BetMGM’s position as the clear number three in the US online gambling market is coming under increasing pressure as competitors ramp up their efforts, according to research from Eilers & Krejcik Gaming (EKG).
Fanatics and bet365 are aggressively targeting market share, bolstering both digital and above-the-line marketing, while also offering products that have tested stronger than BetMGM’s, EKG analysts note.
At the same time, Caesars is intensifying its focus on iCasino, with more promotions and distinctive gaming experiences, and Hard Rock is expanding rapidly, benefiting from its Florida monopoly.
“Product differentiation is shifting from more features to better engagement mechanics,” EKG analysts said.
Core offerings such as same-game parlays, cash out, live betting, jackpots, and arcade games are now commonplace across the top apps.
“In 2026, the winner will be who best surfaces, combines, and personalises features and content,” EKG said.
Elsewhere, content is still a key battleground in iCasino.
As the market matures, operators that can create, protect, and scale proprietary or semi-exclusive content will be better positioned to defend market share and margins.
“FanDuel’s 2025 success with Light & Wonder and White Hat exclusives shows that differentiated content—not just a large catalog—is a key differentiator among leaders and others,” the analysts added.
BetMGM’s Q3 2025 performance growth
In Q3 2025, BetMGM, the joint venture between Entain and MGM Resorts International, reported net revenue of $667m, up 23% year-on-year. The growth was driven by higher player activity, improved retention, and gains across both sports betting and iGaming.
At the time, CEO Adam Greenblatt (pictured) described the business as “healthier than ever,” highlighting operational improvements, more efficient marketing, and product upgrades that fuelled both revenue growth and cash flow.
Q3 iGaming revenue climbed 21% year-on-year to $454m, supported by exclusive content, enhanced player engagement, and effective cross-selling between casino and sports channels.
Online sports betting revenue grew 36% to $202m, boosted by a stronger product offering and heightened engagement during the summer sports calendar.
Following the strong quarter, BetMGM raised its full-year 2025 guidance to at least $2.75bn in net revenue and approximately $200m in EBITDA.
BetMGM reported a 15% share of the US online gambling market across active states, including 21% in iGaming and 8% in online sports betting.