In the second quarter of 2026, BetMGM experienced slight revenue growth but faced significant challenges in profitability. The company's revenue rose only 3% year-over-year, while its adjusted EBITDA declined by 15%, falling to $74 million from $86 million in the same quarter of 2025. Over the first half of the year, adjusted EBITDA dropped by 9% compared to the previous year.
As a result of these figures, BetMGM has revised its earlier forecast for achieving a $500 million adjusted EBITDA target by 2027, stating that this objective is no longer feasible in the near term. Management attributed the delay to current market conditions, particularly the increasing influence of prediction markets and regulatory uncertainties. Consequently, BetMGM expects its 2026 net revenue and adjusted EBITDA to fall within the lower end of the company's forecast range, projecting revenues of $2.9 to $3.1 billion and adjusted EBITDA between $300 million and $350 million.
CEO Adam Greenblatt acknowledged the tough competitive landscape, noting, "Competition is fierce, it’s tough out there. On the OSB side, the primary macro impacts are prediction markets, but then of course, gas prices don’t help, and consumer discretionary income is a factor. Trying to parse out those impacts is very difficult."
He added, "Anyone who’s been to Vegas, you just have to land to understand the strength of the brand in Vegas. We benefit from that impact, in terms of BetMGM directly; we recruit thousands of players weekly in MGM properties."
Looking forward, the company anticipates continued growth driven by product enhancements, the expansion of its Borgata brand, and early momentum in Alberta's newly regulated online gaming market.
