BetMGM to distribute $200 million to parent firms, raises full-year guidance

BetMGM said Tuesday it will distribute at least $200 million to its parent companies this year, a key milestone for the joint venture, after its third-quarter performance beat expectations.

The sports betting and iGaming operator, jointly owned by Entain and MGM Resorts International, also raised its financial guidance for the full 2025 fiscal year.

For the three months ended Sept. 30, net revenue grew 23% from a year earlier to $667 million, driven by a 36% jump in online sports betting revenue, the company reported.

Revenue from iGaming, or online casino games, increased by 21% over the same period.

The company posted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $41 million, a significant turnaround from a $16 million loss in the third quarter of 2024.

Following the strong results, the company lifted its full-year net revenue forecast to at least $2.75 billion and its EBITDA guidance to approximately $200 million.

"We have reached yet another inflection point in our journey, returning operating cash flow back to Entain and MGM Resorts," Chief Executive Officer Adam Greenblatt said in a statement.