BetMGM reported small year-over-year revenue increases across online sports betting and iGaming during the first quarter of 2026, with the company praising its “sustainable” growth.
Key Takeaways
- BetMGM saw modest year-over-year jumps in iGaming and online sports revenue.
- Adjusted EBIDTA increased to $25 million from $22 million last year.
- Betting handle was up 3% to $4.2 billion thanks to the Super Bowl, March Madness, the Olympics.
The operator announced on Tuesday that it generated $696 million in net revenue from Jan. 1 through March 31. Profits rose a mild 6% from the previous year. iGaming net revenue of $481 million was up a more robust 9%, while mobile sports betting was up $203 million, which translates to a 4% increase.
BetMGM said bettors had a strong run against the sportsbook during the first three months of this year. Promotional wagers delivered to customers increased in a “heightened competitive environment,” the company stated.
“Although it has been a steady start to the year, BetMGM is delivering on our strategic plan, carrying forward the initiatives that drove our transformation in 2025,” BetMGM CEO Adam Greenblatt said.
“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.”
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Sportsbook
The online casino and sports betting arm of casino resort company MGM International, which global gaming operator Entain jointly owns, reported that Adjusted EBITDA of $25 million was up 11% from the same quarter in 2025. This included a first $3-million parent fee paid to Entain.
The online sports betting handle was up 3% to $4.2 billion during the months that were highlighted by the NFL playoffs, Super Bowl, the Olympics, and March Madness. Nevada’s handle grew by a more impressive 11% year-over-year.
The 8.8% gross gaming revenue hold from mobile sports betting rose slightly from 8.2%, while the net gaming revenue win rate remained stagnant year-over-year at 4.8%. The small Q1 increases came despite a 9% year-over-year dip in average monthly actives, which BetMGM said was expected and reflected “disciplined acquisition and ongoing player management.”
BetMGM said it held 13% GGR market share in its 23 online sports betting states, which now includes Missouri, and its four jurisdictions with online casinos. iGaming accounted for 20% of market share in those states, while online sports betting was at 7% during Q1.
Retail and other revenue were nearly cut in half, going from $20 million in Q1 2025 to $11 million in Q1 2026.
Looking ahead
BetMGM reported that year-to-date and revised outlook expectations for the rest of 2026 put full-year net revenue in the range of $2.9-to-$3.1 billion, down from $3.1-to-$3.2 billion. Guidance suggests that Adjusted EBITDA will remain in the $300-to-$350-million range, likely on the lower end, BetMGM noted.
The operator’s financial forecast for 2026 includes moderated top-line growth expectations, continued operational efficiencies, and disciplined strategic investments in strong areas. BetMGM noted a focus on a Alberta sports betting launch and preparing for World Cup wagering this summer.
“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,” Greenblatt said. “These give us confidence that we will deliver on our updated 2026 guidance as well as continue on the path to $500 million of Adjusted EBITDA in 2027."
