Q2 continued delivery of profitable growth with ongoing focused strategic execution
JERSEY CITY, N.J., July 28, 2026 /PRNewswire/ -- BetMGM LLC ("BetMGM"), a leading sports betting and iGaming operator across North America, jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc $(ENT.UK)$ ("Entain"), is today providing an update on its Second Quarter ("Q2") and First Half ("H1") performance in 2026.
-- Q2 performance reflects continued delivery of profitable growth and cash
generation
-- Net Revenue of $711 million, +3% YoY
-- iGaming Net Revenue of $483 million (+8% YoY) and Online Sports
Net Revenue of $228 million (flat YoY)
-- Adjusted EBITDA of $74 million
-- FY 2026 guidance: reflecting year-to-date performance, expect both Net
Revenue and Adjusted EBITDA towards lower end of existing guidance ranges
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
"BetMGM has started 2026 well and continues to execute with discipline. Our underlying player fundamentals remain healthy, and we are generating positive cash flow and Adjusted EBITDA, enabling us to continue to invest in our highest return opportunities. While our industry faces regulatory complexity and an increasingly competitive environment, we remain agile and committed to our strategy that is delivering sustainable and profitable growth. Looking ahead, we will continue to prioritize our areas of strength, in particular leveraging our market leading iGaming offering across multi-product states, our omnichannel advantage in Nevada, and serving our higher-value customers. These strengths, combined with our disciplined strategic execution, underpin our confidence in the long-term outlook of our business."
Key Financial Highlights
Q2 and H1 2026 BetMGM Financial Summary(1,2,3)
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$ millions, unless Q2 Q2 YoY H1 H1 YoY
otherwise noted 2026 2025 Change 2026 2025 Change
------------------------- ------ ------ ------- ------ ------ -------
Net Revenue
iGaming $483 $449 +8 % $964 $891 +8 %
Online Sports $228 $228 0 % $431 $422 +2 %
Handle(4) $3,490 $3,427 +2 % $7,708 $7,515 +3 %
GGR Hold % 10.3 % 9.8 % +55bps 9.5 % 8.9 % +60bps
NGR Hold % 6.5 % 6.6 % (10)bps 5.6 % 5.6 % (5)bps
Retail / Other $0 $16 (97) % $12 $36 (67) %
------ ------ ------- ------ ------ -------
Total Net Revenue $711 $692 +3 % $1,406 $1,349 +4 %
Contribution $171 $192 (11) % $288 $307 (6) %
Adjusted EBITDA $74 $86 (15) % $99 $109 (9) %
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Capital Expenditures $18 $21 ($2) $22 $25 ($4)
------ ------ ------- ------ ------ -------
Parent Fees $15 -- +$15 $18 -- +$18
------ ------ ------- ------ ------ -------
Average Monthly Actives
(thousands)(5) 875 901 (3) % 925 984 (6) %
------------------------- ------ ------ ------- ------ ------ -------
Q2/H1 Financial Highlights(1)
-- H1 Net Revenue of $1.4 billion, +4% YoY; broadly consistent with
expectations
-- Q2 Net Revenue of $711 million, +3% YoY
-- iGaming Net Revenue +8% YoY with player engagement momentum
underpinned by the strength of our product offering
-- Online Sports Net Revenue flat YoY, reflecting strong handle from
tentpole events, including NBA playoffs and World Cup, offset by
higher player generosity
-- Average Monthly Actives -3% YoY, as expected given disciplined
acquisition and player management5
-- Retail Net Revenue -97% YoY impacted by larger staking bets won by
premium players
-- H1 Adjusted EBITDA of $99 million (Q2 $74 million) reflects our
continuing profitable growth with iGaming and Online Sports both
Contribution positive
-- Q2 Parent Fees of $15 million, with a total $18 million accrued to
Entain and MGM Resorts during H110
-- Aligned with sports calendar and working capital seasonality,
including World Cup and Alberta launch, no excess cash
distributions were made to BetMGM's parents during Q2
-- Podium position with 13% GGR market share in active markets, including
iGaming (20%) and Online Sports (8%)6,7
Operational Highlights
-- Best in class iGaming, leveraging our iconic brand heritage and product
