BetMGM's Q3 Shock: Revenue Up 7%, Profits Skyrocket 112%

Dr. Annelies De Vos · 2026-10-14

BetMGM just dropped its third-quarter numbers, and they're turning heads for all the right reasons. The operator pulled in $710 million in net revenue, up 7% from the same time last year. But the real eye-opener? Adjusted EBITDA more than doubled to $86 million. That's a 112% jump for the three months ending September 30, 2026. Not bad for a company that's still finding its footing in a crowded market. ### Why the Sudden Profit Spike? You might think such a profit surge came from a flood of new users. Surprisingly, that's not the case. Average monthly active users actually dipped across the board. So how did BetMGM turn a revenue bump into a profit explosion? It comes down to smarter spending and better engagement with the customers they already have. - **Summer engagement:** BetMGM kept players hooked with promotions and events during the typically slow summer months. - **World Cup betting:** The global tournament brought in a wave of bets, boosting both revenue and brand visibility. - **Sportsbook upgrades:** Improvements to the betting platform made it faster and more reliable, leading to more bets per user. In other words, BetMGM didn't need more players; they just needed to give existing ones a better experience. And it worked. ### The Bigger Picture for BetMGM Jointly owned by Entain and MGM Resorts International, BetMGM has been in growth mode since day one. But turning a profit has been a challenge in the ultra-competitive U.S. online gambling market. This quarter shows they're starting to figure it out. The company credited its performance to "customer engagement during the summer, World Cup betting activity and improvements to its sportsbook." That's a mouthful, but it boils down to keeping things fresh and functional. > "We're seeing the results of our investments in technology and user experience," said a company spokesperson. "The focus now is on sustainable growth." That's the key word: sustainable. Anyone can burn cash to acquire users. Keeping them and making money off them is the hard part. ### What This Means for the Industry BetMGM's success isn't just good news for them; it's a signal to the entire online casino and sports betting industry. If a major player can boost profits while active users decline, it means the market is maturing. Operators are shifting from land-grab mode to efficiency mode. For competitors, this sets a new benchmark. It's no longer enough to have the most users; you need the most valuable ones. And for bettors, it could mean better platforms and more targeted promotions as companies compete on quality rather than quantity. So next time you log into your favorite casino app, remember: the battle for your attention is getting smarter, not just bigger. And BetMGM just showed everyone how it's done.