BetMGM maintained its growth in the second quarter of 2026, reporting net revenue of $711 million, up 3 per cent compared to the same period in 2025. In the first half of the year, revenue reached $1.406 billion, representing annual growth of 4 per cent.
In a statement, BetMGM CEO Adam Greenblatt said the company entered 2026 with operational discipline, maintaining positive cash flow and adjusted EBITDA, allowing it to continue investing in its highest return opportunities. According to the executive, despite a more complex regulatory environment and increasing competition, the company will continue prioritising its leadership in iGaming, its omnichannel advantage in Nevada and its focus on high value customers.
Despite the more moderate revenue growth, the company continued generating cash and maintained its full year financial guidance. BetMGM reaffirmed its 2026 outlook, expecting between $2.9 billion and $3.1 billion in net revenue and $300 million to $350 million in adjusted EBITDA. However, the company said that, based on performance so far and expectations for the second half of the year, it now expects to finish the year closer to the lower end of those ranges.
The results indicate that the company continues to prioritise revenue quality over rapid customer acquisition. BetMGM highlighted four strategic pillars to support its expansion during the remainder of the year:
- strengthen its position in iGaming and in states where it offers multiple products;
- expand its omnichannel advantage, particularly in Nevada;
- focus on higher value players;
- maintain a disciplined marketing investment strategy.
EBITDA grows and cash generation remains positive
In addition to revenue growth, the company reported $74 million in adjusted EBITDA during the second quarter. In the first half of the year, this figure reached $99 million. During the first six months of the year, BetMGM also distributed $18 million to its parent companies, including $15 million between April and June. These payments consisted exclusively of Parent Fees, with no excess cash distribution during the period.
Year on year, growth was driven primarily by iGaming. While total net revenue increased 3 per cent in the second quarter and 4 per cent in the first half, revenue from online casino games grew 8 per cent both during the quarter and across the first six months of the year. Sports betting revenue remained flat between April and June but increased 2 per cent in the first half. First half performance was broadly in line with expectations, with both iGaming and sports betting contributing positively to operational results during the period.
Focus on profitability
Although revenue continued to grow, BetMGM made clear that its operational focus remains on profitability and efficiency. Rather than increasing spending to gain market share, the company said it will continue directing investments towards its most profitable segments and higher value customers.
This strategy also explains why the company maintained its 2026 financial guidance despite a more competitive environment across the United States and Canadian online betting markets. According to BetMGM, second quarter performance demonstrates that its business model continues to generate positive cash flow and consistent adjusted EBITDA while investing in expansion and product development.
The company also said it will continue leveraging its integrated presence across land based casinos and digital platforms, particularly in Nevada, where it believes it holds a significant competitive advantage. It also plans to continue investing in strengthening its iGaming portfolio, which remains the company’s main growth driver in 2026.
iGaming remained BetMGM’s primary source of growth during the first half of 2026. While the company recorded more moderate growth in sports betting, its online casino business continued to deliver consistent gains in both revenue and customer engagement metrics. During the second quarter, iGaming net gaming revenue (NGR) increased 8 per cent compared to the same period last year. The same growth rate was recorded across the first half, demonstrating stable expansion. During the first six months of 2026, the iGaming division generated more than $280 million in contribution.
In addition to revenue growth, BetMGM reported that iGaming NGR per Active increased 9 per cent in the first half of 2026 compared with the same period of the previous year.
Increased competitiveness
Among the highlights presented by the company was the expansion of its games library, with new exclusive titles and content developed in partnership with well known entertainment franchises.
During the quarter, BetMGM added games inspired by Game of Thrones, Rakin’ Bacon and Elvis Presley: Viva Las Records, a strategy aimed at increasing player engagement and differentiating its offering from competitors. The combination of exclusive intellectual property and omnichannel titles continues to strengthen its position in the North American iGaming market.
Another strategic initiative was the official launch of BetMGM in the Canadian province of Alberta. Initial operating indicators show positive performance in the local market. Alberta represents the company’s first multi product launch in a new market since 2022, expanding its presence in Canada and creating new growth opportunities for the coming years.
BetMGM also used the quarter to relaunch the Borgata Online brand, one of the group’s most established brands.
Sports betting remains stable and increases value per player
In online sports betting, the company reported a different trend from iGaming. NGR remained flat in the second quarter compared with the same period in 2025, but increased 2 per cent during the first half of the year.
Although revenue growth was more modest, player metrics continued to improve. In the first half, Handle per Active increased 18 per cent, while NGR per Active rose 17 per cent compared with the same period in 2025. According to the company, these results reflect its customer acquisition and management strategy, which focuses on higher value players.
Sports betting net revenue remained stable despite strong betting activity during the NBA Playoffs and the World Cup. According to BetMGM, higher customer payouts offset the increase in handle, limiting net revenue growth during the quarter. Sports betting contribution exceeded $80 million during the first half of 2026.
More efficient marketing and omnichannel advantage
BetMGM said it continued refining its customer segmentation models through a new generation of CRM tools, enabling more targeted marketing campaigns and improved returns on customer acquisition spending. Optimising budget allocation across different marketing channels increased the share of players classified as “premium mass”, a segment considered more profitable for the business. The company also said it invested in improving retention among these customers over time.
Although player value metrics improved throughout the first half, the average number of active users declined. Average monthly active players totalled 875,000 during the second quarter, compared with 901,000 in the same period of 2025, a decrease of 3 per cent. During the first half, the monthly average fell from 984,000 to 925,000, a decline of 6 per cent. According to the company, its strategy remains focused on increasing the value generated by each customer by prioritising players with greater revenue potential rather than rapidly expanding the overall customer base.
