BetMGM Raises 2025 Revenue Forecast to $2.75 Billion After Strong Q3
BetMGM LLC, the joint online betting venture of Entain plc and MGM Resorts International, reported financial results for the third quarter of 2025 that surpassed its own expectations. The operator logged Net Revenue of $667 million, an increase of 23% from the same period last year.
Revenue Gains Driven by Online Channels
The quarter saw a $57 million year-over-year jump in EBITDA, landing at $41 million as of September 30, 2025. This positive earnings shift marks a new phase in the company’s financial model. The overall Net Revenue figure of $667 million was powered by substantial growth in digital gaming.
The iGaming vertical delivered $454 million in Net Revenue, up 21% year-over-year. This segment remains BetMGM’s largest revenue contributor, supported by its exclusive content library.
The Online Sports betting segment showed even faster growth, climbing 36% year-over-year to $202 million in Net Revenue. The total wagering volume, or handle, across the platform reached $3.16 billion, marking a 13% rise from the prior year’s quarter.
Operational Refinement and Cash Distribution
BetMGM credits the strong quarterly figures to a more focused player engagement strategy and key product enhancements. These operational moves improved customer activity and retention rates. The platform saw its average monthly active players rise by 6% year-over-year to 902,000. The refined approach led to a 49% increase in Net Gaming Revenue per active user.
Following the better-than-expected results, BetMGM has increased its full-year 2025 guidance. The operator now expects annual Net Revenue of at least $2.75 billion and an EBITDA of approximately $200 million.
“My previous statements that BetMGM is healthier than it has ever been still ring loudly,” said Adam Greenblatt, Chief Executive Officer of BetMGM. He noted the execution in operations, including better marketing efficiency and product improvements, drove the growth and “material cash flow increase.”
A key outcome of the financial strength is the planned distribution of cash to the co-owners, Entain and MGM Resorts. BetMGM expects to return at least $200 million to its parents before the end of 2025. This cash return represents a new operational milestone for the joint venture.
The company plans to maintain a minimum unrestricted cash balance of $100 million and will begin making these distributions on a quarterly schedule. The CEO stated that starting in 2026, EBITDA minus capital expenditures will provide a reliable measure of distributable cash flow.
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