BetMGM is generating more revenue despite having fewer active users. The operator reported $710 million in net revenue during the Q3 2026, which was a 7% increase from $667 million year-over-year. The company also saw adjusted EBITDA more than double to $86 million, up from $41 million in 2025. According to BetMGM’s Q3 business update, the improvements came despite a 3% decline in average monthly active players. BetMGM enhanced its platforms with features like BetDefense, which has helped make it more appealing to existing users.
BetMGM averaged 878,000 monthly active players during the third quarter, down from 902,000 a year earlier. While that might raise concerns about customer growth, BetMGM stated in their Q3 business update that the decline was expected as it continues to refine how it acquires and manages its users.
Rather than focusing strictly on attracting more users, BetMGM has been working to generate stronger returns from its existing player base. So far, that approach appears to be working. BetMGM is bringing in more revenue even with fewer active users.
The improvement was particularly noticeable in profitability. Adjusted EBITDA, a measure of earnings that excludes certain expenses, increased 112% to $86 million.
Sports betting also contributed to BetMGM’s strong quarter, helped by activity during the 2026 FIFA World Cup and upgrades to its sportsbook in time for the NFL season.
Online sports betting revenue increased 7% to $216 million, compared to $202 million during the third quarter of 2025. Betting handle reached $3.24 billion, up 3% year over year, while gross gaming revenue hold improved from 10.1% to 10.7%.
BetMGM introduced several sportsbook improvements ahead of the NFL season, including expanded cash-out options and additional bet-tracking features. They also added BetDefense for the 2026 NFL season, giving users a chance at refunds if they wager on a player prop and that player leaves early due to injury.
BetMGM’s online casino platform remained its largest revenue source, generating $483 million during the quarter. That was a 6% increase from $454 million last year and more than double the revenue produced by its sportsbook operations.
These results show that while football and other major sporting events like the World Cup can drive betting activity, online casino remains the key revenue source for BetMGM.
Along with improving its financial performance, BetMGM has continued to invest in responsible gambling initiatives.
In September, BetMGM and MGM Resorts committed $320,000 to responsible gaming initiatives, up from $250,000 the previous year. The funding supports gambling research, education programs, and problem gambling resources.
The companies are also expanding their GameSense program, which provides customers with information and tools to help them manage their gambling activity. The investment comes as BetMGM works to grow its business while addressing concerns about problem gambling.
