BetMGM has lowered its 2026 revenue forecast after a mixed first quarter, as weaker online sports betting performance offset continued growth in its iGaming division. The US-based operator, jointly owned by MGM Resorts International and Entain plc, reported net revenue of $696 million for the three months to 31 March, up 6 per cent year-on-year. Growth was driven primarily by its online casino business, where revenue rose 9 per cent, while online sports betting revenue increased by a more modest 4 per cent.
Sports results weigh on performance
The company said “player-friendly” sports outcomes, where bettors win more frequently, hit margins in the quarter, alongside increased promotional activity in a competitive market. Such conditions typically raise operator payouts, limiting profitability even when betting volumes remain stable.
Meanwhile, average monthly active users fell 9 per cent year-on-year. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first quarter rose 11 per cent to $25 million, supported by operational efficiencies and continued growth in higher-margin iGaming.
This comes despite BetMGM kicking off operations in Missouri, where sports betting became legal in December 2025. As of 1 December 2025, Missouri has become the 39th US state to allow legal sports betting. BetMGM declared its mobile and retail sportsbook platforms live in Missouri shortly after legalisation.
FY guidance lowered, outlook for 2027
Reflecting the softer start to the year, BetMGM now expects full-year net revenue of between $2.9 billion and $3.1 billion, down from its previous forecast of $3.1 billion to $3.2 billion. It maintained its adjusted EBITDA guidance of $300 million to $350 million but said performance is likely to come in at the lower end of that range.
Today @BetMGM shared our Q1 2026 Business Update, highlighting continued execution of our strategy and profitable, sustainable growth.
— BetMGM News (@BetMGMNews) April 14, 2026
🔹 Net Revenue: $696M (+6% YoY)
🔹 iGaming Net Revenue: +9% YoY
🔹 Online Sports Net Revenue: +4% YoY
🔹 Adjusted EBITDA: $25M (+11% YoY)
In… pic.twitter.com/6Ecz2bnd1h
Chief executive Adam Greenblatt said the company remains focused on “sustainable, profitable growth”, with particular emphasis on iGaming, multi-product markets and its Nevada operations. He added, “Our iGaming business is growing at scale, and our Online Sports business continues to strengthen despite a challenging market in Q1.”
BetMGM said moderated growth expectations for 2026 reflect both current trading conditions and continued investment discipline. However, it pointed to potential upside from upcoming initiatives, including expansion into new markets, major sporting events such as the FIFA World Cup, and further development of its omnichannel offering. The company reiterated its longer-term target of reaching $500 million in adjusted EBITDA by 2027.
Q3 2025 results
BetMGM posted revenue of $667 million in the third quarter of 2025, up 23 per cent year-on-year, as growth across online gaming and sports betting continues to drive the operator’s performance. The company also upgraded its full-year financial outlook, forecasting total revenue of at least $2.75 billion and EBITDA of $200 million by the end of 2025.
With $454 million in net gaming revenue (NGR) from online gambling in Q3 2025, it continued to be BetMGM’s biggest source of income, up 21 per cent from the same time the previous year. Moreover, two-thirds of the company’s entire revenue came from this area, demonstrating iGaming’s ongoing dominance in US markets with strict regulations.
In another recent development, BetMGM has begun gradually eliminating credit card deposits across its US platforms, becoming another operator to remove the payment option. According to an official statement, from 31 March 2026, customers will no longer be able to add new credit cards to their accounts.
Don’t just read the news – stay ahead of it. Subscribe HERE to SiGMA’s Top 10 News countdown for stories shaping iGaming’s future, weekly insights from the world’s biggest iGaming community, and exclusive subscriber-only offers.