excellence
-- Leading iGaming offering and ongoing player management continues
to drive growth in revenue and player engagement metrics
-- H1 NGR per Active +9% YoY8
-- Supported by BetMGM's best-in-class and exclusive content,
providing players with exciting and differentiated experiences
-- New Game of Thrones titles launched in Ontario amongst our
most successful launches, with a planned US rollout this
summer
-- Exclusive new releases from omni franchises including
Rakin' Bacon, Buffalo Triple Power and Money Gong
-- Launched Elvis Presley: Viva Las Records and Marilyn Monroe
Slingo, the first of our Hollywood legends inspired
exclusive slots lineup
-- Focused approach to Online Sports continuing to deliver healthy
player-level KPIs
-- Disciplined player management and acquisition approach supports
healthy underlying KPIs
-- H1 Handle per Active +18% YoY8
-- H1 NGR per Active +17% YoY8
-- Focused engagement of "premium mass" audience continues to
drive growth and a higher quality player base
-- Successfully leveraging BetMGM's competitive advantage in
Nevada, with H1 Nevada Online Sports Handle +10%9
Outlook
-- BetMGM's focused strategic execution and disciplined capital deployment
sees the business well positioned to continue delivering long-term
profitable and sustainable growth
-- Reflecting year-to-date performance and expectations for H2, BetMGM
remains on track to deliver FY 2026 guidance, albeit towards the lower
end of the existing guidance ranges (Net Revenue of $2.9-$3.1 billion and
Adjusted EBITDA of $300-$350 million)
-- Momentum from Borgata's brand refresh, a strong World Cup as well
as our recent successful launch in Alberta continues into H2
-- As previously stated:
-- Total cash to parents in FY 2026 will comprise Parent Fees10 and
excess cash above BetMGM's minimum unrestricted cash requirement11
-- Adjusted EBITDA less CapEx is a reasonable proxy for total cash to
parents
-- BetMGM remains confident in delivering Adjusted EBITDA of $500 million in
the coming years. However, given the current market environment including
impact of prediction market regulatory complexity, we believe it is
prudent to assume the timing of delivery will extend beyond current 2027
expectations
Q2 2026 Results Audio Webcast and Q&A
-- An audio webcast call will be held today, Tuesday, July 28, 2026 at
9:00am EST (2:00pm UK), with participants able to join via webcast
-- Live audio webcast registration link: BetMGM Q2 2026 Audio Webcast
-- After the opening remarks, there will be a 30-minute Q&A session for
analysts and investors
-- Those wishing to ask a question should use the dial ins below and
register via the following link: Investor Registration for Q&A
US Toll free + 1 888 672 2415 US + 1 646 307
1952 UK Toll free +44 800 358 0970 UK +44 20
3433 3846 International dial-in numbers: Conference ID 93919
Contacts:
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MGM Resorts International
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Investment Community
Sarah Rogers -- Senior Vice President, Corporate srogers@mgmresorts.com
Finance and Treasure
Howard Wang -- Vice President, Investor Relations hwang@mgmresorts.com
News Media
Brian Ahern -- Executive Director, Communications media@mgmresorts.com
Entain plc
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Investor Relations investors@entaingroup.com
Media media@entaingroup.com
BetMGM
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Nitish Basandra -- Director, Corporate nitish.basandra@betmgm.com
Development & IR
Jennifer Arapoff -- Director, Public Relations jennifer.arapoff@betmgm.com
Notes:
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1: Net Revenue, Contribution, and Adjusted EBITDA are based on how management
analyzes the performance of the business, which are not prepared in accordance
with GAAP. Adjusted EBITDA reflects the impact of employee long-term incentive
compensation programs and represents EBITDA prior to deducting Parent Fees.
Refer to "Non-GAAP Financial Information" section below for additional detail.