The Q3 2026 iGaming financial results were mixed. The record revenue did not mean record profit.
In this report of Q3 2026 iGaming financial results for 20 companies, Betsson posted its highest-ever quarterly revenue, €326.5 million, while its EBITDA fell 23%. Flutter Entertainment grew its revenue 2% to $3.87 billion yet reported a $1.148 billion net loss.
Brazil’s online betting ban, issued on 25 September and subject to congressional approval, was the quarter’s biggest regulatory shock. Flutter booked an $873 million non-cash impairment and Inspired Entertainment cut its full-year adjusted EBITDA forecast because of it, and Betsson, Kambi and DigiPlus each addressed it in their reports.
Following Q2 2026 iGaming industry report, which examined the impact of the World Cup, record quarterly results and profit warnings, in this edition we examine the Q3 2026 financial results. What makes this report different is that we split 20 companies into B2B providers and operators (online casino, sportsbook and land based), which are not ranked against each other.
Q3 2026 iGaming Financial Results
Each company is shown in its own reporting currency, and each earnings measure keeps the label the company used. Financial figures are based on reported company results. EBITDA, adjusted EBITDA, adjusted EBIT, adjusted EBITA and adjusted EBITDAR are not directly comparable across companies, so none of them should be read as a like-for-like profitability measure.
B2B Providers
| Company | Revenue | Revenue YoY | Net profit / (loss) | Earnings measure as reported (amount / YoY) | Financial performance |
|---|---|---|---|---|---|
| Genius Sports | $269.9M | +62% | ($15.7M) | Adjusted EBITDA $87.1M / +156% | Improving |
| Sportradar | €362.5M | +24% | €27M | Adjusted EBITDA €102M / +21% | Improving |
| Kambi | €46M | +23% | €3.4M | Adjusted EBITA €7.9M / +161% | Improving |
| Hacksaw Gaming | €58.1M | +12% | €45.7M | Adjusted EBIT €48.3M / +15% | Improving |
| Evolution | €526.1M | +3.7% | €243.3M | Adjusted EBITDA €345.9M / +2.7% | Mixed |
| Light & Wonder | $824M | −2% | $133M | Adjusted EBITDA $383M / +2% | Mixed |
| GiG Software | €8.5M | −12% | (€4.5M) | Adjusted EBITDA €0.8M / −33% | Declining |
| Inspired Entertainment | $61.4M | −29% | ($0.1M) | Adjusted EBITDA $28.2M / −13% | Declining |
Operators
| Company | Revenue | Revenue YoY | Net profit / (loss) | Earnings measure as reported (amount / YoY) | Financial performance |
|---|---|---|---|---|---|
| Rush Street Interactive | $385.9M | +38.8% | $28.7M | Adjusted EBITDA $62.2M / +73% | Improving |
| DraftKings | $1.329B | +16.2% | ($468.7M) | Adjusted EBITDA −$316.9M / loss widened from −$126.5M | Mixed |
| Betsson | €326.5M | +10% | €28.2M | EBITDA €63.4M / −23% | Mixed |
| Super Group | $611M | +10% | $142M | Adjusted EBITDA $165M / +8% | Improving |
| PENN Entertainment | $1.84B | +7.1% | $32.6M | Adjusted EBITDA $284M / +45.7% | Improving |
| Lottomatica | €537M | +5% | €39.3M (calculated) | Adjusted EBITDA €200M / +3% | Improving |
| Flutter Entertainment | $3.87B | +2% | ($1.148B) | Adjusted EBITDA $360M / −25% | Mixed |
| Boyd Gaming | $990.5M | −0.95% | $124.9M | Adjusted EBITDAR $319.6M / −0.7% | Declining |
| MGM Resorts | $4.2B | −1% | ($17M) | Adjusted EBITDA $403M / −20% | Mixed |
| Wynn Resorts | $1.69B | −7.7% | $17.3M | Adjusted EBITDAR $464.2M / −18.6% | Declining |
| SJM Holdings | HK$5.29B | −24.8% | (HK$397M) | Adjusted EBITDA HK$705M / −20% | Declining |
| DigiPlus | ₱12.9B | −32% | (₱947.6M) | EBITDA ₱2.85B / +39.6% | Mixed |
Q3 2026 Revenue Growth Ranking (Year-on-Year)
Ranked from highest to lowest year-on-year revenue growth, separately for B2B providers and operators. These financial results of B2B providers and operators show how fast each company grew, not how much of that growth reached profit.
