BetMGM's Q3 Revenue Jumps 7% — But One Number Tells a Bigger Story

Dr. Annelies De Vos · 2026-10-14

BetMGM just dropped its third-quarter numbers, and they're worth a closer look. The company pulled in $710 million in net revenue — that's a 7% bump compared to the same time last year. But here's the kicker: adjusted EBITDA more than doubled, jumping 112% to hit $86 million for the three months ending September 30, 2026. That's a pretty striking contrast, right? Revenue up modestly, but profitability absolutely surging. So what's going on beneath the surface? ### The Profitability Puzzle When a company's EBITDA grows 16 times faster than its revenue, something interesting is happening behind the scenes. BetMGM, which is jointly owned by Entain and MGM Resorts International, seems to have figured out how to squeeze more profit out of every dollar coming in. The operator credits a few things for this. First, there was strong customer engagement during the summer months — people were clearly betting and playing more. Second, the World Cup provided a massive boost to betting activity. And third, the company made meaningful improvements to its sportsbook platform. But there's a wrinkle in this story that's worth paying attention to. ### The User Numbers Don't Add Up Here's where things get a bit puzzling. Despite all these positive financial results, BetMGM actually saw a decline in average monthly active users across the business. So fewer people are using the platform, but the company is making more money from each of them? That's actually a pretty telling sign. It suggests BetMGM is successfully shifting its focus from chasing user growth at all costs to maximizing value from its existing customer base. This is a strategy that many online gaming operators have been moving toward lately. Customer acquisition is expensive — especially in competitive markets like Mexico, where multiple platforms are fighting for the same eyeballs. Retention and monetization? That's where the real money lives. ### What This Means for the Broader Market For anyone following the online casino and sports betting industry in Mexico and beyond, BetMGM's results offer some interesting signals. - **Efficiency is king**: Companies are getting better at converting users into revenue, not just collecting them - **Major events matter**: The World Cup showed once again how big sporting events can drive betting activity - **Platform quality pays off**: Investments in sportsbook technology seem to be bearing fruit - **Fewer users, more value**: The days of growth-at-all-costs might be fading As one industry analyst put it: "The operators who survive the next few years won't be the ones with the most users — they'll be the ones who know how to make each user count." That philosophy seems to be working for BetMGM right now. The company's ability to grow profits while actually losing some users shows a level of operational maturity that's becoming increasingly important in this space. ### Looking Ahead The third quarter is typically a slower period for sports betting, so these results are particularly encouraging. With football season in full swing and the holiday period approaching, the fourth quarter could bring even stronger numbers. But the real test will be whether BetMGM can continue this profitability trend while also finding ways to bring new users back into the fold. Because at some point, you need both — efficiency and growth. For now, though, the company has something to celebrate. Doubling your EBITDA in a single quarter doesn't happen by accident.