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Read Full BioBetMGM raised its full-year 2025 guidance after posting a 23% year-over-year surge in Q3 revenue.
In the quarter, total revenue reached $656 million, driven by a 21% increase in iGaming revenue to $454 million. Meanwhile, online sports betting rose by 36% to $202m. In the release, BetMGM stated that product improvements, the “Make it Legendary” campaign, and a refined approach to player management and engagement all contributed to the boost.
Q3 EBITDA came in at $41 million, up $57 million year-over-year, reflecting both strong revenue growth and improved cost discipline. Average monthly active users also increased by 6% compared to Q3 2024.
As a result, the 2025 guidance has now increased to over $2.75 billion in revenue and around $200 million in EBITDA. The company expects to distribute over $200 million in cash to MGM and Entain throughout the year.
BetMGM Continues to Outpace Forecasts
Commenting on the results, Adam Greenblatt, Chief Executive Officer of BetMGM, said:
“BetMGM’s momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan. The execution in operations we have described this year – improved marketing efficiency, player management, brand positioning, and product and platform improvements – all contributed to our strong revenue growth and material cash flow increase from both sides of the business.”
“Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025. Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts.”
“My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger-than-expected performance through Q3 positions us well for the rest of the year and into 2026.”
BetMGM said it continues to hold a “podium position” in U.S. online gaming. It claims to have roughly a 15% GGR share across active markets. That includes 21% in iGaming and 8% in online sports betting.
The quarter marks another beat for the company, following Q2 results that also outperformed expectations, helping to raise Entain and MGM stocks, along with those of other industry players.
MGM shares have shown an impressive 14.5% growth over the last two quarters. At the same time, the gaming industry as a whole has outperformed it over the period. The Zacks Gaming Industry list is showing a 34.5% rise.
MGM Shares Suffer After NYC Casino Pullout
However, the news also follows MGM’s surprising decision to withdraw from the bidding for a casino in downstate New York. The move caused the stocks of rival bidders, such as Genting, to rise in response. MGM’s own share price jumped 3.8% on the news of the beat, but fell close to previous levels by the end of the day’s trading.
The casino bid would have involved transforming the Empire City site in Yonkers into a full casino, following a $2.3 billion investment. However, in a press release announcing the withdrawal of the bid, MGM blamed the shifting of “competitive and economic assumptions underpinning our investment” for its decision to pull out.
No Interest in Prediction Markets
During the earnings call, Greenblatt addressed prediction markets, referring to them as “essentially illegal sports betting.”
“We are firmly aligned with regulators in this,” he said. “Prediction markets are, in effect, unregulated sportsbooks. They don’t carry the same consumer protections, responsible gaming safeguards, or tax obligations that we do as a licensed operator.”
Greenblatt added that BetMGM has “no interest in entering that space under the current regulatory structure.” He emphasized that the company’s strategy remains tied to the regulated model.
He also dismissed claims that prediction exchanges such as Kalshi or Polymarket are cannibalizing regulated sportsbooks.
“Look at the data — we’ve seen no evidence of volume migration,” he said. “In fact, handle growth through the summer and into the NFL season shows our customer base is expanding, not shrinking.”
Still, Greenblatt acknowledged that prediction markets have “captured attention,” particularly in states that have yet to legalize sports betting. He reiterated that BetMGM would not participate in what he described as “a grey or black market experiment.”
