BetMGM Q3 EBITDA Climbs 112 Percent to $86 Million on Canadian Market Entry
A strong performance for BetMGM in North America has provided a bulwark for co-owner Entain amidst headwinds in its other core markets. BetMGM revealed a 112% increase in adjusted EBITDA in Q3 2025 from $41m to $86m and net revenue rise by 7% YoY to $710m despite a 3% drop in monthly active users to 878,000 as expected.
SCCG Take — North American profitability anchors the joint venture, yet user erosion during a major event flags acquisition costs that must ease to hit the $500m EBITDA target.
BetMGM delivered a 112% year-over-year increase in adjusted EBITDA during Q3, rising from $41m to $86m (£78m). Net revenue grew 7% to $710 million even as monthly active users fell 3% to 878,000, a decline the operator called expected despite the 2026 World Cup knockout stages.
Online sportsbook revenue rose from $202 million to $216 million. The joint venture attributed the performance to strong player engagement and its move into the newly regulated Alberta province from its prior Ontario-only footprint in Canada, as reported by SBC News.
Performance Details and Leadership Comment
Year-to-date net revenue stood at $2.11 billion, a 5% increase, with iGaming revenue up 8% to $1.447 billion. Retail revenue was steady YoY in Q3 at $11m, though the company finds itself 50% down year-to-date in that department ($23m) as its brick and mortar operations took a huge hit in Q2. The product is stronger than it’s ever been, with significant improvements to speed, stability, and responsiveness. The business is generating positive cash flow and adjusted EBITDA and is on track to deliver against its 2026 guidance at the lower end of net revenue of $2.9 billion-$3.1 billion and adjusted EBITDA of $300 million-$350 million.
Offset to Entain Headwinds
The North American results provide a buffer for co-owner Entain against a new UK tax regime and the Brazilian online betting ban announced by President Lula da Silva. Entain is scheduled to report its own Q3 results on 23 October. Its share price has declined 42% year-to-date but rose 4% on the update day to £4.46. MGM Resorts International shares held near $29.90.
BetMGM continues to target $500 million in adjusted EBITDA over the coming years. The quarterly outturn highlights operational discipline in a competitive market but leaves execution risk around the full-year range and longer-term goal.
Reporting: SBC News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
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