BetMGM has reported a 3% increase in net revenue to $711m (£535m) for the second quarter of 2026, as management highlighted how the industry faces “regulatory complexity” and increased competition.
The North America JV operated by MGM Resorts International and Entain recorded an 8% year-on-year YoY gain in igaming net revenue to $483m, though online sports betting was flat at $228m.
Meanwhile, adjusted EBITDA amounted to $74m, a 15% fall on the $86m generated in the same period last year, it was announced in a business update.
Bosses said BetMGM “remains on track” to deliver full-year 2026 guidance, but downgraded outlook for the second time this year, forecasting net revenue of $2.9bn to $3.1bn and adjusted EBITDA of $300m to $350m.
- Online sports betting handle rose 2% YoY to $3.5bn
- GGR hold increased 55 basis points to 10.3%
- NGR hold fell 10 basis points to 6.5%
Meanwhile, BetMGM’s average monthly actives across its active North America jurisdictions slipped 3% to 875,000. The JV said this decline “was expected” given “disciplined acquisition and player management”.
The land-based segment of the business suffered a body blow, though, as “larger staking bets won by premium customers” contributed to a 97% plunge in net retail revenue for the three months to the end of June.
Looking at H1, net revenue rose 4% YoY to $1.4bn, which management said was broadly in line with expectations.
Online sports betting net revenue ticked up 2% to $431m, while igaming net revenue increased 8% to $964m. Monthly actives fell 6% to 925,000.
As for the bottom line, adjusted EBITDA for the first six months of the year slid 9% to $99m.
BetMGM says it maintains its podium position with 13% market share in its active jurisdictions based on gross gambling revenue. Broken down, it’s market share is 20% for igaming and 8% for sports betting.
Adam Greenblatt, CEO of BetMGM, said: “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.”
While Greenblatt’s statement didn’t explicitly mention prediction markets when referring to increased competition, the proliferation of sports event contracts nationally across the US is a threat to BetMGM’s business model and is likely to be a driver behind the cut in full-year outlook.
Elsewhere, the business update noted the JV has momentum from Borgata’s brand refresh, a “strong” World Cup and BetMGM’s Alberta launch this month.
Greenblatt continued: “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.
“These strengths, combined with our disciplined strategic execution, underpin our confidence in the long-term outlook of our business.”
Entain shares slumped on the release of the business update and are currently trading down 4% on the day to around 550p.
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Entain and MGM Resorts International JV’s adjusted EBITDA slumps 15% year on year, while bosses point to the lower end of guidance for full-year 2026 performance
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