By TheNuts - Oct 16, 2025
In 2025, BetMGM To Reimburse Parent $200 Million
BetMGM reported that its third-quarter revenue grew 23% year over year, above original projections. By the end of the year, the operator also intends to give $200 million back to its parent businesses.
BetMGM's revenue for the three months ending September 30 was $667 million. In a trading report on Tuesday, the operator stated that player spending had increased by 13% to $3.16 billion.
Both its sports betting and iGaming divisions saw double-digit increases in net revenue, according to BetMGM.
The largest growth was in
online sports betting, where revenue increased by 36% to $202 million. The operator attributed this to an enhanced online sports product that provides users with a better experience. It did, however, also point out that September's customer-friendly outcomes somewhat counterbalanced the July and August sports results.
The NGR per active in the sports betting market was 49% greater than it was in the third quarter of the previous year. Additionally, there was a 23% rise in handle per active.
According to BetMGM, "continued strong growth" in player acquisition, retention, and activity contributed to iGaming's 21% revenue increase to $454 million. In Q3, average monthly actives increased by 21%.
BetMGM also mentioned a number of advancements on iGaming as part of its continuous efforts to enhance its product line. These included cross-selling iGaming on its sports betting product and launching unique omnichannel titles.
During Q3, retail and other activities generated an additional $11 million in net gaming revenue. Additionally, BetMGM recorded a positive group EBITDA for the period of $41 million, compared to a loss of $16 million the previous year.
Regarding its success thus far this year, BetMGM stated that group revenue is expected to reach $2.02 billion for the nine months ending in September. This would represent a 31% increase over the same period last year.
Sports betting revenue is expected to rise 52% to $624 million, while iGaming revenue is expected to increase 26% to $1.35 billion. Furthermore, it is anticipated that player spending will reach $10.67 billion over the course of the nine-month period, a 22% increase.
Additionally, compared to the $139 million loss reported in the prior year, EBITDA for the year-to-date was $150 million. Coincidentally, BetMGM raised projections following a strong Q2 performance, estimating full-year EBITDA to reach $150 million.
In its full-year 2024 results, BetMGM first declared that it would be "EBITDA positive" for the year. With the operator providing better guidance, this is now expected to increase once more after surpassing forecasts in each reporting quarter.
According to the update, BetMGM's full-year EBITDA is now expected to reach $200 million. Furthermore, net revenue is expected to reach $2.75 billion, which is consistent with the "at least $2.7 billion" that was declared following the second quarter.
Adam Greenblatt, CEO of BetMGM, stated, "Our momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan." Our solid revenue growth and significant cash flow gain from both sides of the business were facilitated by the operational performance we have detailed this year, which included enhanced player management, brand positioning, marketing efficiency, and platform and product enhancements.
"Our confidence in increasing guidance for the full year 2025 is supported by strong underlying indicators and margin outperformance in July and August. Additionally, we have returned operating cash flow to Entain and MGM Resorts, marking yet another turning point in our journey.
"My earlier claims that BetMGM is in better shape than ever before are still very much in effect, and our better-than-expected Q3 performance puts us in a strong position for the remainder of the year and 2026."
The post also included information about repaying money to the parent firms of the brand. Since 2019, the business has been operated as a joint venture between Entain and MGM Resorts International.
Gary Deutsch, the chief financial officer of BetMGM, stated in August of this year that the operator might be able to reimburse both parents for their money before the end of the year. Deutsch was speaking following BetMGM's successful Q2 performance.
BetMGM has now stated that it plans to give Entain and MGM back "at least $200 million" by the end of the year. It still anticipates having about $100 million in unrestricted cash by the end of 2025.
Additionally, it stated that moving forward, cash transfers to parents will follow a "quarterly cadence."