BetMGM has published its financial results for Q3 2025, reporting revenue of $667 million, a 23% year-on-year increase. The strong performance prompted the operator to raise its full-year financial outlook.
Online gaming remained BetMGM’s main revenue driver, while online sports betting was its fastest-growing segment. Total revenue for the first nine months of 2025 reached $2 billion, up 31% compared to the same period in 2024. The company also saw a major profitability improvement, with EBITDA rising by 193% – from a loss of $16 million in Q3 2024 to a positive $41 million this year.
By segment, iGaming contributed $454 million, up 21% year-on-year, followed by online sports wagering with $202 million, up 36%. Year-to-date, these categories generated $1.34 billion and $624 million, respectively – increases of 26% and 52% over the prior year.
Retail sports betting continued to underperform, generating just $11 million in Q3 revenue, down 47% from 2024, while cumulative 2025 revenue from retail operations declined 25% to $46 million. Overall betting handle reached $3.2 billion in Q3, up 13% from the prior year, bringing total handle for the year to date to $10.7 billion, a 22% rise.
Following the strong quarter, BetMGM revised its 2025 full-year guidance, projecting at least $2.75 billion in revenue and $200 million in EBITDA. The company also expects to distribute $200 million to its parent firms by year-end.
The Q3 total surpassed the $657 million reported in Q1 but was 3.7% lower than Q2 results. During the quarter, BetMGM announced several strategic updates – including the appointment of Derek Jeter as brand ambassador, the launch of gift cards in Ontario through Tappp, and a new iGaming partnership with Fremantle featuring The Price is Right-themed titles. Operationally, Q3 marked the rollout of BetMGM’s enhanced player engagement strategy, focused on improving acquisition and retention.
