BetMGM has continued to advise that its net revenue and adjusted EBITDA will be at the lower end of its respective $2.9-$3.1bn and $300-$350m guidance ranges, despite a year-on-year revenue increase in Q2 2026.
The US-headquartered company, jointly-owned by NYSE-listed MGM Resorts International and LSE-listed Entain, was vocal about “higher player generosity” and “larger staking bets won by premium players” in its latest financial report.
Its predictions regarding figures being at the lower end of guidance ranges follow similar forecasts in Q1 this year.
However, net revenue did increase YoY by 3% in Q2, up to $711m (£535.4m) from $692m.
It covers trading from March-June, with the latter being the month in which the 2026 World Cup began – the start of an event heavily tipped to break trading volume records.
But BetMGM clearly didn’t reap the rewards from the beginning of that and other huge sporting competitions which occurred in the quarter, such as the NBA and the conclusion of the European football season.
BetMGM’s Q2 by numbers
Overall adjusted EBITDA was down 15% YoY, dropping from $86m to $74m, and a grimmer picture was painted by its retail results.
Retail revenue was down a staggering 97% (Q2 2025: $16m) and dipped under the $1m mark in its lowest quarterly ebb since it began disclosing its financial results.
Online sports revenue was also broadly flat despite the plethora of events throughout the quarter, with a stagnant figure of $228m.
The operator was one of many that launched in the new Canadian market of Alberta though, and affirmed that “a strong World Cup as well as our recent successful launch in Alberta continues into H2”, potentially providing a few glimmers of hope for its sports operations.
A more positive realisation for BetMGM was its iGaming division, which recorded an 8% YoY increase in net revenue from $449 to $483m, “with player engagement momentum underpinned by the strength of [its] product offering”.
Optimism still remains
“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,” said Adam Greenblatt, Chief Executive Officer of BetMGM.
“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.
“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.”
BetMGM did continue to expand its product range, releasing successful new Game of Thrones titles in Ontario, which it plans to roll out across the US this summer.
Exclusive new releases from omni franchises including Rakin’ Bacon, Buffalo Triple Power and Money Gong occurred during the quarter, while the firm also launched Elvis Presley: Viva Las Records and Marilyn Monroe Slingo as the first two of its exclusive slots lineup inspired by Hollywood legends.
There was a stark warning given regarding its $500m adjusted EBITDA target beyond 2027 though, with BetMGM citing current market uncertainties.
The notice stated: “BetMGM remains confident in delivering adjusted EBITDA of $500m in the coming years.
“However, given the current market environment including impact of prediction market regulatory complexity, we believe it is prudent to assume the timing of delivery will extend beyond current 2027 expectations.”
It seems investors in BetMGM owner Entain have heeded that warning, as Entain shares have tanked by over 4% to £5.51 in the hour since the financials were released.
