BetMGM Pushes $500M EBITDA Goal Past 2027
BetMGM generated $711 million in net revenue, up from $692 million a year earlier. Online casino revenue increased 8% to $483 million and drove the quarterly gain.
Online sports betting produced $228 million, unchanged from Q2 2025. Across the first half, sportsbook revenue rose 2% to $431 million. iGaming reached $964 million, an 8% increase.
Total first-half net revenue stood at $1.41 billion, up 4%. BetMGM estimated its gross gaming revenue share at 13% across active markets, including 20% in iGaming and 8% in online sports betting.
More Wagers Bring No Sportsbook Growth
Sportsbook handle grew 2% to $3.49 billion in Q2. GGR hold rose to 10.3% from 9.8%, but online sports revenue remained flat. NGR hold edged down to 6.5% from 6.6%. BetMGM said higher player generosity offset stronger event-driven handle.
Average monthly active users fell 3% to 875,000. The operator linked the decline to disciplined acquisition and player management. Handle per active user rose 18% during the first half, while sportsbook net revenue per active increased 17%.
EBITDA Falls Despite Revenue Growth
Adjusted EBITDA reached $74 million, down from $86 million in Q2 2025. Contribution declined 11% to $171 million.
BetMGM also accrued $15 million in parent fees for services and licenses supplied by MGM Resorts and Entain. First-half adjusted EBITDA came to $99 million, down 9%.
No excess cash distribution was made to the parent companies during Q2. BetMGM cited working capital needs linked to the sports calendar, the World Cup and its Alberta launch.
Guidance Holds, but the Timeline Slips
BetMGM maintained its 2026 guidance of $2.9 billion to $3.1 billion in net revenue and $300 million to $350 million in adjusted EBITDA, with both expected toward the lower end of their ranges. The company also pushed its $500 million EBITDA target beyond 2027, citing the current market environment and regulatory complexity around prediction markets.
Though BetMGM is generating profits, there is an imbalance in the performance of different operations within the company. The casino is currently leading the growth, while higher sportsbook volume is producing little top-line progress. Reaching the next profit tier will depend on better sports monetization without returning to an expensive acquisition race.