BetMGM recently shared insights regarding their business performance in a quarterly update, highlighting optimism for future growth in their online casino segment across three U.S. markets. The gaming company provided a detailed analysis of its second-quarter results for 2026 and an overview of the first half of the year during a conference call this Tuesday.
Approximately 70% of BetMGM's revenue is currently derived from iGaming, and the leadership is particularly focused on legislative prospects in Indiana, Virginia, and Washington, D.C. for 2027. BetMGM's CEO, Adam Greenblatt, remarked, "The top three [states] remain Virginia, where we made some good progress last year and are hopeful to see legislation in 2027. In D.C., we’re also hoping to see some legislation in '27." He also expressed interest in Indiana, noting recent political shifts that may favor the approval of online gaming legislation. However, he acknowledged the inherent risks involved in these legislative endeavors.
Excitement around potential expansion comes alongside the anticipated launch of regulated online casino operations in Maine. Greenblatt noted the complexities of legalizing online gaming on a state-by-state basis, stating, "The reality is every state is different. Every state has its own specific political landscape, headwinds, tailwinds, fiscal needs, and pressures."
Recent legislative efforts illustrate some of these challenges. In Virginia, efforts to pass online casino laws faltered in March, with lawmakers unable to agree on key details despite multiple bills being filed. A similar bill aimed at online gaming in D.C. was put forward by Councilmember Wendell Felder, which seeks to authorize online casinos while instituting a ban on unlicensed gaming platforms.
In Indiana, interest in online casinos peaked in 2025 when legislation was introduced but ultimately failed to pass, largely due to concerns about the impact on land-based casinos. The Indiana legislature has since shifted its focus towards online sweepstakes casinos, coinciding with Governor Mike Braun's signing of a ban on these operations earlier this year.
BetMGM's financial results for Q2 2026 revealed a revenue of $711 million, marking a 3% year-on-year increase, bolstered by online casino revenues that hit $483 million – an 8% increase compared to Q2 2025. Meanwhile, online sports revenue remained steady at $228 million, unchanged from the previous year.
Despite this growth in revenue, adjusted EBITDA for the quarter declined to $74 million from $86 million a year earlier. Cumulatively, BetMGM's revenue for the first half of 2026 reached $1.4 billion, an increase from $1.3 billion in the same period last year, although adjusted EBITDA showed a decrease from $109 million to $99 million.
Greenblatt pointed out, "Q2 was another quarter of focused execution by BetMGM. Although the quarter came in a little lighter than expected, we continued to deliver against our north star of profitability."
On wagering figures, BetMGM reported handling $3.5 billion in bets for Q2 2026, a slight increase from $3.4 billion in Q2 2025. Despite declines in average monthly active users, which fell from 901,000 to 875,000, Greenblatt attributed handle growth to strong engagement during major sporting events like the World Cup and NBA Playoffs.
Looking at their retail operations, BetMGM reported challenges in Q2 2026, with no retail revenue generated, a stark contrast to the $16 million earned during the same quarter last year. Over the first half of 2026, retail revenue fell to $12 million, down significantly from $36 million in H1 2025.
BetMGM’s projections for the fiscal year 2026 estimate net revenue to fall between $2.8 billion and $3.1 billion, with adjusted EBITDA anticipated to be in the range of $300 million to $350 million, toward the lower end of its previous guidance.
