BetMGM cuts user base but squeezes 4% more cash from each player

Net revenue rose 7% to $710m as BetMGM leaned on fewer, higher-spending players.

The hit

BetMGM more than doubled adjusted EBITDA to $86 million in the third quarter even as its average monthly actives dropped 3% to 878,000, according to its business update. Net revenue climbed 7% to $710 million, & the operator reiterated 2026 guidance of $300 million to $350 million in adjusted EBITDA, though it said it expects to land towards the lower ends of its ranges.

Why it matters

NGR per active rose 4%, & online sports NGR per active jumped 18%. BetMGM attributed the drop in average monthly actives to refined player acquisition & management, while it credited the sports per-active gains to World Cup engagement alongside its sportsbook enhancements.

The record

Contribution	$175m, up 32% year on year (BetMGM)
Sports betting handle	$3.24bn, up 3%, with 10.7% GGR hold (BetMGM)
Cash returned to parents	$68m, split $18m in fees & $50m distributed to MGM Resorts & Entain
GGR market share	14% overall, 20% in iGaming, 8% in online sports (BetMGM)
Longer-term EBITDA goal	$500m, which BetMGM said it is confident of reaching in the coming years

What happens next

Entain reports its Q3 update on 15 October 2026, with MGM Resorts’ earnings following on 28 October.

Sources: BetMGM more than doubles adjusted EBITDA as actives fall 3% – CasinoBeats

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