iGaming industry Q3 2026: B2B providers
| Rank | Company | Revenue | Revenue YoY |
|---|---|---|---|
| 1 | Genius Sports | $269.9M | +62% |
| 2 | Sportradar | €362.5M | +24% |
| 3 | Kambi | €46M | +23% |
| 4 | Hacksaw Gaming | €58.1M | +12% |
| 5 | Evolution | €526.1M | +3.7% |
| 6 | Light & Wonder | $824M | −2% |
| 7 | GiG Software | €8.5M | −12% |
| 8 | Inspired Entertainment | $61.4M | −29% |
iGaming industry Q3 2026: Operators
| Rank | Company | Revenue | Revenue YoY |
|---|---|---|---|
| 1 | Rush Street Interactive | $385.9M | +38.8% |
| 2 | DraftKings | $1.329B | +16.2% |
| 3 | Betsson | €326.5M | +10% |
| 4 | Super Group | $611M | +10% |
| 5 | PENN Entertainment | $1.84B | +7.1% |
| 6 | Lottomatica | €537M | +5% |
| 7 | Flutter Entertainment | $3.87B | +2% |
| 8 | Boyd Gaming | $990.5M | −0.95% |
| 9 | MGM Resorts | $4.2B | −1% |
| 10 | Wynn Resorts | $1.69B | −7.7% |
| 11 | SJM Holdings | HK$5.29B | −24.8% |
| 12 | DigiPlus | ₱12.9B | −32% |
B2B Providers: Top 5 Q3 gainers
Genius Sports revenue jumps 62% as profit turns the corner
Genius Sports reported Q3 revenue of $270m, up 62% year-over-year. Betting Technology, Content & Services rose 33% to $153.0 million and Media Technology, Content & Services rose 126% to $116.9 million, mainly because of the Legend acquisition.
Adjusted EBITDA reached $87.1 million, up from $34.0 million. In Q3, Genius posted its first positive operating income, $10.4 million, and narrowed its net loss to $15.7 million from $28.8 million. Free cash flow was $54 million and the company raised its 2026 outlook to $1.015–1.035 billion in revenue and $287–297 million in adjusted EBITDA.
Genius is the clearest case in this report of growth turning into earnings, helped by acquired media revenue and contracted betting revenue.
Read the full Q3 report here
Sportradar revenue rises to 24%
Sportradar reported Q3 revenue of €362.5 million with a 24% year-on-year increase. Growth was primarily driven by its Betting Technology & Solutions segment, which increased revenue by 27% to €297 million.
Profit for the period rose 20% to €27 million, while adjusted EBITDA increased 21% to €102 million. With its Q2 results in August, Sportradar lowered its 2026 revenue guidance to €1.518–1.533 billion from €1.56–1.58 billion, citing slower U.S. sportsbook growth, higher betting taxes abroad and slower-than-hoped prediction-market deals.
Revenue in the United States rose 47% to €98 million.
Growth is strong, but the guidance cut shows how much depends on U.S. betting volumes and prediction-market contracts.
Read the full Q3 report here
Kambi had 161% adjusted EBITA jump
Kambi recorded revenue growth in Q3 of €46 million, up 23% year-on-year. Adjusted EBITA increased 161% to €7.9 million, compared with €3 million in the same period last year.
The company benefited from new partnerships, expansion into regulated markets and improvements in operational efficiency.
Read the full Q3 report here
Hacksaw Gaming revenue grows 12%
Hacksaw Gaming’s third quarter was up to 12% with €58.1 million compared to the previous year. Adjusted operating profit increased 15% to €48.3 million, while profit for the period reached €45.7 million, up 18%.
In Q2, Hacksaw Gaming had a 31% year-on-year increase reaching €59.3million and recorded 106 agreements including 63 new accounts.
During this quarter the company had a strong operating margin and continued expanding its gaming portfolio.
