More revenue, fewer active players: that is the tension in the BetMGM Q3 results released on October 13. Net revenue reached $710 million, up 7% year over year. Average monthly actives fell 3% to 878,000. To understand the quarter, follow the earnings and product split rather than expect every measure to tell the same story.
Editorial infographic from BetMGM’s October 13 company-reported Q3 2026 figures.
Profitability grew faster than revenue
The company’s quarterly release reports adjusted EBITDA of $86 million, compared with $41 million a year earlier. It also shows contribution rising to $175 million from $133 million. Those are different measures, so neither should be described simply as net profit.
Q3 measure
2026
2025
Net revenue
$710 million
$667 million
Adjusted EBITDA
$86 million
$41 million
Average monthly actives
878,000
902,000
The margin calculation is straightforward: divide $86 million by $710 million, then compare $41 million with $667 million. That gives an adjusted EBITDA margin of about 12.1%, up from 6.1%. We used the company’s rounded figures. This is neither a net-profit margin nor a measure of cash in the bank.
The casino business still supplies most revenue
iGaming generated $483 million, online sports $216 million and retail or other operations $11 million. On those reported figures, iGaming supplied about 68% of total revenue. That is why casino-player economics remain central even when football draws attention to the sportsbook.
Entain’s publication of the update says iGaming average monthly actives rose 2%, while net gaming revenue per active rose 4%. For online sports, it reports handle per active up 13% and net gaming revenue per active up 18%. The overall decline in actives therefore does not describe every product segment.
A smaller player count is not the same as shrinking revenue
Management says refined acquisition and player management explain the overall activity decline. Higher revenue per active helps account for growth with fewer overall actives. But the release does not give these figures the power to answer every question. They do not show retention rates, and they cannot guarantee the same outcome next quarter.
Guidance stays in place
BetMGM reiterates full-year revenue guidance of $2.9 billion to $3.1 billion and adjusted EBITDA guidance of $300 million to $350 million. It expects performance toward the lower end of both ranges. These are forecasts, not achieved annual totals.
Our October 13 preview asked whether the revenue mix and profitability pattern would continue. Now there are actual numbers to compare. Casino still provides most revenue, the quarterly adjusted margin is higher, and overall actives are lower. Watch the next quarter for continuity; these results describe July through September, not the full year.
