Industry

MGM’s LeoVegas-led arm nears break-even after Q3

By Oskar Nyström · Published 31 October 2026

MGM Resorts published its third-quarter 2026 results in late October. The group’s digital arm, MGM Digital, is in practice driven by Swedish-licensed LeoVegas together with a handful of smaller online gambling subsidiaries. The loss narrowed sharply compared with the same quarter last year, even as revenue growth slowed down.

What’s new

MGM Digital generated $184m in revenue during the quarter, up from $174m a year earlier. MGM Digital posted segment revenue of $184m in the third quarter, up from $174m a year earlier. At the same time, the loss shrank considerably. Its segment adjusted EBITDAR loss narrowed to $4m, from $23m a year earlier.

Growth was driven mainly by Spain, the Netherlands and the UK. MGM Resorts’ LeoVegas-led international online business moved close to break-even in the third quarter, with Spain, the Netherlands and the UK driving gains. However, the pace of growth was far weaker than in previous quarters. Revenue growth fell sharply from the previous quarter, at a time when UK and European operators face higher taxes.

LeoVegas has been part of MGM’s accounts since the takeover was completed. LeoVegas results have been included in MGM’s accounts since the acquisition was completed on 7 September 2022. In August, MGM Digital also launched new sports betting in the UK on its own platform, which the company says already accounts for most of its sports revenue there. Separately, the North American venture BetMGM grew 7% to $710m in net revenue over the same period, according to the company’s report.

What it means for you as a player

This report is about corporate finances, not new games or features, so nothing changes immediately for existing LeoVegas players. The brand operates in Sweden under the company Roar Vegas Ltd and holds a Swedish licence from Spelinspektionen valid until November 2028. Sweden isn’t singled out in the quarterly report, unlike markets such as Spain and the UK, suggesting the Swedish business is running steadily without major shifts right now.

What could matter longer term is that a stronger international MGM Digital business leaves more room for investment in product, customer service and technology, which could eventually be felt by players in Sweden too. Whatever a company’s results look like, the same rules apply: you can exclude yourself from all licensed gambling at any time through Spelpaus, and support is available via Stödlinjen.

The bigger picture

LeoVegas was founded in Sweden in 2011 by Gustaf Hagman and Robin Ramm-Ericson and quickly became known as a mobile-first casino. Since 2022 the company has been owned by US-based MGM Resorts, and LeoVegas is now clearly the main engine of what MGM calls MGM Digital, meaning all online gambling outside the North American BetMGM venture. A shrinking loss alongside slower growth points to a company prioritising profitability over pure expansion, at a time when several European markets are raising gambling taxes.

For Swedish players who already hold an account with LeoVegas, the news mostly confirms that the parent company is financially stable. Future product news, such as new games or app changes, will likely be announced separately rather than through an investor-focused earnings report.