BetMGM, owned by Entain and MGM Resorts International, has reported significant digital growth as the third quarter of 2025 concludes. The company announced a total year-to-date revenue of $2 billion, marking a 31% increase compared to the same period in 2024. This growth underscores BetMGM’s expanding influence in the digital gaming sector.
Furthermore, the company’s financial health has improved markedly, with adjusted EBITDA turning positive. Rising from a $16 million loss in the third quarter of 2024 to a $41 million gain this quarter, the 193% increase represents a pivotal recovery for BetMGM. This improvement is attributed to strategic enhancements and operational efficiencies implemented over the past year.
BetMGM’s online gaming sector remains its most profitable, generating $454 million—a 21% increase. Meanwhile, online sports betting revenues rose to $202 million, a 36% improvement year-on-year. These figures highlight the growing preference among consumers for online platforms over traditional retail options. In fact, retail sports wagering saw a significant decline of 47%, dropping to $11 million, as an increasing number of customers migrated to mobile betting.
The trends seen in BetMGM’s growth reflect broader patterns in the US market, as documented in the US iGaming Market Research Report 2025. The report observes that digital performance is outpacing retail betting in regulated states across the country.
In light of these results, BetMGM has adjusted its full-year revenue forecast upward, projecting a minimum of $2.75 billion. The company anticipates achieving an EBITDA of $200 million by year-end. Additionally, plans are in place to distribute $200 million in returns to its parent companies, Entain and MGM Resorts International, before the end of the year.
Although the quarterly results surpassed the first quarter’s $657 million, there was a slight decline of 3.7% compared to the second quarter. Nonetheless, company executives remain optimistic, pointing to strong underlying fundamentals and ongoing progress in digital operations.
During the third quarter, BetMGM initiated several key strategic moves. A notable highlight was the appointment of baseball legend Derek Jeter as a brand ambassador, a move designed to boost brand visibility in the US and Canada. In another strategic initiative, BetMGM collaborated with Fremantle to introduce The Price Is Right-themed online casino games, reinforcing its iGaming market presence.
In Ontario, BetMGM expanded its retail footprint by partnering with Tappp to launch branded gift cards, seamlessly integrating the digital and retail experiences. These efforts are part of BetMGM’s enhanced player engagement approach, aimed at boosting customer acquisition and retention.
Adam Greenblatt, CEO of BetMGM, attributed the positive results to improved operational efficiencies and innovative strategies. He noted that the momentum from the first half of the year continued into the third quarter, supported by robust metrics and better-than-expected margins in July and August. This performance, he said, justified the company’s decision to raise its full-year guidance.
Greenblatt emphasized that the operational improvements, ranging from marketing efficiency to product development, have positioned BetMGM favorably for future growth, setting a solid foundation for 2026.
Looking ahead, BetMGM enters the fourth quarter with strong momentum in digital gaming and sports wagering. The company’s focus on innovation, operational efficiency, and strategic brand partnerships continues to define its role as a leading force in North America’s regulated gaming market.
However, a question looms large: Can BetMGM maintain its digital dominance as competition intensifies across various US states? The company appears prepared to tackle upcoming challenges with its strategic foresight and innovative approach, but the competitive landscape is expected to test its resilience and adaptability.
In summary, BetMGM’s third-quarter performance in 2025 reveals a company that is not only recovering but thriving in a rapidly evolving industry. With a robust strategic plan and an eye on future growth, BetMGM is positioning itself as a formidable player in the digital and sports wagering markets. As the industry evolves, all eyes will be on BetMGM to see if it can sustain this upward trajectory amid increasing competition.
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