BetMGM has reported a 6% year-on-year (YoY) jump in Q1 net revenue to $696m against softer sports betting performance and “robust igaming growth”.
The Entain and MGM Resorts International JV said igaming and sports betting revenue increased 9% and 4% YoY, respectively.
Adjusted EBITDA rose 11% from $22m to $25m, while the JV also returned $3m back to its parents.
Average monthly actives slipped 9% from more than one million last year to 975,000 in the first three months of 2026.
Meanwhile, sports betting net revenue increased from $194m in Q1 2025 to $203m this year, while handle went up 3% to $4.2bn.
GGR hold was up 60 basis points to 8.8% and NGR hold remained flat at 4.8%.
Bosses said the segment was impacted by “player-friendly sports outcomes and increased promotional generosity aligned with heightened competitive environment”.
Management said its continued focus on the “premium mass player” was bearing fruit, however.
Handle per active was up 23% YoY, while NGR per active also increased 25%. That came against a 16% decline in average monthly sports betting customers.
On the igaming front, net revenue jumped from $443m to $481m. A strong product offering and “player engagement momentum” were cited as core drivers.
Exclusive content with Games Global, franchise-based slots such as from TV series Survivor and cross-sell focused on sports-branded games all helped push net revenue upwards.
NGR per active player across igaming improved 12% YoY. Actives were down 3%, though.
Following the Q1 report’s publication, BetMGM has reduced its full-year 2026 revenue guidance to $2.9bn from $3.1bn. The previous range was between $3.1bn and $3.2bn.
Adjusted EBITDA guidance of $300m to $350m has been retained, though it is expected to be towards the lower end of the scale.
The JV, which is live with online sports betting in 25 jurisdictions and igaming in five, has kept its $500m adjusted EBITDA target for 2027 in place.
“Updated guidance reflects moderated top line growth expectations, continuing operational efficiencies and disciplined strategic investment focused on its areas of strength, to support growth in outer years,” management noted.
“Exciting opportunities ahead include leaning further into igaming, multi-product states, winning in Nevada, World Cup activations, launching in Alberta and servicing our premium mass sports players.”
Adam Greenblatt, BetMGM CEO, said that although Q1 was a “steady start”, the JV was continuing to deliver on its plans.
He added: “We are generating sustainable, profitable growth and paying cash to our parent companies.
“Our igaming business is growing at scale, and our online sports business continues to strengthen despite a challenging market in Q1.
“As we look to the rest of the year, we will continue to focus on our areas of strength, particularly in igaming, multi‑product states, omnichannel in Nevada and servicing our premium mass sports players.
“These give us confidence that we will deliver on our updated 2026 guidance as well as continue on the path to $500m of adjusted EBITDA in 2027.”
Entain shares have ticked up 1% in London to 550p, at the time of writing.
The post BetMGM reduces 2026 guidance despite Q1 revenue rising 9% first appeared on EGR Intel.
North America-focused JV reports softer sports betting results in opening quarter of the year, with medium-term adjusted EBITDA target staying in place
The post BetMGM reduces 2026 guidance despite Q1 revenue rising 9% first appeared on EGR Intel.