BetMGM Places More Emphasis On Online Casino States

BetMGM’s mobile sportsbook is regulated and available in 25 jurisdictions, whereas the online BetMGM Casino operates in only four states. But as CEO Adam Greenblatt indicated on the company’s third-quarter earnings call Tuesday, quality matters more than quantity when it comes to customers — and iGaming is where the quality (in other words, the money) is.

Despite the iCasino servicing only New Jersey, Pennsylvania, Michigan, and West Virginia, it accounted for about 68% of Q3 revenue, BetMGM noted. Its online casino revenue was up 6% year-over-year to $483 million and up 8% over the first nine months of 2026 compared to the same period in 2025.

Greenblatt said on the earnings call that 55-60% of BetMGM Sportsbook users also play on BetMGM Casino during a typical week in those states that regulate both.

He spoke about shifting more marketing emphasis toward “higher-value, higher-staking players” and a “more targeted approach,” which means cutting back on investment in sports betting-only states in favor of those four states that have both forms of BetMGM online gambling.

The quality-over-quantity approach is reflected in these numbers BetMGM cited on the investor call: Average monthly active players across all verticals fell 3%, but sports betting handle per player increased by 13% and net revenue per player rose 18%.

“We have continued to prioritize our areas of strength — particularly our iGaming franchise — and remain operationally nimble as we navigate a highly competitive environment,” Greenblatt commented in a release. “Our underlying player fundamentals remain strong, and we are generating positive cash flow and Adjusted EBITDA. These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business."

Among additional positive drivers cited for online casino in Q3: The June relaunch of the Borgata online brand contributed to average active daily users on that site increasing 28% compared to February, and the launch of new Game of Thrones slots across the U.S. and Canada was the operator’s most successful game franchise debut to date.

The prediction market threat

Despite the Commodity Futures Trading Commission proposing a rule late last month that could prevent prediction markets from offering casino-style games, Greenblatt is unconvinced that this form of online casino competition has been snuffed out. He labeled the proposed rule “cosmetics.”

“To the extent prediction markets survive, I think it is just a matter of time before the casino-like products reemerge in some other incarnation or some other form,” he said on the earnings call.

Greenblatt continued: “I do not think it is no longer a risk. I think if anything, the risk has been stayed for some time.

“Just as easily as the rules were made or are being attempted to be made now, they can be undone and changed in the future.”