BetMGM delivered another quarter of profitable growth in Q2 2026, with iGaming once again doing the heavy lifting. The company reported $711 million in net revenue, up 3% year over year, while adjusted EBITDA was $74 million.
iGaming net revenue reached $483 million, an 8% increase from the same period last year. Online sports revenue was flat at $228 million, showing steady performance even as BetMGM operated in a more competitive market. The company also built on the strong first-quarter numbers it posted.
BetMGM said its results reflect disciplined execution, healthy player fundamentals, and a continued focus on profitable growth. The company also pointed to strong handle from major sporting events, including the NBA playoffs and the World Cup.
Average monthly actives fell 3% year over year, which BetMGM said was expected given its disciplined approach to acquisition and player management. Even so, the company said it continues to see strong engagement from higher-value customers and premium mass players.
iGaming Remains BetMGM’s Biggest Strength
BetMGM continues to lean on its iGaming business as one of its biggest competitive advantages. The company highlighted player engagement momentum, strong product quality, and exclusive content as key drivers of growth.
Recent game launches included new games built around the hit reality TV show "Survivor" and its new Richard Childress racing game.
In addition, the company reported that first-half NGR per active user rose 9% year over year, another sign that its iGaming players are spending more and engaging more often.
Online Sports Holds Steady
BetMGM’s online sports business was flat year over year in Q2, but the company said the segment remains healthy. Strong handle from tentpole events helped offset higher player generosity, keeping results stable.
For the first half of 2026, handle per active user rose 18% and NGR per active user increased 17%, showing that BetMGM’s player base remains valuable even as acquisition stays disciplined.
BetMGM also continues to benefit from its position in Nevada, where online sports handle rose 10% in the first half of the year.
BetMGM Lowers Full-Year Expectations
Based on year-to-date performance, BetMGM now expects both net revenue and adjusted EBITDA to come in toward the lower end of its 2026 guidance range. Full-year guidance remains set at $2.9 billion to $3.1 billion in net revenue and $300 million to $350 million in adjusted EBITDA.
The company said it remains confident in its long-term strategy and continues to target sustainable, profitable growth. It also noted that regulatory complexity and changing market conditions, including the impact of prediction market rules, could push its timeline for reaching $500 million in adjusted EBITDA beyond current 2027 expectations.
BetMGM’s Q2 2026 report shows a business that is still growing, still profitable, and still leaning heavily on iGaming as its top performer. While online sports stayed steady, the company’s overall direction remains focused on efficient growth, stronger player quality, and long-term stability.
