Financial Performance and Q2 Results
BetMGM has announced that its net revenue and adjusted EBITDA are projected to finish at the lower end of their respective $2.9–$3.1bn and $300–$350m guidance ranges. The US-headquartered operator, jointly owned by MGM Resorts International and Entain, attributed the outlook to higher player generosity and larger bets won by premium players.
Despite these lower-end forecasts, net revenue increased year-on-year (YoY) by 3% in Q2 2026, rising to $711m (£535.4m) from $692m. However, overall adjusted EBITDA declined by 15% YoY, dropping from $86m to $74m. Additional Q2 performance metrics highlighted contrasting segment results:
- Retail Revenue: Plunged by 97% YoY down to under $1m (compared to $16m in Q2 2025), marking the lowest quarterly ebb since the company began disclosing financial results.
- Online Sports Revenue: Remained broadly flat at $228m despite a heavy schedule of sporting events including the NBA playoffs, the conclusion of the European football season, and the start of the 2026 World Cup.
- iGaming Division: Recorded an 8% YoY increase in net revenue, growing from $449m to $483m, driven by robust player engagement and product strength.
Product Expansion and Strategic Outlook
Alongside its financial disclosures, BetMGM highlighted ongoing product expansions. During the quarter, the operator introduced successful Game of Thrones titles in Ontario, with a US rollout planned for the summer, alongside exclusive new releases from omni franchises such as Rakin’ Bacon, Buffalo Triple Power, and Money Gong. Furthermore, it launched Elvis Presley: Viva Las Records and Marilyn Monroe Slingo as the debut titles in an exclusive Hollywood legend-inspired slot lineup.
Regarding long-term profitability, BetMGM issued a warning regarding its $500m adjusted EBITDA target beyond 2027. The company stated that given the current market environment and regulatory complexities surrounding prediction markets, it is prudent to assume the timing of delivery will extend beyond initial expectations.
Executive Perspectives
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
“BetMGM has started 2026 well and continues to execute with discipline. Our underlying player fundamentals remain healthy, and we are generating positive cash flow and Adjusted EBITDA, enabling us to continue to invest in our highest return opportunities. While our industry faces regulatory complexity and an increasingly competitive environment, we remain agile and committed to our strategy that is delivering sustainable and profitable growth. Looking ahead, we will continue to prioritise our areas of strength, in particular leveraging our market leading iGaming offering across multi-product states, our omnichannel advantage in Nevada, and serving our higher-value customers.”
