BETMGM Q1 2026 BUSINESS UPDATE

Rhea-AI Summary

BetMGM (NYSE: MGM) reported Q1 2026 Net Revenue of $696 million (up 6% YoY) and Adjusted EBITDA of $25 million (up 11% YoY). iGaming Net Revenue rose 9% to $481 million while Online Sports Net Revenue increased 4% to $203 million. Average Monthly Actives declined, reflecting disciplined player management.

The company reiterated FY 2026 Adjusted EBITDA guidance of $300–$350 million (now expected toward the lower end) and narrowed FY Net Revenue to $2.9–$3.1 billion.

Positive

• Adjusted EBITDA +11% YoY to $25 million
• iGaming NGR per Active +12% YoY
• Online Sports NGR per Active +25% YoY
• Handle per Active +23% YoY

Negative

• FY 2026 Net Revenue guidance lowered to $2.9–$3.1 billion (from $3.1–$3.2 billion)
• Average Monthly Actives down 9% YoY
• Retail/Other Net Revenue declined 43% YoY

News Market Reaction – MGM

-0.05%

-0.05% Session close to close

In the Apr 14 session, MGM declined 0.05%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights BetMGM’s Q1 Net Revenue of $696 million, up 6% YoY, with Adjusted EBITD...

Analysis

This announcement highlights BetMGM’s Q1 Net Revenue of $696 million, up 6% YoY, with Adjusted EBITDA improving to $25 million. Management updated FY 2026 Net Revenue guidance to $2.9–$3.1 billion while maintaining Adjusted EBITDA guidance of $300–$350 million, indicating moderated top-line expectations but continued profitability focus. Investors may monitor trends in Average Monthly Actives, which declined 9% YoY to 975,000, alongside iGaming growth and execution in Nevada and multi-product states.

Key Figures

Q1 2026 Net Revenue: $696 million Q1 iGaming Net Revenue: $481 million Q1 Online Sports Net Revenue: $203 million +5 more

8 metrics

Q1 2026 Net Revenue $696 million Three months ended March 31, 2026; +6% YoY

Q1 iGaming Net Revenue $481 million Three months ended March 31, 2026; +9% YoY vs $443 million

Q1 Online Sports Net Revenue $203 million Three months ended March 31, 2026; +4% YoY vs $194 million

Q1 Adjusted EBITDA $25 million Three months ended March 31, 2026; +11% YoY vs $22 million

FY 2026 Net Revenue Guidance $2.9–$3.1 billion Updated from prior $3.1–$3.2 billion range

FY 2026 Adjusted EBITDA Guidance $300–$350 million Expected towards lower end of range

Q1 2026 Handle $4,218 million Total Online Sports handle; +3% YoY vs $4,088 million

Average Monthly Actives 975 thousand Q1 2026 Average Monthly Actives; -9% YoY vs 1,067 thousand

Historical Context

5 past events · Latest: Apr 07 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 07	Update & call notice	Neutral	+0.8%	Announced timing and access details for BetMGM Q1 2026 business update.
Mar 27	Earnings date set	Neutral	-3.3%	Scheduled MGM’s Q1 2026 earnings release and conference call on Apr 29.
Mar 25	Product offering launch	Positive	+1.0%	Launched All-Inclusive Experience packages at Luxor and Excalibur in Las Vegas.
Mar 17	New venue opening	Positive	+2.5%	Announced Tailgate Beach Club sports dayclub opening at Mandalay Bay in May.
Mar 09	Conference participation	Neutral	-1.8%	Detailed MGM’s presentation at a J.P. Morgan gaming and lodging forum.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent MGM news items have generally seen share price moves that track the neutral-to-positive tone of announcements.

Recent Company History

Over the last month, MGM’s news flow has centered on corporate events and product initiatives. A BetMGM update and conference notice on Apr 7 preceded a modest 0.77% rise, while earnings and conference date notices in late March saw mixed reactions, including a -3.33% move on Mar 27. Product and venue launches, such as the All-Inclusive Experience on Mar 25 and Tailgate Beach Club on Mar 17, coincided with gains of 1.02% and 2.45%, linking experiential growth themes to positive price action.

