In the first quarter of 2026, BetMGM's financial performance showcased the company's ability to stay on course with a strategic plan that balances growth across sectors.
Despite some challenges, the company delivered a solid first quarter, particularly highlighting its strengths in iGaming.
BetMGM reported net revenue of $696 million, a 6% increase from last year.
The iGaming division, which includes online casino games, showed impressive growth with a 9% increase in net revenue. Meanwhile, the Online Sports sector also grew by 4%, although it faced challenges from more favorable player results and increased competition.
The company achieved an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $25 million—a 11% increase from the previous year. This metric is significant because it shows that both the iGaming and Online Sports divisions are performing well enough to contribute positively to the overall profitability.
It also comes on the heels of the announcement of BetMGM's new games built around the hit reality TV show "Survivor" and just weeks after the company unveiled its new Richard Childress racing game.
Operational Highlights for BetMGM
BetMGM is enhancing its iGaming offerings by refining player management and providing unique gaming experiences.
The company has partnered with Games Global to offer exclusive game titles, such as the Gold Blitz series. They are also celebrating popular franchises, such as the Survivor series, to give players fresh and exciting content.
Additionally, BetMGM continues to focus on expanding its Online Sports market, especially in states like Nevada. The "Handle" (total amount bet per active user) increased by 23% year-over-year, indicating healthy growth despite a decline in the average number of monthly active users.
Looking Ahead to the Rest of 2026
As BetMGM looks to the rest of 2026, they have adjusted its full-year net revenue expectations to between $2.9 billion and $3.1 billion. They still aim to reach an adjusted EBITDA of $300-$350 million, though this is now expected to be on the lower end.
The company is optimistic about future opportunities. They plan to push further into iGaming, expand in multi-product states, win in Nevada, and explore new markets like Alberta. They also aim to capitalize on global events such as the World Cup. These initiatives strengthen their pathway towards achieving $500 million in adjusted EBITDA by 2027.
What's Next For BetMGM?
BetMGM's Q1 2026 results indicate a company carefully balancing immediate challenges with long-term strategic goals.
Continuing to focus on its strengths, particularly in iGaming and strategic state markets, provides a robust foundation for future growth. As they move forward, these strategies are expected to keep BetMGM on track for sustainable success.
