What were BetMGM's net revenue and adjusted EBITDA for Q1 2026?

BetMGM reported net revenue of $696 million for Q1 2026, a 6% year-over-year increase. Adjusted EBITDA rose 11% to $25 million, reflecting strong profitability despite new parent fee payments.

What drove BetMGM’s revenue growth in Q1 2026?

BetMGM’s revenue growth was driven by its iGaming division, which saw a 9% increase in revenue to $481 million. Online sports betting revenue increased by 4%, despite "player-friendly" outcomes in major sporting events.

How did BetMGM manage its profitability in Q1 2026?

BetMGM saw an 11% increase in adjusted EBITDA to $25 million, despite the initiation of $3 million in "Parent Fee" payments to MGM and Entain for technology and brand licenses.

What did BetMGM’s report say about player management in Q1 2026?

BetMGM focused on "disciplined player management," which resulted in a decline in average monthly active users but an increase in handle and net gaming revenue (NGR) per active user.

Image for illustrative purposes only. Not a real photo.

BetMGM delivers profitable Q1 growth, trims FY revenue guidance

Written by Jon CuthbertPublished Apr 14, 2026, 12:00 AMLast Updated Jul 6, 2026, 10:30 AM

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.