BetMGM二季度收入小幅增长但利润下滑，并维持全年指引偏低端

Q2 continued delivery of profitable growth with ongoing focused strategic execution
JERSEY CITY, N.J., July 28, 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 Second Quarter ("Q2") and First Half ("H1") performance in 2026.
- Q2 performance reflects continued delivery of profitable growth and cash generation
- Net Revenue of $711 million, +3% YoY
- iGaming Net Revenue of $483 million (+8% YoY) and Online Sports Net Revenue of $228 million (flat YoY)
- Adjusted EBITDA of $74 million
- FY 2026 guidance: reflecting year-to-date performance, expect both Net Revenue and Adjusted EBITDA towards lower end of existing guidance ranges
Adam Greenblatt, Chief Executive Officer of BetMGM, commented:
"BetMGM has started 2026 well and continues to execute with discipline. Our underlying player fundamentals remain healthy, and we are generating positive cash flow and Adjusted EBITDA, enabling us to continue to invest in our highest return opportunities. While our industry faces regulatory complexity and an increasingly competitive environment, we remain agile and committed to our strategy that is delivering sustainable and profitable growth. Looking ahead, we will continue to prioritize our areas of strength, in particular leveraging our market leading iGaming offering across multi-product states, our omnichannel advantage in Nevada, and serving our higher-value customers. These strengths, combined with our disciplined strategic execution, underpin our confidence in the long-term outlook of our business."
Key Financial Highlights
Q2 and H1 2026 BetMGM Financial Summary1,2,3 | |||||||||
$ millions, unless otherwise noted | Q2 2026 | Q2 2025 | YoY Change | H1 2026 | H1 2025 | YoY Change | |||
Net Revenue | |||||||||
iGaming | $483 | $449 | +8 % | $964 | $891 | +8 % | |||
Online Sports | $228 | $228 | 0 % | $431 | $422 | +2 % | |||
Handle4 | $3,490 | $3,427 | +2 % | $7,708 | $7,515 | +3 % | |||
GGR Hold % | 10.3 % | 9.8 % | +55bps | 9.5 % | 8.9 % | +60bps | |||
NGR Hold % | 6.5 % | 6.6 % | (10)bps | 5.6 % | 5.6 % | (5)bps | |||
Retail / Other | $0 | $16 | (97) % | $12 | $36 | (67) % | |||
Total Net Revenue | $711 | $692 | +3 % | $1,406 | $1,349 | +4 % | |||
Contribution | $171 | $192 | (11) % | $288 | $307 | (6) % | |||
Adjusted EBITDA | $74 | $86 | (15) % | $99 | $109 | (9) % | |||
Capital Expenditures | $18 | $21 | ($2) | $22 | $25 | ($4) | |||
Parent Fees | $15 | -- | +$15 | $18 | -- | +$18 | |||
Average Monthly Actives (thousands)5 | 875 | 901 | (3) % | 925 | 984 | (6) % |
Q2/H1 Financial Highlights1
- H1 Net Revenue of $1.4 billion, +4% YoY; broadly consistent with expectations
- Q2 Net Revenue of $711 million, +3% YoY
- iGaming Net Revenue +8% YoY with player engagement momentum underpinned by the strength of our product offering
- Online Sports Net Revenue flat YoY, reflecting strong handle from tentpole events, including NBA playoffs and World Cup, offset by higher player generosity
- Average Monthly Actives -3% YoY, as expected given disciplined acquisition and player management5
- Retail Net Revenue -97% YoY impacted by larger staking bets won by premium players
- H1 Adjusted EBITDA of $99 million (Q2 $74 million) reflects our continuing profitable growth with iGaming and Online Sports both Contribution positive
- Q2 Parent Fees of $15 million, with a total $18 million accrued to Entain and MGM Resorts during H110
- Aligned with sports calendar and working capital seasonality, including World Cup and Alberta launch, no excess cash distributions were made to BetMGM's parents during Q2
- Podium position with 13% GGR market share in active markets, including iGaming (20%) and Online Sports (8%)6,7
Operational Highlights
- Best in class iGaming, leveraging our iconic brand heritage and product excellence
- Leading iGaming offering and ongoing player management continues to drive growth in revenue and player engagement metrics
- H1 NGR per Active +9% YoY8
- Supported by BetMGM's best-in-class and exclusive content, providing players with exciting and differentiated experiences
- New Game of Thrones titles launched in Ontario amongst our most successful launches, with a planned US rollout this summer
- Exclusive new releases from omni franchises including Rakin' Bacon, Buffalo Triple Power and Money Gong
- Launched Elvis Presley: Viva Las Records and Marilyn Monroe Slingo, the first of our Hollywood legends inspired exclusive slots lineup
- Leading iGaming offering and ongoing player management continues to drive growth in revenue and player engagement metrics
- Focused approach to Online Sports continuing to deliver healthy player-level KPIs
- Disciplined player management and acquisition approach supports healthy underlying KPIs
- H1 Handle per Active +18% YoY8
- H1 NGR per Active +17% YoY8
- Focused engagement of "premium mass" audience continues to drive growth and a higher quality player base
- Successfully leveraging BetMGM's competitive advantage in Nevada, with H1 Nevada Online Sports Handle +10%9
- Disciplined player management and acquisition approach supports healthy underlying KPIs
Outlook
- BetMGM's focused strategic execution and disciplined capital deployment sees the business well positioned to continue delivering long-term profitable and sustainable growth
- Reflecting year-to-date performance and expectations for H2, BetMGM remains on track to deliver FY 2026 guidance, albeit towards the lower end of the existing guidance ranges (Net Revenue of $2.9-$3.1 billion and Adjusted EBITDA of $300-$350 million)
- Momentum from Borgata's brand refresh, a strong World Cup as well as our recent successful launch in Alberta continues into H2
- As previously stated:
- Total cash to parents in FY 2026 will comprise Parent Fees10 and excess cash above BetMGM's minimum unrestricted cash requirement11
- Adjusted EBITDA less CapEx is a reasonable proxy for total cash to parents
- BetMGM remains confident in delivering Adjusted EBITDA of $500 million in the coming years. However, given the current market environment including impact of prediction market regulatory complexity, we believe it is prudent to assume the timing of delivery will extend beyond current 2027 expectations
Q2 2026 Results Audio Webcast and Q&A
- An audio webcast call will be held today, Tuesday, July 28, 2026 at 9:00am EST (2:00pm UK), with participants able to join via webcast
- Live audio webcast registration link: BetMGM Q2 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 + 1 888 672 2415
US + 1 646 307 1952
UK Toll free +44 800 358 0970
UK +44 20 3433 3846
International dial-in numbers: Conference ID 93919
- Those wishing to ask a question should use the dial ins below and register via the following link: Investor Registration for Q&A
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 | |
Entain plc | |
Investor Relations | |
Media | |
BetMGM | |
Nitish Basandra – Director, Corporate Development & IR | |
Jennifer Arapoff – Director, Public Relations |
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. |
Supplementary financial discl