Read the full Q3 report here
Evolution revenue rises 3.7% as profit slips
Evolution reported Q3 net revenue of €526.1 million, up 3.7% from €507.1 million. Live casino grew 2.6% and RNG games grew 10.1%.
Adjusted EBITDA rose 2.7% to €345.9 million, but the margin slipped to 65.8% from 66.4%, and profit for the period fell to €243.3 million from €252.3 million.
Regulated markets supplied 49% of revenue. Evolution’s Brazilian studio closed on 5 October, after the quarter ended.
Read the full Q3 report here
Operators: Top 5 Q3 gainers
Rush Street Interactive leads revenue growth with 38.8% increase
Among the listed operators, Rush Street Interactive delivered the strongest revenue growth in Q3. The revenue was up 38.8% to $385.9 million from $277.9 million in Q3 2025. Net income rose 93% to $28.7 million, and adjusted EBITDA climbed 73% to $62.2 million.
The company reported 907,881 monthly active users in its markets, up 42% from a year earlier.
Rush Street Interactive is converting fast growth into profit: net income grew faster than revenue.
Read the full Q3 report here
DraftKings had 16.2% revenue growth
In Q3, DraftKings reported total revenue of $1,329 million or 16%, compared to $1,144 million during the same period in 2025. Sports revenue rose 31.5% to $783.6 million, iGaming revenue rose 2.1% to $460.9 million, and other revenue fell 12.5% to $84.5 million
The net loss widened to $468.7 million from $256.8 million and the adjusted EBITDA loss widened to $316.9 million from $126.5 million. According to the company, the wider loss was connected to promotional investment around the launch of its Predictions product.
DraftKings cut its 2026 revenue outlook to $6.35–6.55 billion from $6.5–6.9 billion and now expects an adjusted EBITDA loss of $175–275 million, against earlier guidance of a $700–900 million profit.
Read the full Q3 report here
Betsson posts record revenue as EBITDA falls 23%
Betsson achieved its highest quarterly revenue to date with €326.5 million, up 10% (Q2 was €310.2 million). However, EBITDA declined 23% to €63.4 million, while operating income fell 31% to €46.1 million. Net income decreased to €28.2 million from €50.1 million in Q3 2025.
Casino revenue rose 13.7% to €253.5 million, now 77% of group revenue. Sportsbook revenue was almost flat, up 0.8% to €71.8 million, even though turnover grew 8.1%, because the sportsbook margin after free bets fell to 8.1% from 8.8%. It was 10.5% in Q2 and below the eight-quarter average of 9.0%.
Three main factors explain the gap between revenue and profit. Betting duties rose to €69.4 million from €41.4 million as revenue shifted to locally regulated markets (78% of revenue, up from 64%). B2B revenue fell 39% after one large client scaled back, and the sportsbook margin was lower.
Active B2C customers rose 40% to a record 1.87 million and Latin America revenue grew 51.8% to €116.1 million. Operating income improved 9% on Q2, and average daily revenue in Q4 up to 18 October was 11% above last year’s level.
In the report, Betsson has the clearest case of growth that costs margin. The expansion into regulated and taxed market adds revenue but lowers profit.
Read the full Q3 report here
Super Group’s revenue grew 10%
Super Group, the owner of Betway and Spin, grew 10% revenue to $611 million. Africa was the largest segment at $262 million (up from $224 million), with Africa iGaming revenue up 21.3% to $205 million, while international iGaming rose 6.9% to $310 million.
Adjusted EBITDA rose 8% to $165 million (27% margin), and profit rose to $142 million from $96 million. The group also reported 6.0 million average monthly active customers, up 9%.
Customer-friendly sports results cost about $40 million of revenue and about $25 million of adjusted EBITDA.
Read the full Q3 report here
PENN Entertainment revenue rose 7.1% to $1.84 billion
The revenue of PENN Entertainment increased by 7.1% and reached $1.84 billion. Revenue of the Retail segment was a record $1.5 billion, and adjusted EBITDAR hit $501.8 million (33.7% margin). Revenue in the Interactive division reached $348.4 million, of which $191.4 million came from tax gross-up.