Key Terms

adjusted ebitda, ggr hold %, ngr hold %, gaap, +3 more

7 terms

adjusted ebitda financial

"Adjusted EBITDA of $25 million, +11% YoY"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

ggr hold % financial

"GGR Hold % | | 8.8 % | 8.2 % | +60bps"

GGR hold % is the share of total bets that a gaming operator keeps after paying out winnings, calculated by dividing gross gaming revenue (what players lose) by total stakes. It matters to investors because it shows how much of customer wagers are converted into revenue—similar to a store’s sales margin—and large swings can reflect luck, changes in player behavior, or operational issues that affect profitability and future cash flow.

ngr hold % financial

"NGR Hold % | | 4.8 % | 4.8 % | +5bps"

NGR Hold % is the percentage of total money wagered that an operator keeps as net gaming revenue after paying out winnings, bonuses and related costs; it’s calculated by dividing net gaming revenue by total bets (handle) and expressing the result as a percent. For investors it shows how much revenue a betting or gaming business retains from customer activity — like a store’s margin on sales — and helps gauge underlying profitability and short-term volatility driven by luck or pricing.

gaap financial

"which are not prepared in accordance with GAAP."

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial information financial

"Refer to "Non-GAAP Financial Information" section below for additional detail."

Non-gaap financial information are company-reported numbers that adjust standard accounting results to remove items management considers one-time, unusual, or not representative of ongoing business — for example, adjusted earnings or cash flow measures. Investors use them like a cleaned-up snapshot (wiping dirt off a window) to see underlying performance trends, but because companies choose what to exclude these figures can vary and should be compared with the official GAAP statements and disclosures.

parent fees financial

"Parent Fees | | $3 | -- | +$3"

Parent fees are charges a parent company bills its subsidiaries or related businesses for services, shared costs, licensing or management. They matter to investors because they shift revenue and expenses between entities, affecting reported profits, cash flow and tax liabilities—like one family member charging others for shared utilities, which can make some people look wealthier on paper while others appear less so. Large or opaque parent fees can signal profit shifting or related-party risk that changes a company's true financial picture.

gross gaming revenue financial

"Gross Gaming Revenue (GGR) market share consists of trailing three months"

Gross gaming revenue is the total amount players lose to a gambling operator over a period, calculated as all bets placed minus the winnings paid back to players. For investors, it shows how much money the gaming business actually retains before paying operating costs, taxes and marketing—like a store's sales before expenses—and is a key indicator of growth, profitability potential and exposure to regulatory or tax changes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Q1 profitable growth reflects continuing execution of strategy

JERSEY CITY, N.J., April 14, 2026 /PRNewswire/ -- BetMGM LLC ("BetMGM"), a leading sports betting and iGaming operator across North America, jointly owned by MGM Resorts International (NYSE: MGM) ("MGM Resorts") and Entain plc (LSE: ENT) ("Entain"), is today providing an update on its Q1 2026 performance.

• 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
  • Net Revenue of $696 million, +6% YoY
  • iGaming Net Revenue +9% YoY and Online Sports Net Revenue +4% YoY
  • Adjusted EBITDA of $25 million, +11% YoY
• FY 2026 guidance: BetMGM maintains focus on its areas of strength and delivering profitable and sustainable growth with guidance updated to reflect year-to-date performance and revised outlook expectations
  • Continue to expect FY 2026 Adjusted EBITDA between $300-$350 million, albeit towards lower end of the range, while Net Revenue now expected to be between $2.9-$3.1 billion

Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
"Although it has been a steady start to the year, BetMGM is delivering on our strategic plan, carrying forward the initiatives that drove our transformation in 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. 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. These give us confidence that we will deliver on our updated 2026 guidance as well as continue on the path to $500 million of Adjusted EBITDA in 2027."

