Business
BetMGM Q1 2026 Update
BetMGM reported a Q1 2026 net revenue of $696 million, a 6% year-over-year increase, driven by 9% growth in iGaming revenue, though online sports revenue saw a 4% increase due to player-favorable results. Adjusted EBITDA rose 11% year-over-year to $25 million. For the full year 2026, BetMGM now anticipates net revenue between $2.9 billion and $3.1 billion, and expects Adjusted EBITDA towards the lower end of its previously guided $300 million to $350 million range, while maintaining its path to $500 million in Adjusted EBITDA by 2027. Disclaimer*
About this update from Entain Plc
April 14, 2026 BETMGM Q1 2026 BUSINESS UPDATE Q1 profitable growth reflects continuing execution of strategy BetMGM LLC ("BetMGM"), a leading sports betting and iGaming operator across North America, jointly owned by Entain plc (LSE: ENT) ("Entain") and MGM Resorts International (NYSE: MGM) ("MGM Resorts"), 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 o Net Revenue of $696 million, +6% YoY o iGaming Net Revenue +9% YoY and Online Sports Net Revenue +4% YoY o 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 o 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 $1...