The US-facing BetMGM brand continues to turn a profit for its joint venture parents, American conglomerate MGM Resorts and UK-based multinational Entain.

BetMGM’s Q3 trading update shows 31% growth in total net gaming revenue (NGR) year-over-year from $544m to $667m, with gains made across both betting and iGaming.

The results present a continuing commercial pipeline for Entain in the US, with the company’s presence there contained to the BetMGM brand – though BetMGM is also operated internationally by MGM under its sole management.

Launched in 2019, BetMGM was a costly endeavour for its JV partners for several years, struggling to turn a profit. This finally changed in Q2 this year when it reversed a $38.4m loss from the same period in 2024 to a $21.8m profit this year.

Its profit/net income has not been revealed by the company for the third quarter. However, EBITDA shows some promising signs, having been flipped from a loss of $16m last year to positive $41m this year.

“BetMGM’s momentum from H1 continued into Q3, underpinned by the ongoing execution of our strategic plan,” said Adam Greenblatt, CEO of BetMGM.

“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.”

Crucial times for Entain

The publication of BetMGM’s trading quarterly update comes, as usual, ahead of the publication of Entain’s tomorrow (15 October), while MGM Results accounts for July-September will come out on 29 October.

Entain’s leadership will likely be satisfied with the results, which as stated above show it still has a steady revenue stream in the US. Rumours of MGM Resorts potentially looking to acquire its JV partner, with negotiations having previously fallen flat with Entain believing it was undervalued by MGM’s offers, have also not been heard for some time.

The continuation of a steady US commercial pipeline may become all the more important to Entain as the UK looks set on raising gambling taxes in the Autumn budget, scheduled to be announced by Chancellor of the Exchequer, Rachel Reeves, on 26 November.

Entain’s H1 accounts saw NGR rise 3% to £2.63bn for January-June 2025, while its UK performance also saw a solid rebound with revenue from its home nation up 9% to $1.09bn, more Flutter Entertainment, one of its main rivals in UK and elsewhere.

However, the retail performance of its Ladbrokes Coral betting shops saw a drop. Earlier this week, company leadership hinted that it may have to close the doors on many betting shops should tax raises further bite into retail revenue – though given the general struggles of UK high street betting in recent years, shop closures could have been coming sooner or later.

Troubles in the UK, and other European markets, will likely make it even more crucial for Entain to maintain a US foothold via the BetMGM joint venture. Following a solid performance in both Q2 and Q3, BetMGM has raised its guidance for the year end, projecting revenue of ‘at least’ $2.75bn and EBITDA of around $200m.

“Strong underlying metrics and margin outperformance during July and August support our confidence in raising guidance for full year 2025,” Greenblatt said.

“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.”