Q1 2026 Key Financial Highlights

	‌	Three months ended March 31, 20261,2,3
$ millions, unless otherwise noted		2026	2025	YoY Change
Net Revenue
iGaming		$481	$443	+9 %
Online Sports		$203	$194	+4 %
Handle4		$4,218	$4,088	+3 %
GGR Hold %		8.8 %	8.2 %	+60bps
NGR Hold %		4.8 %	4.8 %	+5bps
Retail / Other		$11	$20	(43 %)
Total Net Revenue		$696	$657	+6 %
Contribution		$116	$116	--
Adjusted EBITDA		$25	$22	+11 %
Capital Expenditures		$3	$4	($1)
Parent Fees		$3	--	+$3
Average Monthly Actives (thousands)5		975	1,067	(9 %)

Financial Highlights¹

• Q1 Net Revenue of $696 million, +6% YoY
  • iGaming Net Revenue +9% YoY with player engagement momentum underpinned by the strength of our product offering
  • Online Sports Net Revenue +4% YoY, impacted by player friendly sports outcomes and increased promotional generosity aligned with heightened competitive environment
  • Average Monthly Actives -9% YoY⁵, as expected, reflecting disciplined acquisition and ongoing player management

• Q1 Adjusted EBITDA of $25 million (+11% YoY), with both iGaming and Online Sports delivering positive Contribution
  • First payment of Parent Fees of $3 million to Entain and MGM Resorts accrued in Q1¹⁰
• Podium position with 13% GGR market share in active markets, including iGaming (20%) and Online Sports (7%)^6,7

Operational Highlights

• Market-leading iGaming offering
  • Leading iGaming offering supported by ongoing refinement of player management delivering consistent growth in engagement metrics
    • ^{Q1 NGR per Active +12% YoY8}
    • ^{Q1 Average Monthly Actives -3% YoY5}
  • Continued focus on best-in-class and exclusive content providing players with exciting and differentiated experiences
    • ^{Exclusive access to all Gold Blitz titles before launching to the wider market with new Games Global partnership}
    • ^{New and exclusive titles from leading franchises, including Survivor, celebrating the show's 50th anniversary season}
    • ^{Enhancing cross-sell initiatives with sports-branded games and increased showcasing of promotions in our multi-product states}

• Focused approach to Sports, including in Nevada, continues
  • Disciplined acquisition and player management strategy in Online Sports focused on premium mass player audience supports healthy underlying KPIs
    • ^{Q1 Handle per Active +23% YoY8}
    • ^{Q1 NGR per Active +25% YoY8}
    • ^{Q1 Average Monthly Actives -16% YoY5}
  • Q1 Handle +11% YoY⁹ in Nevada, demonstrating continued execution of strategic and competitive advantage

Outlook

• Reflecting year-to-date performance and revised outlook expectations for the remainder of 2026, BetMGM now expects FY 2026 Net Revenue of $2.9-$3.1 billion (previously $3.1-$3.2 billion) while maintaining existing Adjusted EBITDA guidance albeit towards the lower end of $300-$350 million range
  • Updated guidance reflects moderated top line growth expectations, continuing operational efficiencies and disciplined strategic investment focused on its areas of strength, to support growth in outer years
  • Exciting opportunities ahead include leaning further into iGaming, multi-product states, winning in Nevada, World Cup activations, launching in Alberta, and servicing our premium mass sports players
• As previously stated, total cash to parents in 2026 will comprise Parent Fees¹⁰ and excess cash above BetMGM's minimum unrestricted cash requirement of $100-$125 million¹¹. Adjusted EBITDA less CapEx is a reasonable proxy for total cash to parents
• BetMGM remains on its pathway to delivering $500 million of Adjusted EBITDA in FY 2027

Q1 2026 Results Audio Webcast and Q&A

• An audio webcast call will be held today, Tuesday, April 14, 2026 at 9:00am EST (2:00pm UK), with participants able to join via webcast
  • Live audio webcast registration link: BetMGM Q1 2026 Audio Webcast
• After the opening remarks, there will be a 30 minute Q&A session for analysts and investors
  • Those wishing to ask a question should use the dial ins below and register via the following link: Investor Registration for Q&A
    
    US Toll free       + 1 888 500 3691
    US                     + 1 646 307 1951
    UK Toll free       +44 800 358 0970
    UK                    +44 20 3433 3846
    International dial-in numbers

Contacts:
MGM Resorts International
Investment Community Sarah Rogers – Senior Vice President, Corporate Finance and Treasure Howard Wang – Vice President, Investor Relations   News Media Brian Ahern – Executive Director, Communications	srogers@mgmresorts.com hwang@mgmresorts.com     media@mgmresorts.com
Entain plc
Investor Relations  Media	investors@entaingroup.com  media@entaingroup.com
BetMGM
Nitish Basandra – Director, Corporate Development & IR  Jennifer Arapoff – Director, Public Relations	nitish.basandra@betmgm.com  jennifer.arapoff@betmgm.com

Notes:

1: Net Revenue, Contribution, and Adjusted EBITDA are based on how management analyzes the performance of the business, which are not prepared in accordance with GAAP. Adjusted EBITDA reflects the impact of employee long-term incentive compensation programs and represents EBITDA prior to deducting Parent Fees. Refer to "Non-GAAP Financial Information" section below for additional detail.