For the company, net income was $32.6 million in comparison to the previous loss of $865.1 million, which included Interactive impairment losses of $825 million. Adjusted EBITDA grew by 45.7% to $284.0 million from $194.9 million. In the Interactive division, the adjusted EBITDA loss decreased to $18.3 million from $76.6 million thanks to lower marketing and administrative costs.
In the third quarter, the company launched in Alberta and raised its 2026 Retail guidance. The swing to net income mostly reflects last year’s $825 million Interactive impairment, so the 45.7% growth in adjusted EBITDA is the better measure of underlying improvement.
Read the full Q3 report here
B2B Providers facing financial pressure in Q3 2026
Inspired Entertainment outlook cuts amid Brazil ban and UK tax rise
Inspired Entertainment recorded Q3 revenue of $61.4 million, down 29% from $86.2 million. Most of the fall comes from the sale of its UK holiday parks business and a change to its pubs operating model. Excluding those changes, revenue rose about 4%, and about 9% after also adjusting for the UK remote gaming duty increase from 21% to 40%.
Adjusted EBITDA fell 13% to $28.2 million from $32.3 million, but the margin reached a record 46%. Net loss was $0.1 million.
Retail Solutions revenue fell 39% to $37.4 million, and Virtual Sports revenue fell to $8.5 million from $9.3 million. The suspension of regulated online betting in Brazil, a business that made up about 5% of revenue, led Inspired to cut its 2026 adjusted EBITDA forecast to $109–112 million from $112–118 million.
Read the full Q3 report here
GiG Software revenue falls 12%
In Q3, GiG Software was down €8.5 million, 12% year-on-year. Adjusted EBITDA declined 33% to €0.8 million, while its net loss widened to €4.5 million.
The company has ongoing pressure on its operating performance. GiG works on improving its financial position and expanding its business. For 2027, it’s also expects higher performance followed the acquisition by an 80% stake in 888Africa.
Read the full Q3 report here
Light & Wonder’s profit rises while revenue slips
Light & Wonder’s revenue in the third quarter fell 2% to $824 million from $841 million. Gaming revenue fell 1% to $554 million, with Gaming systems down 24% to $55 million and Table products down 7% to $52 million. SciPlay revenue dropped 12% to $173 million. Gaming operations (+3% to $248 million), machine sales (+5% to $199 million) and iGaming (+13% to $97 million) partly offset the declines.
Net income rose 17% to $133 million and adjusted EBITDA grew 2% to $383 million, with the margin improving to 46%.
Read the full Q3 report here
Operators facing financial pressure in Q3 2026
SJM Holdings’ satellite casino closures hit financial results
SJM Holdings reported a 24.8% decrease in overall net revenue, amounting to HK$5.29 billion and a 23.9% decline in gross gaming revenue, which was recorded at HK$5.44 billion. Excluding the closed satellite casinos, GGR rose 13.5%.
Adjusted EBITDA dropped 20% to HK$705 million, and the company reported a net loss of HK$397 million, while the adjusted EBITDA margin excluding satellite casinos improved by 0.8 percentage points to 13.3%.
The reported market share decreased from 11.8% to 9.3% as a result of the closures. GGR saw a sequential decline of 8.6%, which was steeper than the industry average decline of 3.8%, as stated by SJM, which was due to weaker market conditions in Macau, renovation works at Grand Lisboa Palace and a low rolling win rate.
Most of the decline reflects SJM’s deliberate exit from satellite casinos. The next test is whether the renovated venues can win back market share.
Read the full Q3 report here
Wynn Resorts revenue declines 7.7 %
Wynn’s operating revenue decreased by 7.7% to $1.69 billion, with lower income in each location. Revenue at Wynn Palace dropped 8.1% to $583.8 million, Wynn Macau fell to $335.4 million from $365.5 million, Las Vegas fell 7.4% to $575.2 million, while Encore Boston Harbor decreased by 8.2% to $194.4 million.
Adjusted EBIDTA decreased by 18.6% to $464.2 million, while operating income decreased by 42.6% to $178.2 million. Net profit attributable to Wynn fell 80.4% to $17.3 million. Before non-controlling interests, net profit was $36.8 million, down 71.3%.
In Las Vegas, the table games win percentage was 18.9%, below the expected range of 22–26%, and a softer September in Macau also affected results.
