BetMGM entered 2026 nonetheless making a living, although its latest results level to a enterprise that has misplaced a few of final yr’s momentum. First-quarter web income reached $696 million, up 6% from the identical interval a yr in the past. Adjusted EBITDA rose 11% to $25 million. The corporate stays worthwhile after a robust 2025, however the tempo is clearly extra modest now.
Sports activities betting is the place the slowdown seems to face out most. On-line sports activities income rose to $203 million within the quarter, a 4% enhance. That’s far under the expansion charges seen by 2025, when the phase posted positive factors of 68% within the first quarter, 56% within the second, and 36% within the third. iGaming continues to hold extra of the enterprise, with income up 9% to $481 million, although even that trails the 24% development reported for the total yr in 2025.
BetMGM Q1 2026 studies development, however the combine has modified
The corporate pointed to “participant pleasant sports activities outcomes” and heavier promotional exercise as causes for the softer sports activities efficiency. It additionally cited a deliberate shift towards tighter participant administration, which is beginning to present in its person knowledge.
Common month-to-month energetic customers fell 9% from a yr earlier to 975,000. The drop was sharper in on-line sports activities, the place energetic customers declined 16%. On the identical time, betting exercise per person and income per bettor each elevated. The figures present a transparent sample: fewer customers, however each producing extra worth.
This has been constructing for a while. By 2025, BetMGM centered extra on bettering returns from present prospects quite than chasing fast person development. Now that technique is colliding with a softer income outlook.
The corporate lowered its 2026 income forecast to between $2.9 billion and $3.1 billion, down from the $3.1 billion to $3.2 billion vary it gave after its full-year 2025 outcomes. It stored its Adjusted EBITDA goal of $300 million to $350 million, although it now expects outcomes to land nearer to the decrease finish.
The change in tone is notable given how typically BetMGM raised expectations final yr. It began 2025 with a revenue outlook of $2.4 billion to $2.5 billion, then lifted that determine a number of instances. The corporate in the end completed the yr with $2.8 billion in revenue and $220 million in EBITDA.
Chief Govt Officer Adam Greenblatt mentioned, “Though it has been a gentle begin to the yr, BetMGM is delivering on our strategic plan, carrying ahead the initiatives that drove our transformation in 2025.” The most recent outcomes line up with that description. The enterprise remains to be regular, however the focus now could be on holding profitability as development turns into more durable to maintain.
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