context and competitors

The results arrive in a competitive environment for online gambling and sports betting in the United States, where technical differentiation and selective customer acquisition can provide an edge. BetMGM emphasised the strength of its iGaming franchise as the main driver of per-user revenue growth.

For readers interested in the online casino side, these changes have direct product and payments implications; for betting leads, the improvement in handle and per-user performance suggests adjustments in segmentation and promotional offers. See related sector coverage in our section [casino](/casino) and in [sports](/sports) for deeper analysis on product and the sports season.