A strong third quarter for BetMGM saw the operator uplift its full-year 2025 financial outlook, as it praised tremendous strides.
From prediction markets to omnichannel innovation, we take a look at four key takeaways as CEO Adam Greenblatt addressed investors.
iGaming remains a key driver for growth
Even amidst the furore of the start of the NFL season and an abundance of sports activations, iGaming continues to be the key driver of growth for BetMGM, with it contributing $454m in net revenue, a 21% rise year-over-year.
This has been boosted by new title launches, including the firm’s link up with the Price is Right and a myriad of sports-branded games that have played a key role in elevating cross sells. There was also significant success in terms of retention and acquisition.
Furthermore, the operator revealed it currently holds around 21% of the US iGaming market, making it one of the more formidable players in this section of the wider US gaming space – a space which is heavily dominated by FanDuel and DraftKings in the sports betting side of things.
The trajectory could continue for BetMGM as Greenblatt expressed optimism that the operator can unlock new states and tap into new audiences in the year ahead.
Speaking on their overall performance for the period, Greenblatt stated: “BetMGM’s momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan.
“The execution in operations we have described this year — improved marketing efficiency, player management, brand positioning, and product and platform improvements — all contributed to our strong revenue growth and material cash flow increase from both sides of the business.
“Furthermore, we have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts. My previous statements that BetMGM is healthier than it has ever been still ring loudly, and our stronger than expected performance through Q3 positions us well for the rest of the year and into 2026.”
No impact from prediction markets
Right off the bat, Greenblatt was quizzed on the impact prediction markets and specifically sports contracts are having on their volumes of engagement. Greenblatt however dismissed them as having minimal impact, revealing that when you follow the data and the search trends, large searches are coming from locations where sports betting is not regulated.
He emphasised that regulators have been incredibly clear that the operator is not able to engage with sports prediction markets, and they are ‘not going to put themselves on the wrong side of regulators’. Furthermore, he did issue a stark warning that he believes they are a significant threat to the integrity of sports.
Greenblatt went as far as to reveal that the group has received letters from state regulators over prediction markets that warned that their license would become questionable if they offered prediction markets in their state.
“We will also consider your license very carefully if you offer prediction markets anywhere, there is no ambiguity in that position”, stated Greenblatt as he revealed the staunch perspective regulators had taken against prediction markets.
After a myriad of meetings with regulators, he revealed ‘the position is consistent and the next steps of the industry are fairly clear’.
Building bridges
A key element of BetMGM’s iGaming success was the ability to build the bridges between sportsbook and casino and the ability to convert retail players into digital players, tapping into a formula that is hard to come by for many within the iGaming space.
Greenblatt detailed that player values are growing year on year, describing the market as ‘so fabulously deep and not showing any signs of shallowing’.
In terms of the omnichannel strategy, he revealed that the group continues to ‘recruit at pace’, adding that players converted from the retail space to the digital space have an extra level of loyalty and are incredibly valuable. The group is also investing significantly in omnichannel products, as he predicted the trajectory of omnichannel to elevate.
Legislative trajectory
Greenblatt revealed that in terms of targets their top states for 2026 sports betting are Alabama and Nebraska, with others that could have a meaningful chance of passage include Mississippi, Minnesota and Georgia.
When it comes to iGaming, New York, Maryland and Illinois raise interest, however Virginia, Indiana and DC, could all be more likely and project a more favourable tax rate for expansion.
