BetMGM, the sports betting and iGaming joint venture between MGM Resorts International (NYSE:MGM) and Entain, reported first-quarter 2026 financial results on Tuesday, April 14, 2026.
The operator posted a 6% year-over-year increase in net revenue, driven by continued strength in its casino segment, even as it tightened its full-year outlook to reflect a more disciplined approach to player acquisition.
Net revenue for the first quarter reached $696 million, up from the same period last year.
The growth was led by the company’s iGaming division, which saw revenue rise 9% to $481 million.
Online sports betting revenue increased a more modest 4% to $203 million, a result management attributed to "player-friendly" outcomes in major sporting events throughout the quarter.
Profitability metrics remained on an upward trajectory, with adjusted EBITDA rising 11% to $25 million.
This growth comes despite BetMGM initiating its first "Parent Fee" payments—totaling $3 million this quarter—to MGM and Entain for technology and brand licenses.
A key theme of the report was "disciplined player management."
While average monthly active users saw a decline, the company reported a rise in handle and net gaming revenue (NGR) per active user.
Despite the solid quarterly start, the company adopted a more cautious stance for the remainder of the year.
BetMGM narrowed its FY 2026 net revenue guidance to $2.9–$3.1 billion, down from the previously projected $3.1–$3.2 billion.
While the company reiterated its adjusted EBITDA guidance of $300–$350 million, it cautioned that results are now expected to fall toward the lower end of that range.
BetMGM currently maintains a 13% gross gaming revenue (GGR) market share across its active North American markets, including a dominant 20% share in the iGaming sector. Management remains confident in its long-term roadmap, maintaining its target of $500 million in Adjusted EBITDA by 2027.