BetMGM Q2 2026 Results: Revenue Rises 3% to $711m as Retail Revenue Drops 97%

BetMGM generated $711m in net revenue during Q2 2026, up 3% year-on-year, driven by an 8% rise in iGaming to $483m. However, adjusted EBITDA fell 15% to $74m, retail revenue collapsed 97% to under $1m, and management has guided full-year revenue and profit to the lower end of its existing ranges. The company's long-promised $500m EBITDA milestone has been pushed beyond its original 2027 target, citing prediction market regulatory complexity and ongoing competitive intensity.

Updated July 2026

• Q2 2026 net revenue: $711m (up 3% year-on-year from $692m)
• iGaming net revenue: $483m (up 8% from $449m)
• Online sports net revenue: $228m (flat year-on-year)
• Retail and other revenue: under $1m (down 97% from $16m in Q2 2025)
• Adjusted EBITDA: $74m (down 15% from $86m)
• GGR market share across active markets: 13%
• iGaming market share: 20%; online sports market share: 8%
• H1 2026 net revenue: $1.406bn (up 4%)
• H1 average monthly actives: 925,000 (down 6% year-on-year)
• Full-year 2026 guidance: $2.9bn to $3.1bn revenue, $300m to $350m EBITDA, both toward lower end
• Entain shares fell approximately 4% to around £5.51 following the announcement

What were BetMGM's Q2 2026 headline revenue figures?

BetMGM's total net revenue for the three months ending June 2026 came in at $711m, a 3% increase from the $692m reported in Q2 2025. The result was shaped almost entirely by iGaming, which grew 8% to $483m and now accounts for nearly 68 cents in every dollar BetMGM generates. Online sports betting contributed a further $228m, unchanged from the prior year, while retail and other revenue fell to near zero at under $1m.

For the first half of 2026, BetMGM reported cumulative net revenue of $1.406bn, up 4% year-on-year, and adjusted EBITDA of $99m, down 9% from the same period in 2025. The joint venture between MGM Resorts International and Entain operates across 5 combined iGaming and online sports markets and an additional 25 sports-betting-only states in the United States, plus a recently opened position in Canada.

Why did BetMGM retail revenue collapse 97%?

The 97% drop in retail revenue, from $16m in Q2 2025 to under $1m in Q2 2026, was not caused by operational failure. BetMGM attributed the decline to unusually large staking bets placed and won by premium players during the quarter. Because retail gross gaming revenue is recorded net of player winnings, a small number of outsized wins by high-value customers can swing the category into near-zero territory. Management framed the result as a statistical outlier rather than a structural deterioration, pointing to improved per-active handle and net gaming revenue trends elsewhere in the portfolio as evidence that underlying player engagement remains intact.

How is BetMGM's iGaming business performing in 2026?

iGaming is now the engine of the BetMGM business, generating $483m in Q2 and holding a 20% market share in the markets where BetMGM operates casino games online. Over the first half of 2026, iGaming NGR (net gaming revenue) per active player rose 9% year-on-year, suggesting the business is extracting more value from each active user even as the total active base contracted slightly. New exclusive content contributed to this result: BetMGM launched Game of Thrones-branded titles and Hollywood-themed slot games in the period, deepening its proprietary content library and reducing reliance on generic supplier titles that are available across multiple competitors.

What is BetMGM's market share in Q2 2026?

BetMGM held a 13% GGR (gross gaming revenue) market share across all its active states and provinces in Q2 2026. Within that, iGaming contributed a 20% market share and online sports betting an 8% share. The figures reflect the company's deliberate decision to pursue what CEO Adam Greenblatt calls a "premium mass" acquisition strategy, which prioritises higher-value players over volume. Average monthly actives fell 6% year-on-year to 925,000 in H1 2026, but because those actives are generating more handle and revenue per head, the overall revenue trend remains positive.

How did BetMGM's online sports betting perform?

Online sports net revenue was flat at $228m in Q2 2026, despite the quarter featuring the later stages of the FIFA World Cup and continued NBA activity. Online sports handle rose 2% to $3.49bn, and the gross gaming revenue hold rate improved slightly to 10.3% from 9.8% a year earlier. However, net gaming revenue hold was marginally softer at 6.5% versus 6.6%, as higher promotional intensity and premium player payouts offset the gains. Over H1 2026, handle per active user rose 18% and NGR per active rose 17%, indicating that individual bettor spending is growing even as BetMGM trims its less profitable customer base. The Nevada online sports market also contributed, with H1 handle in that state up 10% year-on-year.

What is BetMGM's full-year 2026 guidance?

