Early September Betting Handle Looks Flat as BetMGM Reports 3% Growth

Early September sports betting handle results look flat, but only 10 states had reported figures as of Oct. 16, according to Sports Business Journal. The preliminary picture broadly aligns with BetMGM’s third-quarter commentary about how strong NFL results for sportsbooks affected betting volume.

The report did not identify a West Virginia-specific change or provide West Virginia handle figures.

Strong NFL hold limited the recycling of winnings

Sports Business Journal’s Bill King reported that BetMGM CFO Garry Deutsch pointed to strong hold during the first four weeks of NFL play as a factor suppressing handle.

Handle measures the amount wagered, rather than the revenue a sportsbook retains. Deutsch’s explanation centered on recycling: when the house keeps more of the money wagered, players have less returned to them to place additional bets.

That distinction matters when interpreting the early state reports. BetMGM’s comments describe a factor affecting its betting volume, but the limited reporting does not establish a final nationwide September result.

BetMGM reports growth with fewer active players

BetMGM said its online sportsbook handle grew 3% in the third quarter even as its active-player roster shrank 9%. The company also reported:

• A 13% increase in handle per active player.
• An 18% increase in net revenue per head.

CEO Adam Greenblatt said BetMGM continued its “less is more” approach to sportsbook customer acquisition, a strategy that had been in place for several quarters.

“We have meaningfully reduced investment directly in OSB marketing player acquisition,” Greenblatt said.

Greenblatt highlighted the company’s handle growth despite that reduced spending and the prevalence and growth of prediction markets. His comments did not quantify prediction markets’ effect on BetMGM’s results.

The remaining state reports will be needed to assess whether September’s early flat picture holds. BetMGM’s quarterly figures offer operator-level context, not a substitute for complete monthly state data.

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Source: As reported by Bill King.