BetMGM has posted steady, if not spectacular, results in Q2 as the company seeks to regain its footing amid a highly unstable environment in the broader gaming sector. These most recent results point to a business that has shifted from prioritizing market share to one valuing sustainable returns over explosive growth.
iGaming Surged While Sports Betting Suffered
The operator reported $711 million in revenue for the quarter, a 3% year-over-year increase. Revenue for the first half of 2026 was $1.4 billion, up by 4% and roughly in line with internal expectations. However, growth was uneven, as online casino products continued to outperform the company’s sports wagering offerings.
BetMGM has started 2026 well. Our underlying player fundamentals remain healthy, and we are generating positive cash flow and Adjusted EBITDA.
Adam Greenblatt, BetMGM CEO
iGaming remained an outlier. Online casino revenue rose 8% year-over-year, bolstered by steady engagement and a constant stream of new title launches. According to the company, these increases were due to improved spending per user rather than an influx of new customers. These results were particularly impressive as monthly active users fell 3% from last year.
Sports betting continued to lag. Betting volumes were up for big events like the World Cup and NBA playoffs. However, revenue stagnated as outcomes favored the bettors, hurting margins. Retail betting performed even worse, dragged down by several high-stakes wins. These figures show the inherent volatility in sportsbook performance, especially during high-profile events.
Management Remains Optimistic
Despite the mixed revenue picture, profitability increased. The company recorded an adjusted EBITDA of $74 million for Q2 and $99 million for the first half. This data suggests that BetMGM now prioritizes profitability. Marketing spending has been tightened with a renewed focus on “premium mass” bettors. These are users who bet consistently without the unpredictable swings of high rollers.
Partnerships remain a key element of BetMGM’s strategy. The company recently renewed its collaboration with Major League Baseball, guaranteeing its continued presence across broadcasts and digital channels. The deal also creates opportunities for more branded casino content, leveraging sports engagement to bolster gaming revenue. This deal also extends to MGM Resorts, creating new engagement opportunities.
While our industry faces regulatory complexity and an increasingly competitive environment, we remain agile and committed to our strategy.
Adam Greenblatt, BetMGM CEO
While BetMGM remained confident in its full-year guidance, factors such as regulatory uncertainty and tight competition pose challenges. The company expects to generate revenues between $2.9 billion and $3.1 billion in 2026. Long-term, BetMGM executives remain confident in their $500 million adjusted EBITDA target, though getting there may take a bit longer than expected.