Core Insights - BetMGM's Q3 2025 performance exceeded expectations, continuing strong momentum from H1 2025, driven by effective execution of its strategic plan [2][6][7] - The company has raised its full-year 2025 guidance, anticipating net revenue of at least $2.75 billion and EBITDA of approximately $200 million [6][7] Financial Performance - Q3 2025 net revenue reached $667 million, a 23% increase year-over-year, with iGaming revenue up 21% and online sports revenue up 36% [3][6][7] - Year-to-date net revenue totaled $2.016 billion, with EBITDA for Q3 at $41 million, an increase of $57 million year-over-year [3][6][7] - The average monthly active users increased by 6% year-over-year, reflecting improved player engagement strategies [3][7] Operational Highlights - BetMGM achieved a 15% GGR market share in active markets, with 21% in iGaming and 8% in online sports [7] - The company launched successful marketing campaigns, including the "Make it Legendary" campaign, enhancing brand identity and user experience [7] - Product enhancements led to a 23% increase in handle per active user and a 49% increase in NGR per active user year-over-year [7] Future Outlook - BetMGM expects to distribute at least $200 million to its parent companies, Entain and MGM Resorts, by the end of 2025 [6][7] - The company maintains a minimum unrestricted cash threshold of $100 million while having ample liquidity of over $250 million to support operations [17]