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iGaming Quarterly Report: Operator Performance in Q3 2025
iGaming Q3 saw the early bets placed back in Q2 2025. Now, when the results are in, Betsson, MGM Resorts, Flutter, Entain, Wynn, and DraftKings leave us curious about the final quarter of 2025. But before looking ahead, let’s dive deeper to find out more about the quarter already behind us.
Table of Contents
iGaming industry in Q3 2025: overview
We’ve got a lot to unpack in Q3 2025, especially concerning regulation. In the UK, stricter regulations and increased taxation caused some of the biggest players in the market to raise their eyebrows, whereas in Italy, granting longer licenses came with a bonus of higher supervision, making operators reconsider their compliance strategies. Outside of Europe, other markets introduced stricter ID checks, payment rules, and consumer-protection measures.
For the top operators, this meant having to double down on regulated markets, elevate responsible‑gaming and KYC procedures, and even go as far as pulling back from riskier jurisdictions.
Breaking down the Q3 performance of top iGaming operators
The previous Q2 gave a clear picture of who’s growing, who’s steady, and who’s feeling the pressure. For iGaming Q3 2025, one thing the numbers make crystal clear is that even though the industry is expanding fast, the process is not without its challenges. Here’s how the performance of top iGaming operators in Q3 2025:
| OPERATOR | Q3 REVENUE | YOY GROWTH | EBITDA |
| Betsson | €295.8M | +6% | €82.5M |
| MGM Resorts | $4.3B | +2% | $506M |
| Entain | N/A | +6% | N/A |
| Wynn Resorts | $1.83B | +8.3% | $570.1M |
| DraftKings | $1.14B | +4% | −$126M |
| Flutter | $3.79B | +17% | $478M |
Betsson Group
In true tradition, we’re starting with Betsson. The Group had a steady quarter, with iGaming revenue Q3 growing 6% year-on-year to €295.8 million and EBITDA rising to €82.5 million. Casino was the main driver of this momentum, setting a new record at €223 million, mainly thanks to quite a few new releases, including 30 exclusives across Betsson’s brands. Sportsbook Q3 revenue also increased by 4%, reaching €71.2 million, even though there has been a seasonal decrease in gross turnover.
Locally regulated markets continued to play an important role, contributing nearly 64% of total revenue. The real highlight, however, was Western Europe, with revenue increasing by 27% & reaching €56.9 million. The credit for that largely goes to Italy, with strong performances in both casino and sportsbook that helped Betsson strengthen its market position.
Latin America kept up the pace, recording growth of up to 10% (€76.5 million) and setting a new casino revenue record, even with a slight decrease on the sportsbook side. The Nordics, however, had a tougher quarter. Q3 revenue went down by 20% to €36.4 million, largely due to reduced marketing activity and Betsson’s exit from Norway.
On the financial front, Betsson has started a €40 million share buyback on Nasdaq Stockholm, running until April 2026. CFO Martin Öhman and CEO Pontus Lindwall stressed that this is simply a reflection of the company’s strong cash position — not a hint at any upcoming M&A.
Lindwall highlighted the upcoming World Cup and said the group’s strong balance sheet allows continued investment in product development and market expansion while supporting stable profit growth and shareholder dividends.
MGM Resorts
Compared to the strong numbers from Betsson, MGM Resorts had a more modest increase in revenue of 2%, reaching $4.3 billion in Q3 2025. The quarter came with its challenges, too; the operator posted a net loss of $285 million, mainly tied to a non-cash goodwill impairment. This is quite a contrast if we compare it to the $185 million net income MGM Resorts recorded a year ago. Adjusted EBITDA also felt the mix of investments and one-off charges, decreasing to $506 million from $574 million.
BetMGM, MGM’s North American digital business, was the star of the quarter, growing strongly and leading management to raise full-year guidance for the second quarter in a row. MGM is set to start receiving cash distributions from BetMGM in Q4 2025, with the first payment expected to top $100 million. The move shows MGM is generating more profit and cash, while selling Casey’s at Northfield Park signals the company is doubling down on high-end resorts.
Jonathan Halkyard, the Chief Financial Officer of MGM Resorts, added that the sale price was very strong, highlighting just how much untapped value still exists in MGM’s portfolio and how the company is finding ways to unlock it.
CEO Bill Hornbuckle pointed to the company’s scale and diversified portfolio as central to the performance.
Entain
With BetMGM already shining bright in MGM’s report, Entain matched the momentum with 6% iGaming Q3 growth, backed by its BetMGM share & strong results in the UK, Ireland, and Italy.
Stripping out the US business, Entain still managed a steady quarter: group Q3 revenue was up 4%, with online growing 5% and retail rising 3%. The UK and Ireland NGR climbed 8% overall, due to a strong 15% rise online and a more modest 2% lift in retail, with both sports and gaming revenue outperforming expectations.
