BetMGM Q2: Sports revenue stalls as iGaming drives 3% overall growth

BetMGM has unveiled its full Q2 & H1 2026 financial report, highlighting revenue figures of $711m and $1.41bn for each period, respectively.  

Indeed, these overall revenue results also represent general rises year-over-year for the operator, with Q2 revenue up 3% and H1 revenue up 4%.  

Sports stall in the second quarter 

Over the course of Q2, iGaming was the operator’s key revenue driver, representing $483m of the overall reported revenue figure, up 8% in comparison to results from the prior year. 

Elsewhere, online sports betting revenues remained entirely flat in comparison with Q2 2025, generating $228m and seemingly unaffected by the World Cup group stage, which took place largely through the end of June. Wagering handle did increase by 2%, with BetMGM accepting approximately $3.49bn in bets.  

Perhaps more troubling, however, was a 97% revenue decline year-over-year in retail revenues, which fell to $0 from a figure of $16m recorded during the same quarter of the prior year.

BetMGM stated that this figure was "impacted by larger staking bets won by premium players."

Q2 2026 adjusted EBITDA was also subject to a year-over-year decline of 15%, settling at $74m.  

The halfway mark: BetMGM up overall 

Both H1 iGaming and online sports betting revenue were subject to revenue rises overall – with iGaming up 8% year-over-year to $964m and sports betting up 2% to $431m. Online sports wagering handle also rose 3% over the course of the first half of the year to $7.71bn.  

Mirroring the same trend displayed over the second quarter, H1 retail revenue dropped 67% in comparison to results from the year prior, settling at $12m.  

Adjusted EBITDA fell by 9% during the first half of 2026 to $99m. Overall, however, BetMGM’s full H1 2026 revenue reached just under $1.41bn, representing an upswing of 4% from the prior year. It has already been a busy start to the third quarter for the operator, which officially went live in newly regulated Alberta in recent weeks.  

CEO's comments  

Speaking on this development, BetMGM CEO Adam Greenblatt said: “BetMGM has started 2026 well and continues to execute with discipline. Our underlying player fundamentals remain healthy, and we are generating positive cash flow and adjusted EBITDA, enabling us to continue to invest in our highest return opportunities.  

"While our industry faces regulatory complexity and an increasingly competitive environment, we remain agile and committed to our strategy that is delivering sustainable and profitable growth.  

"Looking ahead, we will continue to prioritize our areas of strength, in particular leveraging our market leading iGaming offering across multi-product states, our omnichannel advantage in Nevada, and serving our higher-value customers. These strengths, combined with our disciplined strategic execution, underpin our confidence in the long-term outlook of our business.”