Read the full Q3 report here
MGM Resorts revenue declines 1%
MGM’s revenue declined by 1% during the third quarter, which is around $4.2 billion. The net loss narrowed to $17 million from $285 million a year earlier, when results included a goodwill impairment.
Adjusted EBITDA fell 20% to $403 million from $506 million, led by the Las Vegas Strip, where adjusted EBITDAR fell 12% to $531 million on lower room rates. MGM China set a record $1.1 billion in revenue, up 5%, but its adjusted EBITDAR fell 7% because of a $22 million higher intercompany branding fee.
Read the full Q3 report here
Boyd Gaming revenue falls 0.95%
Boyd Gaming has experienced a decline in revenue of 0.95% to $990.5 million. Meanwhile, net income declined to $124.9 million due to a gain on sale of FanDuel stake in the same quarter last year.
Adjusted EBITDAR reached $319.6 million, compared with $321.8 million a year earlier.
Boyd Gaming announced that lower destination demand had an impact on their operations in the Las Vegas market, especially that of The Orleans. Operations are stable. Most of the profit drop reflects last year’s one-off FanDuel gain.
Read the full Q3 report here
Flutter Entertainment’s net loss widens to $1.148 billion
Flutter Entertainment grew Q3 revenue 2% to $3.874 billion. US revenue was up to $1.4 billion and international revenue was flat at $2.4 billion, held back by higher UK gaming taxes, adverse sports results and the Brazil ban. Brazil revenue fell 31% to $60 million.
The adjusted EBITDA decreased 25% to $360 million from $478 million, while the net loss increased 46% to $1.148 billion from $789 million ($862 million of this loss is attributable to the shareholders of Flutter). The key factors include:
- Brazil: the company installed a non-cash impairment totaling $873 million in connection with the temporary prohibition related to online betting and gambling issued by the government. Out of these $873 million, $537 million is connected to the post-tax impairment arising from Flutter’s 56% ownership. The company closed Betfair in Brazil and continued working with Betnacional.
- Other expenses: increased legal contingencies and restructuring cost.
- Operations: disappointing sports betting results and increased gaming taxes in the UK, as well as investments in Alberta and prediction markets negatively impacted the adjusted EBITDA.
Flutter revised its revenue outlook for 2026 down by $300 million to $17.61 billion and the outlook for adjusted EBITDA down by $160 million to $2.495 billion, mentioning unfavourable sports results in Q3 and Q4 as well as the closure of Brazil operations. The company also decided to suspend share buyback operations.
Brazil largely influenced the net loss and affected a small portion of EBITDA losses; prior to this event, Flutter stated that the operation shutdown in Brazil would lead to a loss of $70 million in revenue and $20 million in EBITDA losses.
Read the full Q3 report here
Thinking Out Loud…
The Q3 2026 gambling industry financial results show that the industry continues to work on revenue growth even though the ability to convert higher revenues into profitability remains uneven. 12 of 20 companies in our list grew, but only eight of them improved revenue, earning and net results at the same time. Seven were mixed and five declined.
Represented results show that revenue and earnings are separating. The most striking case is the one of Betsson, which had an unprecedented revenue of €326.5 million but a 23% lower EBITDA figure and a drop of 44% of net profit. Flutter Entertainment was suffering from similar pressures but on an even greater scale, as its adjusted EBITDA was lower as well as it registered a significant net loss despite the rise in revenues.
The B2B and operator groups were hit by different forces. For B2B providers, the quarter was mostly better, with some exceptions in Inspired and GiG (falling revenue and EBITDA) and mixed results of Evolution and Light & Wonder. For operators the regulatory challenges hit harder like Brazil’s ban or UK tax hike.
Due to the restrictions in the betting market of Brazil and changes in the regulations, the financial prospects of the operators were affected; this made Flutter reduce its yearly forecasts and make an impairment charge related to the operations in Brazil. This clearly shows that newly regulated markets do not always provide a reliable basis for rapid growth.
Looking ahead, the final quarter of 2026 will be particularly important for determining whether the industry’s revenue growth can translate into sustainable earnings. Q3 2026 was not simply a quarter of growth or decline. It exposed a growing distinction between companies expanding their market presence and those successfully converting that expansion into profits.
