BetMGM Posts Higher Q1 Revenue, Guidance Tightens

BetMGM opened 2026 with modest growth across online sports betting and iGaming, even as sportsbook conditions stayed tough and promotional pressure remained high. First quarter results also came with a lower full year revenue outlook, while management kept its profit target range in place.

Good to Know

• BetMGM reported $696 million in net revenue for Q1 2026, up 6% year over year.
• iGaming brought in $481 million, while mobile sports betting reached $203 million.
• Full year net revenue guidance now sits at $2.9 billion to $3.1 billion.

iGaming Did More of the Work

BetMGM leaned again on online casino growth in the first quarter. iGaming net revenue rose 9% to $481 million, while mobile sports betting increased 4% to $203 million. Total net revenue for the January through March period reached $696 million.

Adjusted EBITDA came in at $25 million, up 11% from the same quarter a year earlier. That figure included a first $3 million parent fee paid to Entain. BetMGM, jointly owned by MGM International and Entain, said growth stayed profitable and cash also went back to parent companies.

“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.”

Sports betting volume still rose, but not by much. Handle increased 3% to $4.2 billion. Nevada stood out with 11% growth. BetMGM said the quarter included major betting events such as the NFL playoffs, Super Bowl, the Olympics, and March Madness.

At the same time, player results ran well for bettors. Promotional wagering also climbed in what BetMGM called a heightened competitive environment. Mobile sports betting hold improved to 8.8% from 8.2%, but net gaming revenue win rate stayed flat at 4.8%.

Average monthly actives fell 9% year over year. BetMGM said that was expected and tied it to disciplined acquisition and ongoing player management. In other words, the group appears more focused on player value than pure volume.

Market share stayed steady enough to support that approach. BetMGM said it held 13% of GGR across 23 online sports betting states, now including Missouri, and four jurisdictions with online casinos. Within that, iGaming share reached 20%, while online sports betting share was 7% in Q1.

Retail and other revenue went the other way. That line dropped from $20 million in Q1 2025 to $11 million in Q1 2026, nearly half.

2026 Outlook Gets Narrower

BetMGM lowered its full year net revenue outlook to a range of $2.9 billion to $3.1 billion. Earlier guidance had been $3.1 billion to $3.2 billion. Adjusted EBITDA guidance remained at $300 million to $350 million, though BetMGM said results will likely land near the lower end of that range.

Management tied the revised forecast to moderated top line growth expectations, continued operational efficiencies, and disciplined strategic investment. Areas named for the rest of 2026 include iGaming, multi product states, omnichannel activity in Nevada, and premium mass sports players.

BetMGM also pointed to an Alberta sports betting launch and preparation for World Cup wagering this summer. For operators across North America, those two areas could matter later in the year, especially as competition for sportsbook users remains expensive and online casino keeps producing cleaner margins where regulation allows it.

“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.”

The post BetMGM Posts Higher Q1 Revenue, Guidance Tightens appeared first on iGaming.org.