BetMGM Q1 Revenue Climbs 6% to $696M, EBITDA Up 11%, Guidance Trimmed
BetMGM reported Q1 net revenue of $696 million, up 6% YoY, with iGaming revenue of $481 million (+9%) and Online Sports revenue of $203 million (+4%), driving Adjusted EBITDA of $25 million, an 11% increase. It trimmed FY 2026 net revenue guidance to $2.9–$3.1 billion, maintaining a $300–$350 million EBITDA forecast.
1. Q1 Financial Results
BetMGM generated net revenue of $696 million in Q1, up 6% year-over-year, driven by $481 million in iGaming revenue (+9%) and $203 million in Online Sports revenue (+4%). Adjusted EBITDA rose 11% YoY to $25 million, reflecting disciplined player management and improved hold percentages.
2. Key Operational Metrics
Average monthly active users declined to 975,000 (-9% YoY) while total handle grew 3% to $4.22 billion. GGR hold increased 60 basis points to 8.8% and NGR hold rose 5 basis points to 4.8%, supporting a 13% overall GGR market share (20% in iGaming, 7% in sports).
3. Updated FY2026 Guidance
BetMGM trimmed its full-year 2026 net revenue guidance to $2.9–$3.1 billion (from $3.1–$3.2 billion) while maintaining an Adjusted EBITDA outlook of $300–$350 million. The revision reflects moderated top-line growth expectations, ongoing operational efficiencies, and disciplined strategic investment.
4. Strategic Outlook
The company will continue focusing on high-margin iGaming, expansion in multi-product states, omnichannel initiatives in Nevada, and premium mass sports players. BetMGM remains on track to achieve $500 million of Adjusted EBITDA in 2027 and will prioritize parent fees and maintaining a $100–$125 million cash buffer.