Management updated full-year 2026 guidance to the lower end of existing ranges. Full-year net revenue is now expected to come in toward the bottom of a $2.9bn to $3.1bn band, and full-year adjusted EBITDA toward the bottom of a $300m to $350m range. These figures had already been revised downward at the Q1 stage, when BetMGM reported first-quarter revenue of $696m and reduced its outlook. The company did not narrow the guidance range in the Q2 update but made clear it does not expect to land in the upper half of either band.

Why is the $500m EBITDA target delayed beyond 2027?

BetMGM had previously targeted $500m in adjusted EBITDA by 2027. That milestone has now been pushed back without a new specific date. Management cited two principal headwinds: the regulatory complexity surrounding prediction markets, where BetMGM competes or could compete in adjacent products, and the continued intensity of competition across US online gambling markets. The prediction markets angle is notable because the broader regulatory debate around event contracts and sports-outcome markets, which US regulators including the CFTC have been actively reviewing throughout 2026, creates uncertainty about which adjacent revenue streams BetMGM can capture in the near term. Despite the delay, CEO Adam Greenblatt expressed confidence in the long-term direction, stating the company remains "agile and committed to our strategy that is delivering sustainable and profitable growth."

What did CEO Adam Greenblatt say about Q2 2026 results?

"BetMGM has started 2026 well and continues to execute with discipline. Our underlying player fundamentals remain healthy."

- Adam Greenblatt, CEO, BetMGM

Greenblatt's statement in the official press release struck a cautiously upbeat tone on operations while acknowledging the macro and regulatory environment is creating uncertainty. He noted the company's confidence in reaching its $500m EBITDA threshold "in the coming years" while conceding that the 2027 timeline is no longer firm. The full Q2 2026 business update was filed via PR Newswire on 28 July 2026 and simultaneously disclosed through Entain's regulatory channels as a UK-listed parent company.

How did Entain shares react to the BetMGM update?

Entain, which co-owns BetMGM alongside MGM Resorts International, saw its London-listed shares fall approximately 4% to around £5.51 in early trading following the BetMGM Q2 disclosure. The reaction reflected investor concern about the lower-end guidance reaffirmation and the delay to the $500m EBITDA target, which had been an anchor for Entain's medium-term investment case. TipRanks' AI analyst tool rates Entain as Neutral, citing improved cash flow and leverage as positives but flagging inconsistent profitability and weak technical momentum as offsets. The stock carries a dividend yield of approximately 3.6% at current levels.

What are BetMGM's key operational highlights for the second half of 2026?

BetMGM flagged the Alberta market launch as a meaningful operational success in the first half, adding Canada to its cross-border footprint. The Alberta iGaming launch, which Entain supported through its PartyCasino and Sports Interaction brands, gives BetMGM an additional regulated market outside the United States. The Borgata brand refresh, targeting premium land-based crossover players, continued to build momentum in the period. Looking ahead, BetMGM will enter the second half of 2026 with a product investment focus on exclusive iGaming content and further refinement of its "premium mass" sports betting acquisition funnel.

How does BetMGM Q2 2026 compare to other operators?

The Q2 2026 earnings season has broadly shown a bifurcation in US operator performance: iGaming-heavy operators are outperforming sports-betting-focused rivals, and companies with strong proprietary content libraries are generating better margin profiles than those relying on third-party content deals. Boyd Gaming's Q2 2026 online segment growth underlined that pattern for the land-based-crossover category. BetMGM's 20% iGaming market share and 8% sports share suggest it occupies a mid-tier position in sports while leading in regulated casino games, where it competes principally with FanDuel and DraftKings.

Frequently Asked Questions

What was BetMGM's Q2 2026 revenue?

BetMGM reported Q2 2026 net revenue of $711m, up 3% year-on-year. iGaming contributed $483m and online sports $228m.

Why did BetMGM retail revenue drop 97%?

The 97% decline in retail revenue, from $16m to under $1m, was caused by large bet wins by premium players during the quarter. BetMGM described it as a statistical outlier rather than a structural issue.

What is BetMGM's 2026 full-year guidance?

BetMGM now guides full-year 2026 net revenue toward the lower end of $2.9bn to $3.1bn and adjusted EBITDA toward the lower end of $300m to $350m.

When will BetMGM reach $500m EBITDA?

BetMGM has delayed its $500m adjusted EBITDA milestone beyond the original 2027 target, citing prediction market regulatory complexity and competitive intensity.

What is BetMGM's iGaming market share?

BetMGM held a 20% iGaming market share across its active markets in Q2 2026, and an 8% online sports betting market share.