2: BetMGM's independent registered public accounting firm has not audited, reviewed or performed any procedures with respect to these estimates. During the course of the preparation of BetMGM's audited financial statements, BetMGM and its auditors may identify items that would require material adjustments to these estimates. As a result, these estimates constitute forward-looking statements and, therefore, investors are cautioned that they are subject to risks and uncertainties, including possible adjustments.

3: Totals may not sum due to rounding.

4: Handle reflects the total Online Sports handle (cash + bonus bets) taken in the period.

5: Average Monthly Actives are equal to the average of unique monthly actives over the period, regardless of product played; monthly actives include players that place 1+ bets within the month.

6: BetMGM operates iGaming and Online Sports Betting in five markets and Sports Betting only (combined online and retail) in 25 markets.

7: Gross Gaming Revenue (GGR) market share consists of trailing three months March 2026, February 2026, and January 2026 as latest reported for U.S. sports betting markets where BetMGM was active (online and retail), February 2026 for U.S. iGaming markets where BetMGM was active, and February 2026 for the Ontario market. Internal estimates used where operator-specific results are unavailable.

8: Handle and NGR per Active are equal to each respective metric over the period divided by the sum of the total monthly actives during the same period.

9: Includes both Online Sports and Retail handle for Nevada.

10: Parent Fees is the operating expense to BetMGM for the provision of certain licenses and services by affiliates of MGM and Entain. Parent Fees are governed by agreements entered into at the time of formation of the venture, and became effective upon BetMGM achieving long-term profitability. Reference to parents throughout includes our MGM and Entain parent entities and their MGM and Entain affiliates.

11: Minimum unrestricted cash balance of $100-125 million may be adjusted as the business continues to scale and drives increased working capital needs.

Supplementary financial disclosures
BetMGM has updated its financial disclosure practices, aiming to provide investors with more comprehensive and transparent information regarding its financial position and operations. These enhanced disclosures will include a more granular breakdown across different segments to provide greater insight into performance drivers.

Forward-looking statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve substantial risks and/or uncertainties, including those described in the MGM Resorts International public filings with the Securities and Exchange Commission. BetMGM has based forward-looking statements on management's current expectations, assumptions and projections about future events and trends. Examples of these statements include, but are not limited to, BetMGM's expectations regarding its financial outlook (including forecasted net revenues from operations, EBITDA, and expected distributions to Entain and MGM Resorts), projected market share position, its expected growth in new and existing jurisdictions, product capabilities, and achievement of key milestones. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Included among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements are: the significant competition within the gaming and entertainment industry; BetMGM's ability to execute on its business plan; changes in applicable laws or regulations, particularly with respect to iGaming and online sports betting; BetMGM's ability to manage growth and access the capital needed to support its growth plans; and BetMGM's ability to obtain the required licenses, permits and other approvals necessary to grow in existing and new jurisdictions. In providing forward-looking statements, BetMGM is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If BetMGM updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

Non-GAAP Financial Information
In this press release we provide certain financial measures, including Net Revenue from operations, Contribution, EBITDA and Adjusted EBITDA, which have not been prepared in accordance with GAAP. BetMGM believes these measures, which it uses for its own analysis of operations, are useful to supplement the results presented in accordance with GAAP. These non-GAAP financial measures, which may not be comparable to other similarly titled measures presented by other companies, should not be considered a substitute for, or superior to, the financial information prepared in accordance with GAAP. BetMGM defines Net Revenue from operations as revenue, adjusted to reflect revenue related to certain operations on a gross basis, primarily related to the Company's Nevada digital and retail sports betting operations. If BetMGM presented Net Revenue from operations in accordance with GAAP, then BetMGM would present the revenues associated with its Nevada digital and retail sports betting operations differently, until such time as BetMGM is licensed as a Nevada gaming operator. Currently under GAAP, its calculation of Net Revenue would be on a basis net of operating costs, such that the GAAP reported Net Revenue would be lower than the Net Revenue reported herein, with net income remaining the same. We define EBITDA as net income (loss) before the impact of interest income or expense (net), income tax provision or benefit, and depreciation and amortization and Adjusted EBITDA is further adjusted to add back the Parent Fees. We define Contribution as Net Revenue, less cost of revenue (exclusive of depreciation and amortization) and marketing acquisition spend.

