TLDR BetMGM’s Q2 2026 net revenue grew just 3% to $711 million, missing estimates Adjusted EBITDA fell 14% year over year to $74 million Executives say prediction market operators are hurting customer acquisition Retail sportsbook revenue nearly disappeared, dropping 97% from last year The company pushed its $500 million EBITDA target past 2027
BetMGM released its second quarter 2026 results on July 28. The company is a joint venture between MGM Resorts International and Entain.
Net revenue came in at $711 million. That is a 3% increase from $692 million a year earlier.
Adjusted EBITDA dropped 14% to $74 million, down from $86 million in the same quarter last year. The results fell short of Entain’s own consensus estimate.
Growth has slowed sharply. In the second half of 2025, BetMGM’s revenue grew 31%. This quarter’s 3% growth shows a steep drop in momentum.
iGaming Keeps the Business Steady
Online casino games, known as iGaming, remain BetMGM’s strongest segment. Revenue there rose 8% to $483 million, making up close to 70% of total revenue.
.@BetMGM‘s Q2 2026 Business Update is in.
Q2 was highlighted by continued profitable growth and cash generation, strong iGaming momentum and disciplined player management in Online Sports. pic.twitter.com/uxXsD7k7Ne
— BetMGM News (@BetMGMNews) July 28, 2026
The company credited new game releases for the growth. These included titles tied to Game of Thrones, Elvis Presley, and Marilyn Monroe.
Sports betting told a different story. Revenue stayed flat at $228 million even though total betting handle rose 2%.
The gap came from how much BetMGM paid out to winning customers. Net gaming revenue margin slipped slightly, meaning the company kept a smaller share of each dollar wagered.
Retail sportsbook revenue was hit hardest. It fell 97% compared to last year, landing at