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BetMGM increased third-quarter net revenue by 7% to $710 million despite a 3% decline in average monthly active users. Adjusted EBITDA reached $86 million, up 112% from a year earlier.
Good To Know
- BetMGM paid $68 million to parent companies Entain and MGM Resorts International.
- Sportsbook net gaming revenue per active player increased 18%.
- iGaming generated $483 million in net revenue, roughly 68% of the total.
Higher Player Spending Supports BetMGM Results
BetMGM maintained its full-year outlook, expecting results near the lower end of its $2.9 billion to $3.1 billion net revenue range and $300 million to $350 million adjusted EBITDA range. It also retained its longer-term $500 million adjusted EBITDA ambition.
Sports betting benefited from World Cup engagement and upgrades ahead of the NFL season. Handle per active player increased 13%, while total handle rose 3%, indicating stronger betting activity among a smaller player base.
Citizens Research analyst Jordan Bender said:
“We believe the quarter’s results were stronger than feared, alleviating some concerns around game outcomes at the start of the NFL season.”
Meanwhile, iGaming contribution exceeded $135 million, and online sports betting contribution remained positive. BetMGM reported 20% iGaming GGR share across its active markets, compared with 8% in online sports betting.
Casino engagement held up better than the overall user count. iGaming average monthly actives increased 2%, and net gaming revenue per active player rose 4%. BetMGM called its Game of Thrones rollout across the United States, Ontario and Alberta its most successful game franchise launch to date. A Borgata refresh also lifted average daily actives by 28% against previous levels.
FAQ
Why Did BetMGM Revenue Rise With Fewer Users?
Higher revenue per active player supported growth, while the company refined player acquisition and management.
Was The $68 Million Parent Payment Entirely A Distribution?
No. It comprised $18 million in parent fees and a $50 million cash distribution.
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