BetMGM has reported $667 million in revenue for Q3 2025, reflecting a 23% year-over-year increase. The strong quarter was driven by higher engagement, enhanced product features, and steady market growth in both iGaming and online sports betting.
📈 Revenue Breakdown
- iGaming revenue: $454 million (+21% YoY)
- Online sports betting revenue: $202 million (+36% YoY)
- Year-to-date revenue (Jan–Sep): $2.016 billion
- Full-year forecast (updated): $2.75 billion+
💰 Profitability Metrics
- Q3 EBITDA: $41 million (vs. $16M loss in Q3 2024)
- YTD EBITDA (2025): $150 million
- Q3 contribution profit: $132 million (+$52M YoY)
- Full-year contribution target: >$500 million
📊 Market Share and User Base
- Gross gaming revenue share: 15% in active U.S. markets
- 21% in iGaming
- 8% in online sports betting
- Average monthly active users: 902,000 (+6% YoY)
- iGaming monthly actives: +21% YoY
🛠Product Enhancements Driving Growth
In Q3, BetMGM introduced new features in its online sportsbook, including:
- Real-time stats
- Enhanced visuals
- Live same-game parlays
- Expanded cashout options
These upgrades contributed to a:
- 23% increase in handle per user
- 49% increase in net gaming revenue per user
Exclusive iGaming content also played a major role, with branded titles tied to The Price Is Right, NFL teams, and popular slots like The Wizard of Oz and Rakin’ Bacon.
💵 Capital Strategy and Payouts
Thanks to improved cash flow, BetMGM plans to:
- Distribute $200 million to its parent companies by the end of 2025
- Maintain $100 million in unrestricted cash
- Keep access to a $150 million undrawn credit facility
- Shift to a quarterly payout model going forward
BetMGM’s Q3 performance marks a return to profitability and positions the company to surpass its earlier financial targets for the year. With increasing user engagement, strong brand partnerships, and expanding product capabilities, the operator is on track to close 2025 with record results.