BetMGM reveals $711 million Q2 net revenue as iGaming grows 8%

• BetMGM reported second-quarter 2026 net revenue of $711 million, marking a 3% year-over-year increase driven entirely by its iGaming segment.
• The joint venture's adjusted EBITDA fell 15% year-over-year to $74 million for the quarter.
• Management expects full-year 2026 results toward the lower end of guidance and pushed its $500 million Adjusted EBITDA target beyond 2027.

BetMGM, the sports betting and iGaming joint venture of MGM Resorts (NYSE:MGM) and Entain, reported second-quarter 2026 net revenue of $711 million, representing a 3% increase compared to the prior-year period.

The total revenue growth was driven by an 8% rise in iGaming net revenue to $483 million.

The Online Sports Net Revenue segment remained flat year-over-year at $228 million.

The company reported a Q2 2026 adjusted EBITDA of $74 million, marking a 15% decline from the same period last year.

For the first half of 2026, net revenue reached $1.4 billion while adjusted EBITDA totaled $99 million.

Average Monthly Actives declined by 3% in Q2 and 6% in the first half of the year, although the operator noted that both net gaming revenue and handle per active user increased across its product lines.

Following the announcement, MGM Resorts shares traded lower, exchanging hands around $46.40 in early market activity.

BetMGM maintained its reported 13% gross gaming revenue market share across its active operating regions, supported by a 20% share in iGaming and an 8% share in online sports betting.

The company reiterated its fiscal 2026 guidance ranges of $2.9 billion to $3.1 billion in net revenue and $300 million to $350 million in adjusted EBITDA.

However, management noted that actual results are now expected toward the lower end of these ranges, adding that its long-term target of $500 million in adjusted EBITDA will likely extend beyond the previously stated 2027 timeframe.