BetMGM entered 2026 still making money, though its latest results point to a business that has lost some of last year’s momentum. First-quarter net revenue reached $696 million, up 6% from the same period a year ago. Adjusted EBITDA rose 11% to $25 million. The company remains profitable after a strong 2025, but the pace is clearly more modest now.
Sports betting is where the slowdown appears to stand out most. Online sports revenue rose to $203 million in the quarter, a 4% increase. That is far below the growth rates seen through 2025, when the segment posted gains of 68% in the first quarter, 56% in the second, and 36% in the third. iGaming continues to carry more of the business, with revenue up 9% to $481 million, though even that trails the 24% growth reported for the full year in 2025.
BetMGM Q1 2026 reports growth, but the mix has changed
The company pointed to “player friendly sports results” and heavier promotional activity as reasons for the softer sports performance. It also cited a deliberate shift toward tighter player management, which is starting to show in its user data.
Average monthly active users fell 9% from a year earlier to 975,000. The drop was sharper in online sports, where active users declined 16%. At the same time, betting activity per user and revenue per bettor both increased. The figures show a clear pattern: fewer users, but each one generating more value.
This has been building for some time. Through 2025, BetMGM focused more on improving returns from existing customers rather than chasing rapid user growth. Now that strategy is colliding with a softer revenue outlook.
The company lowered its 2026 revenue forecast to between $2.9 billion and $3.1 billion, down from the $3.1 billion to $3.2 billion range it gave after its full-year 2025 results. It kept its Adjusted EBITDA target of $300 million to $350 million, though it now expects results to land closer to the lower end.
The change in tone is notable given how often BetMGM raised expectations last year. It started 2025 with a revenue outlook of $2.4 billion to $2.5 billion, then lifted that figure multiple times. The company ultimately finished the year with $2.8 billion in revenue and $220 million in EBITDA.
Chief Executive Officer Adam Greenblatt said, “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.” The latest results line up with that description. The business is still steady, but the focus now is on holding profitability as growth becomes harder to sustain.
Featured image: BetMGM
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