BetMGM reported first-half 2026 net revenue of $1.41 billion, up 4% from a year earlier, as its iGaming and online sports businesses continued to grow. The company’s adjusted EBITDA for the half was $99 million, down 9% year over year.
The update was issued on July 28 by the jointly owned venture of MGM Resorts International and Entain plc. BetMGM said H1 iGaming revenue rose 8% to $964 million, while online sports net revenue increased 2% to $431 million.
Second-quarter revenue rose 3% to $711 million. iGaming revenue increased 8% to $483 million, while online sports betting was flat at $228 million.
Adjusted EBITDA came in at $74 million in the quarter, down 15% from a year earlier. BetMGM said its underlying player fundamentals remain healthy, and that it was generating positive cash flow and adjusted EBITDA, which it said allows continued investment in its highest-return opportunities.
The company also acknowledged a tougher backdrop, saying the industry faces regulatory complexity and a more competitive environment. Reuters, citing the company’s release, reported that average monthly active users fell 3% in the quarter to 875,000.
BetMGM said it expects full-year 2026 net revenue and adjusted EBITDA to come in at the lower end of its guidance ranges, which stand at $2.9 billion to $3.1 billion for revenue and $300 million to $350 million for adjusted EBITDA. Reuters also reported that the company has pushed back its timeline for reaching $500 million in adjusted EBITDA beyond the previously anticipated 2027 target, citing the current market environment and prediction-market regulatory complexity.
BetMGM said it held a 13% gross gaming revenue share in active markets, including 20% in iGaming and 8% in online sports betting. It said it will keep focusing on its market-leading iGaming offering across multi-product states, its omnichannel advantage in Nevada and higher-value customers.
