BetMGM provided a quarterly update, with the gaming brand’s leadership pointing to three U.S. markets that could bolster the company’s online casino business.
On Tuesday, BetMGM delivered a business update for Q2 2026 and H1 2026, providing a comprehensive overview of the company’s recent performance and expectations for the rest of the fiscal year. The operator supplemented the update with a conference call that provided insights into three markets where online casino gaming could expand.
BetMGM is hopeful for online casino expansion in the U.S., with the operator disclosing during the conference call that approximately 70% of its revenue comes from iGaming.
Where is BetMGM eyeing iGaming growth?
BetMGM leadership pointed to three U.S. markets where online casinos could be at the forefront of gaming discussions for lawmakers during legislative sessions in 2027:
- Indiana
- Virginia
- Washington, D.C.
“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,” said Greenblatt during the call.
“The other state in which we are turning our attention to as an industry is Indiana, where we’ve seen some changes to the political landscape, which should be conducive to the passage of iGaming. With all of these [three states] there come risks. But in the fullness of time, we very much expect to see an expanding tab.”
BetMGM is expressing optimism that America’s online casino market will continue to expand, with the launch of regulated operations in Maine on the horizon. Despite the optimism, Greenblatt noted the challenge of legalizing the vertical on a state-by-state basis.
“The reality is every state is different. Every state has its own specific political landscape, headwinds, tailwinds, fiscal needs, and pressures,” said Greenblatt.
Recent efforts to pass iGaming legislation
The challenges of iGaming legislation were apparent in Virginia after lawmakers in the state failed to agree on online casino legislation in March before the end of the legislative session. Two measures were filed in the House and Senate that proposed online casino gaming in Virginia, but the respective bills differed on key details, including tax revenue allocation.
A conference committee failed to reconcile the differences before the end of the state’s legislative session despite both measures passing in their respective chambers.
In D.C., Councilmember Wendell Felder introduced an online casino bill that was discussed by the Council of the District of Columbia’s Committee on Human Services.
The measure, known as the Internet Gaming and Consumer Protection Act, authorizes online casino gaming in D.C. while outlawing sweepstakes casinos by prohibiting the operation of unlicensed gaming platforms that use a dual-currency system of payment.
The public hearing on May 4 was the last time lawmakers discussed Felder’s bill.
Indiana lawmakers introduced online casino legislation in 2025, but the effort to bring the vertical to the Hoosier State failed due to a lack of support and interest. Cannibalization concerns tied to land-based casinos were also raised by lawmakers opposing the bill.
Earlier this year, an iLottery measure suffered the same fate. Meanwhile, Indiana turned its attention toward online sweepstakes casinos instead of online casino gaming in 2026.
The interest resulted in Gov. Mike Braun signing a sweepstakes casino ban into law.
BetMGM’s latest financial results
BetMGM reported $711m in revenue in Q2 2026, a 3% increase year-over-year. The results reflected the company’s strength in iGaming, with online casino net revenue at $483m. The figure was an 8% uptick compared to Q2 2025. Meanwhile, online sports revenue for BetMGM reached $228m in Q2 2026. The results mirrored sports revenue in Q2 2025.
BetMGM’s adjusted EBITDA figures declined year-over-year in Q2 2026 to $74m. By comparison, the MGM Resorts and Entain joint venture posted adjusted EBITDA of $86m in Q2 2025. In H1 2026, net revenue for BetMGM was $1.4bn, up from $1.3bn in H1 2025.
Adjusted EBITDA in H1 2026 was $99m compared to $109m in H1 2025.
“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,” said Greenblatt during the update call.
BetMGM also provided handle figures, with the operator accepting $3.5bn in wagers in Q2 2026, a slight uptick from the $3.4bn in bets in Q2 2025. Average monthly actives during Q2 2026 were 875,000 compared to 901,000 for the same period in 2025.
“We saw handle growth despite the challenging market environment, driven by strong engagement around the tentpole events like the World Cup and NBA Playoffs,” continued Greenblatt.
In H1 2026, BetMGM’s handle was $7.7bn. The results showed a 3% year-over-year increase. Average monthly actives in H1 2026 were 925,000, down from 984,000 in H1 2025.
BetMGM’s retail business takes a step back
BetMGM’s online segment reported growth, while its retail operations took a step back.
“Retail had a tough quarter,” added Greenblatt. “Large stake bets were won by players on our own property sportsbooks.”
In Q2 2026, BetMGM failed to generate retail revenue during the quarter. By comparison, the operator’s retail operations reported $16m in revenue in Q2 2025. BetMGM’s H1 results also highlighted a decline in retail sports betting revenue for the gaming brand.
In H1 2026, retail revenue was $12m compared to $36m for the same period last year.
BetMGM provided an outlook for FY2026, with the operator projecting net revenue to range between $2.8bn and $3.1bn. Adjusted EBITDA is estimated to range between $300m and $350m. The projections are “towards lower end of existing guidance ranges.”
