BetMGM Q2 2026: Revenue Up 3% to $711m but EBITDA Falls 15% as $500m Profit Target Slips Beyond 2027

BetMGM posted Q2 2026 net revenue of $711 million, a 3% year-over-year increase, but adjusted EBITDA fell 15% to $74 million as prediction market competition, flat sports betting revenue, and consumer spending pressure weighed on profitability. The company's $500 million annual EBITDA target, previously flagged for 2027, has now been pushed to "the coming years."

• Q2 2026 net revenue: $711m (+3% year over year)
• H1 2026 net revenue: $1.406 billion (+4%)
• Q2 adjusted EBITDA: $74m (down from $86m in Q2 2025, -15%)
• iGaming Q2 net revenue: $483m (+8%); represents approximately 68% of total revenue
• Online sports Q2 net revenue: $228m (flat year over year)
• Average monthly active users: 875,000 (-3%)
• iGaming GGR market share: 20%; overall GGR market share: 13%
• Full-year guidance: $2.9bn to $3.1bn revenue; $300m to $350m adjusted EBITDA, tracking toward the low end

Why Did BetMGM's EBITDA Fall Despite Revenue Growth?

The divergence between revenue growth of 3% and EBITDA contraction of 15% reflects a squeeze on margins during a quarter that should have benefited from marquee sporting events. Three dynamics drove the gap.

First, prediction market competitors have entered sports betting adjacent spaces with aggressive promotional spending, forcing BetMGM to defend its position at higher cost. Second, online sports net revenue stagnated at $228 million even with the FIFA 2026 World Cup generating record betting volumes globally. US sportsbooks recorded an estimated $4.3 billion in handle across the tournament, yet BetMGM's sports product captured less of that wave than might have been expected. Third, consumer discretionary income pressures kept player acquisition and re-engagement costs elevated throughout the period.

iGaming Remains BetMGM's Engine

The company's online casino division continued to outperform, with iGaming net revenue rising 8% year over year to $483 million in Q2. At 20% GGR market share, BetMGM holds the leading iGaming position in its active markets, and per-active NGR (net gaming revenue) in the category improved 9% in H1, indicating stronger monetisation of the existing player base even as overall active headcount dipped 3%.

Product launches supported that momentum. Game of Thrones-branded titles went live in Ontario with a US rollout planned for summer 2026, joined by exclusive releases including Rakin' Bacon, Buffalo Triple Power, and a Hollywood-inspired slot series featuring Elvis Presley and Marilyn Monroe licensing. These exclusive titles help differentiate BetMGM's casino lobby in a crowded market where content access has broadly converged across operators.

Online Sports Revenue: Flat Amid Record Global World Cup Volumes

Online sports net revenue of $228 million was essentially unchanged from Q2 2025, a result that stands out given the FIFA World Cup 2026, co-hosted by the United States, Canada, and Mexico, drove the largest sports betting event in North American history. BetMGM's GGR hold percentage improved 55 basis points to 10.3%, suggesting it won a healthier share of the bets it accepted, but overall handle growth was insufficient to move the revenue needle materially.

Per-active sports handle rose 18% and per-active sports NGR rose 17% in H1, pointing to an engaged but shrinking user base rather than broad market-share expansion. The pattern suggests BetMGM is retaining and monetising its core sports bettors but not acquiring new ones at the rate needed to grow absolute revenue.

The $500m EBITDA Target Is No Longer a 2027 Goal

BetMGM had previously guided markets toward a $500 million adjusted EBITDA run-rate in fiscal year 2027. That milestone has now been pushed out to "the coming years," with the company citing prediction market regulatory complexity and general competitive intensity as key reasons for the delay.

The shift is significant because it removes a near-term profitability anchor that investors had been watching. The company now expects to land toward the low end of its $300 million to $350 million adjusted EBITDA guidance range for 2026 following a $99 million H1 figure, implying roughly $200 million to $250 million still needs to be delivered in H2.

How Does BetMGM Compare to Its Main Rivals?

Operator	iGaming Share (US)	Sports Share (US)	2026 Profitability Trend
BetMGM	20%	8%	EBITDA guidance tracking low end
DraftKings	est. 24%	est. 30%	World Cup beneficiary
FanDuel (Flutter)	est. 25%	est. 40%	Market leader; strong World Cup handle

Peer market share figures are estimates based on publicly available operator reporting and H1 2026 industry commentary. Shares reflect US regulated markets only.

New Markets and the Omnichannel Advantage

Alberta remains a bright spot, with the company reporting continued momentum following its launch in Canada's largest province. Nevada online sports handle rose 10% in H1 through the omnichannel model linking digital wagering to MGM Resorts' land-based casino ecosystem, a structural advantage no pure-play digital competitor can replicate. Parent company fees paid to MGM Resorts and Entain totalled $18 million in H1, a relatively contained shared-service charge against total revenue of $1.406 billion.

What the CEO Said

"BetMGM continues to execute with discipline, generating positive cash flow and Adjusted EBITDA." Adam Greenblatt, CEO, BetMGM

Greenblatt framed the quarter as a period of disciplined execution rather than acceleration, a tone that aligns with the guidance revision toward the low end of existing ranges rather than a more optimistic update to markets.

Full-Year 2026 Outlook

BetMGM guides to the bottom of its $2.9 billion to $3.1 billion net revenue range and the low end of $300 million to $350 million in adjusted EBITDA. The $500 million EBITDA target is deferred beyond 2027 without a new specific timeframe attached. The combination of a shrinking active user base, flat sports revenue, and rising competitive intensity from prediction market platforms means the path to that target now looks longer than management had previously indicated.

Updated July 2026

Frequently Asked Questions

What was BetMGM's Q2 2026 revenue?

BetMGM reported Q2 2026 net revenue of $711 million, up 3% from Q2 2025. First-half 2026 net revenue was $1.406 billion, up 4% year over year.

Why did BetMGM lower its 2026 guidance?

The company is tracking toward the low end of its existing $2.9 billion to $3.1 billion revenue range and $300 million to $350 million EBITDA range, citing prediction market competition, flat sports revenue, and consumer spending headwinds as key factors.

Is the $500m EBITDA target still in place?

BetMGM has deferred its $500 million annual adjusted EBITDA target, which had previously been positioned as a 2027 goal, to "the coming years" without specifying a new timeline.

What is BetMGM's iGaming market share?

BetMGM holds approximately 20% of the US online casino GGR market in its active states, and around 13% of overall GGR across its combined iGaming and online sports betting footprint.

How did the FIFA World Cup affect BetMGM's sports revenue?

Despite the World Cup driving record US sportsbook handle across the market, BetMGM's online sports net revenue remained flat at $228 million in Q2. Its GGR hold rate improved by 55 basis points to 10.3%, but handle growth was insufficient to lift absolute revenue, suggesting the bulk of World Cup betting flowed to the larger market leaders.