International performance was more uneven. Overall, NGR outside the UK and Ireland crept up 1%. Online rose 5%, but weaker sports margins in September held the total back. Brazil remained complicated: player activity grew 14%, yet NGR slipped 11%. Italy, on the other hand, remained the star of the show, with a total increase of 6%, which was made up of 5% from online and 8% from retail. The countries in Central and Eastern Europe together produced an impressive growth of 10%, which was largely due to the excellent performance of STS and SuperSport, with Croatia’s results being above expectations. Australia had a tougher quarter, dropping 6% due to customer-friendly sports outcomes. On the brighter side, Georgia, New Zealand, Spain, Canada, Austria, and Greece all saw double-digit online growth, giving the wider portfolio some balance.
Entain CEO Stella David kept things grounded, warning that potential UK tax increases could limit future investment if they’re approved. Through it all, David said the period showed the strength of Entain’s diversified footprint and its commitment to “sustainable, consistent growth.”
Wynn Resorts
Next in line is Wynn Resorts. The operator went from losing $32 million last year to an impressive $88 million profit in Q3 2025, with revenue of $1.83 billion. The Resorts saw its adjusted Property EBITDAR rise to $570.1 million, up from $527.7 million in Q3 2024. In Macau, the company held a strong market share and saw a notable increase in mass table drop, while in Las Vegas, Wynn continued to grow EBITDA and expand its share of the gaming market.
At the same time, Wynn Al Marjan Island is literally reaching new heights, with concrete now being poured for the top floors of the 70-story tower—possibly as you’re reading this.
CEO Craig Billings was very positive about the work done by the team in Macau as well as in Las Vegas, pointing to the constant rise in EBITDA and noting that Wynn is mainly interested in its current projects and future expansion plans.
DraftKings
Between Betsson’s stronger, cleaner quarter & MGM’s messier one, DraftKings landed somewhere right in the middle. The operator kicked Q3 2025 off with steady momentum, reporting a Q3 revenue of $1.14 billion which is approximately 4% higher than the previous year’s revenue of $1.09 billion. This growth wasn’t just a numbers game, it came from loyal customers staying active and a well-timed marketing push that brought in fresh faces to the platform. A higher sportsbook hold rate also helped the operator keep a bigger slice of the action, giving the quarter an extra boost.
Even after stripping out the quirks of sports results, Q3 revenue growth held strong, showing the business is building on solid foundations. Betting activity continued to pick up, with October’s sportsbook handle rising by 17% compared with the same month last year. Adjusted EBITDA came in at negative $126 million, reflecting ongoing investments and strategic initiatives, but management remains focused on turning that into long-term profitability.
Looking ahead, CEO and co-founder Jason Robins said he’s never felt more optimistic about DraftKings’ trajectory. He highlighted the accelerating underlying growth and teased the launch of DraftKings Predictions in the coming months, calling it a “significant incremental opportunity” that could take the platform to the next level.
And something for locals to look forward to: DraftKings’ Missouri launch will be landing on December 1, with a ceremonial first-bet event in St. Louis, featuring Tony Gonzalez, Isaac Bruce, Brett Hull, and remarks from House Speaker Jonathan Patterson.
Flutter
Saving the best for last, Flutter Entertainment had quite the growth in Q3 2025, contributing $3.79 billion from Q3 revenue, which is a 17% increase from the previous year, while adjusted EBITDA was up 6% at $478 million. The company also continued with its global expansion as average monthly players grew by 9% to 14.1 million.
In the US, Flutter strengthened its lead as the top operator. Income grew by 9%, powered by an impressive 44% increase in iGaming revenue in Q3, which more than made up for a 5% decrease in sportsbook revenue. FanDuel stayed at the centre of the action, keeping its strong market position and driving most of the growth in the region.
International operations also had a strong quarter, with revenue climbing 21% and adjusted EBITDA up 10%, helped by steady demand and a 10% rise in organic iGaming revenue.
But the quarter wasn’t without its setbacks. Flutter reported a net loss of $789 million, driven largely by a $556 million non-cash impairment tied to India’s ban on real-money gaming, which hit its Junglee Games business. A $205 million payment to Boyd Gaming to update US market access terms also weighed heavily on the bottom line.
CEO Peter Jackson called it a “solid third quarter,” noting that both the US and international businesses continue to build momentum. He pointed to ongoing product investments, new market opportunities, and recent acquisitions as the foundation for long-term, profitable growth.
As a side note to the quarter, Flutter confirmed that FanDuel Predicts, the new standalone app built in partnership with CME Group, is set to launch this month, in December 2025, offering sports and financial event contracts to users in states where sports betting isn’t yet regulated.
Final thoughts on Q3 2025: what comes next?
iGaming Q3 2025 sure kept the operators busy, alert and active. Betsson, Entain, and Wynn Resorts showed persistent growth, DraftKings went for a big investment for future gain, even though it led to a loss in the short run, and Flutter registered a strong Q3 revenue increase. With new launches, innovative products, and expanding markets coming our way, the last quarter of 2025 promises to be interesting and full of excitement for everyone in iGaming.
You can revisit our Q1 2025 iGaming report & the latest Q2 2025 iGaming report to get a full picture of the year 2025 so far.
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