BetMGM posts Q1 2026 financial results, records strong iGaming growth

• In Q1 2026, BetMGM reported a total net revenue increase of 6% year-over-year
• The increase in total net revenue was driven by 9% iGaming revenue growth and 4% online sports net revenue uptick
• Adam Greenblatt, BetMGM’s Chief Executive Officer, comments

The leading sports betting and iGaming company, jointly owned by MGM Resorts International and Entain plc, BetMGM, published its latest financial results.

The company released its first quarter of 2026 report, highlighting a single percentage year-over-year net revenue increase.

The results reflect the successful execution of the company's strategy

For the three months ended March 31, 2026, BetMGM’s total net revenue hit $696m.

Compared to the corresponding quarter in 2025, when the total revenue halted at $657m, the latest results point to a 6% year-over-year increase.

A breakdown of the total revenue shows that the lion’s share of the revenue came from the company’s iGaming operations.

In Q1 2026, BetMGM’s iGaming revenue soared by 9% year-over-year to $481m.

On the other hand, the company’s online sports betting revenue also performed well, recording a single-digit increase.

Per BetMGM’s newest report, online sports revenue hit $203m during the latest trading period, up by 4% when compared to the $194m result from the same period the prior year.

Adjusted EBITDA in Q1 2026 increased as well, hitting $25m, a result that signals an 11% year-over-year increase.

In its financial update, BetMGM wrote: "Q1 performance reflects continued successful execution of refined player management strategy, delivering robust iGaming growth alongside softer Online Sports growth including player-friendly sports results."

Unlike the growth of iGaming and online sports revenues, the revenue from retail and other operations halted at $11m, down by more than 40% year-over-year.

Late last month, BetMGM was hit with a $100,000 financial penalty in Pennsylvania.

The hefty fine comes on the heels of a probe of the state's gambling regulator, the Pennsylvania Gaming Control Board.

BetMGM's iGaming and betting businesses grow at scale

Adam Greenblatt, BetMGM’s Chief Executive Officer, spoke with excitement about the latest results.

He acknowledged that while the start of the year has been steady, the company has maintained focus on executing its strategic plan and following objectives that played a major role in the company’s transformation from 2025.

"We are generating sustainable, profitable growth and paying cash to our parent companies. Our iGaming business is growing at scale, and our Online Sports business continues to strengthen despite a challenging market in Q1," Greenblatt added.

Moreover, the executive pointed out: "As we look to the rest of the year, we will continue to focus on our areas of strength, particularly in iGaming, multi‑product states, omnichannel in Nevada, and servicing our premium mass sports players."

As explained by the company’s CEO, BetMGM remains focused on strengthening its operations and sustainable growth.

The newly released report highlighted that the company continues to expect FY 2026 Adjusted EBITDA between $300-$350m and net revenue in the realm of $2.9bn to $3.1bn.

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