Another highlight was the strengthening of the company’s omnichannel strategy in Nevada, where BetMGM operates both retail and digital businesses. The company reported that sports betting handle in the state increased 10 per cent during the first half of 2026 compared with the same period of the previous year.
Despite reporting revenue growth during the second quarter and across the first half of 2026, BetMGM recorded declines in several key profitability indicators. According to the company, its financial performance continued to reflect a strategy focused on profitable growth and cash generation, although it was impacted by higher taxes introduced during the second half of 2025 and by one off events recorded during the first half.
Revenue grows, but profit and EBITDA decline
In the second quarter of 2026, BetMGM reported net revenue of $711 million, compared with $692 million in the same period of the previous year, an increase of 3 per cent.
During the first six months of the year, total revenue reached $1.406 billion, up from $1.349 billion in the first half of 2025, representing growth of 4 per cent.
Despite higher revenue, Contribution declined. Between April and June, the metric fell from $192 million to $171 million, a decrease of 11 per cent. During the first half, Contribution declined from $307 million to $288 million, down 6 per cent.
Net income totalled $43 million during the second quarter, compared with $77 million in the same period of 2025, a decline of 44 per cent. During the first half, net income fell from $88 million to $53 million, a decrease of 40 per cent. According to BetMGM, the reduction in profitability was mainly due to the impact of higher taxes introduced during the second half of 2025 and one off events recorded during the period, reducing the extent to which revenue growth translated into EBITDA and operating profit.
Adjusted EBITDA totalled $74 million during the second quarter, down from $86 million one year earlier, a decrease of 15 per cent. During the first half, adjusted EBITDA declined from $109 million to $99 million, down 9 per cent. Despite this decline, the company maintained its full year guidance of $300 million to $350 million in adjusted EBITDA, signalling confidence in improved performance during the second half of 2026.
Capital expenditures remained relatively stable. During the second quarter, spending declined from $21 million to $18 million, a reduction of $2 million. During the first half, capital expenditures fell from $25 million to $22 million, a decrease of $4 million.
Company increases cash distributions to parent companies
BetMGM also reported distributing cash to its parent companies during the first half of the year. The company distributed $15 million during the second quarter and $18 million between January and June. No cash distributions were made to shareholders during the same period in 2025. The company said these payments consisted solely of Parent Fees, with no excess cash distribution.
At the end of June 2026, BetMGM held approximately $152 million in unrestricted cash. This figure was influenced by payment flows occurring at the end of the quarter. The company also reported that its $150 million revolving credit facility remained fully available and had not been drawn as of 30 June 2026, preserving financial capacity for future investments and expansion opportunities.
iGaming remains the main source of revenue
In addition to its second quarter results, BetMGM presented a historical overview of its key financial indicators since the beginning of 2025. The data shows that, after a year of strong revenue acceleration, the company entered a phase of more moderate growth in 2026. Total net revenue was as follows:
- Q1 2025: $657 million;
- Q2 2025: $692 million;
- Q3 2025: $667 million;
- Q4 2025: $780 million;
- Full year 2025: $2.796 billion;
- Q1 2026: $696 million;
- Q2 2026: $711 million.
On a year on year basis, the pace of revenue growth slowed throughout 2026. After recording growth of 34 per cent, 36 per cent, 23 per cent and 39 per cent across the four quarters of 2025, the company posted growth of 6 per cent in the first quarter of 2026 and 3 per cent in the second quarter.
The quarterly history shows that iGaming continues to be the company’s largest source of revenue.
BetMGM maintains a leading position in the North American market
BetMGM also provided estimates of its market share in the North American iGaming and sports betting sectors. Its estimated total gross gaming revenue (GGR) market share remained at 13 per cent during the second quarter of 2026. The company estimates an iGaming market share of approximately 20 per cent and around 8 per cent in online sports betting. According to BetMGM, its overall market share is nearly twice that of its closest competitor. The calculations cover the United States and Ontario markets, using internal estimates where public data is unavailable, and do not include the recently launched Alberta operation.
Another chart presents the company’s estimated NGR market share among North American operators. BetMGM held an estimated 14 per cent share in the first quarter of 2026, behind one competitor with 34 per cent and another with 31 per cent, while the remaining operators accounted for 7 per cent, 6 per cent, 3 per cent and 5 per cent, respectively. The company said these estimates are based on publicly reported net revenue from North American online sports betting and iGaming operators.
BetMGM postpones $500 million EBITDA target
BetMGM also updated its long term profitability outlook. Although the company remains confident it will achieve $500 million in adjusted EBITDA in the coming years, it now expects to reach this target after 2027, rather than within its previous timeframe. According to the company, the revision reflects the current competitive environment and, in particular, the regulatory complexity surrounding prediction markets.
Following its first half performance, BetMGM maintained its expectation of generating between $2.9 billion and $3.1 billion in net revenue and between $300 million and $350 million in adjusted EBITDA in 2026. The company is relying on continued iGaming expansion, more efficient management of its customer base and the integration of retail and digital operations to support growth and maintain its position among the leading operators in the North American market.
This article was first published on the Portuguese SiGMA News page on 29 July 2026.
In Mexico City, from September 1 to 3, 2026, North America meets Latin America. SiGMA North America welcomes 4,000 attendees for three days of business, insights, and inspiration for startups. Real insights. Real business. Book your spot.
