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# BetMGM Q3 Revenue Rises 7% as EBITDA Doubles
- URL: https://www.igamingnews.biz/betmgm-q3-revenue-ebitda-guidance/
- Published: 2026-10-27T12:00:00.000Z
- Updated: 2026-10-27T19:24:43.000Z
- Description: BetMGM reported Q3 2026 net revenue of $710 million, up 7%, and adjusted EBITDA of $86 million, up 112%, while keeping full-year guidance at the low end.
- Author: iGamingNews Editorial Desk
- Tags: Sports Betting, Sports Betting Product, Sportsbook Economics

*Image credit: Source: Entain plc RNS, "BetMGM Q3 2026 Update," 13 October 2026\. Never imply stock depicts the actual event.*

**BetMGM's third-quarter net revenue rose 7% to $710 million, and adjusted EBITDA more than doubled to $86 million, but the company kept its full-year guidance and now expects to finish near the bottom of the range.**

- **Net revenue:** $710 million, up 7% from $667 million
- **Adjusted EBITDA:** $86 million, up 112% from $41 million
- **Year-to-date adjusted EBITDA:** $185 million, up 24%

Revenue grew at a slow pace, but adjusted EBITDA more than doubled. On our arithmetic, the adjusted EBITDA margin moved from 6.1% to 12.1%. The release does not break down the cost lines behind that gain.

## Online sports grew a little faster than iGaming

The company reports North American results, including Ontario and Alberta, not the US alone.

- **iGaming net revenue:** $483 million, up 6%
- **Online sports net revenue:** $216 million, up 7%

Nevada online sports handle rose 8% year on year in the quarter. BetMGM said its Alberta launch is "trending above Ontario launch" on per-player metrics. The comparison is a read on how the Alberta product performs per player, not a revenue figure.

## The guidance tells the real story

BetMGM reiterated its 2026 ranges: net revenue of $2.9 billion to $3.1 billion and adjusted EBITDA of $300 million to $350 million. It said it expects to land "towards the lower end" of both. The company also kept its aim of $500 million in adjusted EBITDA "in the coming years."

Year to date, adjusted EBITDA is $185 million. Even the bottom of the $300 million to $350 million range needs $115 million in the fourth quarter, against $86 million in the third. The low-end language therefore asks for a stronger final quarter than the one just reported.

## What operators should take from it

BetMGM's numbers show profit moving faster than revenue in its North American business. The risks it lists are the usual ones: changes in laws or regulations for iGaming and online sports betting, and its ability to obtain licences in existing and new jurisdictions. Operators reading the release should weigh those risks against the [Brazil guidance cut](https://www.igamingnews.biz/entain-fy26-guidance-low-end-brazil-ban/) that Entain issued in the same period, and against the broader [sportsbook margin engine](https://www.igamingnews.biz/same-game-parlay-sportsbook-margin/) argument.