About BetMGM
BetMGM is a market leading sports betting and gaming entertainment company, pioneering the online gaming industry. Born out of a partnership between MGM Resorts International (NYSE: MGM) and Entain Plc (LSE: ENT), BetMGM has exclusive access to all of MGM Resorts' U.S. land-based and online sports betting, major tournament poker, and online gaming businesses. Utilizing Entain's U.S.-licensed, state-of-the-art technology, BetMGM offers sports betting and online gaming via market-leading brands including BetMGM, Borgata Casino, Party Casino and Party Poker. Founded in 2018, BetMGM is headquartered in New Jersey. For more information, visit www.betmgminc.com 

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with national and international destinations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company's 50/50 venture, BetMGM LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company's subsidiary, LV Lion Holding Limited, offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe and Brazil. The Company is currently pursuing targeted expansion in Asia through an integrated resort development in Japan. Through its Focused on What Matters philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine's World's Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on X as well as Facebook and Instagram.

About Entain plc
Entain plc (LSE: ENT) is a FTSE100 company and is one of the world's largest sports betting and gaming groups, operating both online and in the retail sector. The Group owns a comprehensive portfolio of established brands; Sports brands include BetCity, bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds, Sportingbet, Sports Interaction, STS and SuperSport; Gaming brands include Foxy Bingo, Gala, GiocoDigitale, Ninja Casino, Optibet, Partypoker and PartyCasino. The Group operates the TAB NZ brand as part of a long-term strategic partnership with TAB New Zealand. The Group owns proprietary technology across all its core product verticals and in addition to its B2C operations, provides services to a number of third-party customers on a B2B basis.
The Group has a 50/50 joint venture, BetMGM, a leader in sports betting and iGaming in the US. Entain provides the technology and capabilities which power BetMGM as well as exclusive games and products, specially developed at its in-house gaming studios.
The Group is tax resident in the UK and is the only global operator to exclusively operate in domestically regulated or regulating markets operating in over 30 territories.
Entain is a leader in ESG, being AAA rated by MSCI, and a member of the S&P Global Sustainability Yearbook and the FTSE4Good. For more information see the Group's website: www.entaingroup.com

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SOURCE MGM Resorts International

FAQ

What were BetMGM's Q1 2026 revenue and Adjusted EBITDA (MGM)?

BetMGM reported Q1 2026 Net Revenue of $696 million and Adjusted EBITDA of $25 million. According to the company, revenue rose 6% YoY and Adjusted EBITDA improved 11% YoY, driven by iGaming strength and disciplined player management.

Why did BetMGM (MGM) lower its FY 2026 Net Revenue guidance on April 14, 2026?

BetMGM narrowed FY 2026 Net Revenue to $2.9–$3.1 billion, reflecting moderated top-line expectations. According to the company, this reflects year-to-date performance and a revised outlook while retaining Adjusted EBITDA guidance.

How did BetMGM's iGaming and Online Sports perform in Q1 2026 for MGM shareholders?

iGaming Net Revenue rose 9% YoY to $481 million; Online Sports Net Revenue rose 4% YoY to $203 million. According to the company, iGaming growth and higher NGR per active underpinned overall margin improvement.

What happened to BetMGM's active user base in Q1 2026 (MGM)?

Average Monthly Actives declined 9% YoY, reflecting disciplined acquisition and player management. According to the company, this drop was expected and accompanied by higher revenue per active metrics.

How should investors view BetMGM's path to $500 million Adjusted EBITDA in 2027 (MGM)?

The company remains on a pathway to $500 million Adjusted EBITDA in FY 2027, focusing on iGaming, multi-product states, and Nevada. According to the company, these strategic priorities support scalable, profitable growth toward that target.