On Tuesday, BetMGM updated its full-year earnings forecast for 2025 following a robust 23% surge in revenue for the third quarter, fueled by advancements in online sports betting and iGaming.

The U.S.-based gaming and casino operator, co-owned by Entain and MGM Resorts International, reported a net revenue increase of 23%, reaching $667 million in Q3, compared to $544 million the previous year.

The company recorded an EBITDA of $41 million, reversing a $16 million loss from the same quarter last year, while the number of average monthly active users rose by 6% to 902,000.

Revenue from online sports betting grew by 36%, totaling $202 million in the third quarter, with handle increasing by 13% to $3.16 billion. Net gaming revenue per active user saw a remarkable increase of 49%, and handle per active user also rose significantly by 23%.

iGaming revenue experienced a 21% uptick, reaching $454 million. Year-to-date figures show a 26% growth in this segment, amounting to $1.35 billion, contributing to the group’s total revenue of $2.02 billion.

The company maintained a 15% share of gross gaming revenue in its operating markets, including a 21% share in the iGaming sector and 8% in online sports betting.

BetMGM now projects annual revenue of at least $2.75 billion and an EBITDA of approximately $200 million, a revision from its prior forecast of a minimum of $2.7 billion. It anticipates over $500 million in contributions for the year, with online sports betting remaining profitable.

CEO Adam Greenblatt stated: “The momentum from the first half of the year has carried into Q3, thanks to our consistent strategic execution.”

“Enhanced marketing efficiency, improved player management, strategic brand positioning, along with product and platform upgrades – all played key roles in our remarkable revenue growth and substantial cash flow expansion on both fronts,” he continued.

Greenblatt highlighted that “strong underlying metrics and margin outperformance during July and August” bolstered the decision to lift guidance, asserting the company had “achieved another crucial turning point in our journey, enabling us to return operating cash flow back to Entain and MGM Resorts.”

“My previous statements that BetMGM is in the best shape it has ever been still resonate strongly, and our performance surpassing expectations through Q3 positions us favorably as we approach the end of this year and 2026,” he added.

BetMGM is set to return no less than $200 million to its parent companies by the end of 2025 and plans to schedule future distributions quarterly, while maintaining a minimum unrestricted cash balance of $100 million.