BetMGM posted a 3% year-over-year increase in second-quarter net revenue to $711 million, the company announced on July 28, 2026.
The growth was driven by an 8% rise in iGaming revenue, which offset flat online sports betting earnings.
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The joint venture between Entain and MGM Resorts International reported second-quarter adjusted EBITDA of $74 million, down 15% from the prior year.
For the first half of 2026, total net revenue reached $1.41 billion, up 4%, while adjusted EBITDA fell 9% to $99 million.
iGaming Strength Offsets Sports Betting Flatness
iGaming revenue grew to $483 million in the quarter, compared to $449 million a year earlier.
Online sports betting revenue remained steady at $228 million, as high customer engagement during the World Cup and NBA playoffs was balanced by increased promotional generosity.
Average monthly active users declined 3% year-over-year to 875,000 in the second quarter.
The company attributed this to a strategic focus on tighter marketing acquisition costs and targeting higher-value customers.
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Revised Guidance and Long-Term Outlook
BetMGM revised its full-year 2026 expectations, now projecting net revenue and adjusted EBITDA near the bottom of its guidance ranges of $2.9 billion to $3.1 billion and $300 million to $350 million, respectively.
The target of achieving $500 million in adjusted EBITDA is now expected beyond 2027, due to competitive headwinds and regulatory factors surrounding prediction markets.
CEO Adam Greenblatt stated, "BetMGM has started 2026 well and continues to execute with discipline." He emphasized the company's focus on iGaming, disciplined spending, and operational efficiencies.
"We remain confident in our long-term outlook, even assuming status quo for prediction markets," Greenblatt added.
BetMGM maintains a 13% gross revenue market share in active markets, with a 20% share in iGaming and an 8% share in online sports betting.
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The company continues to leverage its multi-product strategy and omnichannel advantage in Nevada to drive growth.
