BetMGM has posted Q1 2026 net revenue of $696 million, a 6 percent year-on-year increase, while simultaneously trimming its full-year revenue guidance from $3.1 billion to $3.2 billion down to $2.9 billion to $3.1 billion, in a set of results that tell two distinct stories about the US online gambling market depending on which division you look at first.
The iGaming division, meaning online casino games, grew net revenue 9 percent to $481 million and is now generating approximately 69 percent of BetMGM’s total quarterly revenue, a ratio that has been shifting consistently in favour of casino over the past several years and that makes BetMGM structurally more like an online casino company with a sportsbook attached than the dual-product platform its branding implies.
Online sports betting grew a more modest 4 percent to $203 million, with the quarter heavily affected by customer-friendly sporting outcomes during the Super Bowl and March Madness that depressed hold percentages at precisely the moments of peak wagering volume, a recurring source of sports betting earnings volatility that no operator has yet solved despite years of product refinement.
BetMGM’s 20 percent iGaming market share across its four regulated online casino states, New Jersey, Pennsylvania, Michigan, and West Virginia, is the clearest quantitative evidence of how the MGM Resorts land-based brand translates into online consumer preference, with the company’s ability to cross-market to the tens of millions of M Life rewards programme members giving it a customer acquisition advantage that pure-play digital competitors cannot replicate without equivalent physical infrastructure.
CEO Adam Greenblatt said in his prepared remarks: “Although it has been a steady start to the year, BetMGM is delivering on our strategic plan, carrying forward the initiatives that drove our transformation in 2025,” framing the guidance reduction as a recalibration reflecting actual Q1 performance rather than any deterioration in the underlying structural competitiveness of the business.
The company maintained its full-year adjusted EBITDA target of $300 million to $350 million, though Greenblatt acknowledged guidance will likely land toward the lower end of that range, a modestly disappointing signal for investors who had been hoping the improving profitability trajectory from 2025 would translate into upside against targets rather than a narrowing of the expected outcome toward a floor.
Adjusted EBITDA of $25 million for the quarter represented an 11 percent year-on-year increase from $22 million, a number that keeps BetMGM on track for its longer-horizon goal of $500 million in adjusted EBITDA by 2027, a target that represents the threshold at which the company’s parent companies, Entain and MGM Resorts, can point to the joint venture as a fully self-sustaining profit engine rather than a strategic investment still in its payback phase.
The exclusive deal with Games Global to launch the Gold Blitz franchise of slot games in the United States is the most concrete product investment BetMGM has made in the iGaming side this quarter, a move designed to offer differentiated content that reinforces player loyalty within its own platform rather than competing purely on bonus offers and promotional spend that compress margins across all operators simultaneously.
Handle per active user grew 23 percent year-on-year despite lower overall headcount in the user base, suggesting BetMGM’s deliberate strategy of reducing its exposure to low-margin, high-volume bonus-hunters and retaining higher-value players is producing measurable unit economics improvement that the headline revenue numbers do not fully capture.
The broader US iGaming market context matters for understanding BetMGM’s results: FanDuel, which holds approximately 45 percent of US sports betting market share, sits at only 18 percent of the iGaming market, a gap that Flutter’s management has explicitly identified as a strategic priority for 2026 and 2027, meaning BetMGM’s 20 percent online casino share is under more direct competitive pressure than the current quarter’s results reflect, with FanDuel’s scale and marketing budget giving it the capacity to narrow that gap relatively quickly if it decides to invest aggressively in the online casino category.
