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BetMGM opened 2026 on steady ground, reporting net revenue of $696 million in the first quarter, which translates into a 6% increase compared to the same period last year. The result shows a company steadily following a strategy focused on balanced growth across its main business areas.
This matters for Alberta, where BetMGM is preparing to launch in July, as it suggests the operator will enter the market focused on profitability and high-value players rather than aggressive customer acquisition.
The iGaming division led the way, posting a 9% rise in net revenue as online casino continued to outperform. Online sports betting also grew, up 4%, though the segment faced headwinds from favourable player outcomes and an increasingly competitive market landscape.
In terms of an adjusted EBITDA, the company posted $25 million, an 11% increase from the previous year. This figure is important because it points to a healthy underlying performance across both its iGaming and Online Sports divisions, with each contributing meaningfully to the bottom line.
“Although it has been a steady start to the year, BetMGM is delivering on our strategic plan, carrying forward the initiatives that drove our transformation in 2025,” BetMGM CEO Adam Greenblatt said when releasing the brand’s Q1 2026 business update.
“We are generating sustainable, profitable growth and paying cash to our parent companies. Our iGaming business is growing at scale, and our Online Sports business continues to strengthen despite a challenging market in Q1.”
What BetMGM’s Strategy Shift Means for Alberta’s iGaming Market
BetMGM’s revenue growth told only part of the story in its latest results. Behind the increase is a reduction in player numbers. Average monthly actives dropped 9% year-on-year to 975,000, a decline the company was quick to contextualise. Management framed the contraction not as customer loss, but as the deliberate outcome of tighter acquisition standards and more disciplined player management; a conscious shift from volume to value.
The underlying metrics lend some credibility to that framing. In iGaming, net gaming revenue per active user climbed 12% even as monthly actives dipped 3%. The sports betting segment told a similar story, but more sharply. The handle per active user rose 23%, and net gaming revenue per active user jumped 25%, despite monthly actives in that segment falling 16%. In other words, the numbers translate into fewer players, but more meaningful and productive ones.
| Segment | Metric | Change |
|---|---|---|
| iGaming | Revenue per user | +12% |
| iGaming | Monthly actives | -3% |
| Sports Betting | Handle per user | +23% |
| Sports Betting | Revenue per user | +25% |
| Sports Betting | Monthly actives | -16% |
Nevada stood out as a relative bright spot, with handle across online and retail sports rising 11%. Across active markets, BetMGM reported a 13% gross gaming revenue share, including 20% in iGaming and 7% in online sports.
Consequently, the results prompted a modest revision to full-year guidance. BetMGM now projects 2026 net revenue of between $2.9 billion and $3.1 billion, stepping back from its earlier range of $3.1 billion to $3.2 billion. Its adjusted EBITDA target of $300 million to $350 million remains intact, though management indicated the outcome is more likely to land at the lower end of that range.
Looking ahead, the strategic priorities: iGaming growth, multi-product states, premium sports players, Alberta launch, and World Cup-related activity, are largely unchanged. The company also reaffirmed its longer-term ambition of reaching $500 million in adjusted EBITDA by 2027.
Prediction Markets are Now Part of the Conversation
The rise of prediction markets was not far from analysts’ minds during the BetMGM April 14 earnings call. A Sensor Tower report published in early April placed Kalshi at 21% of monthly active users across the US sportsbook market, a number that is difficult to ignore for any operator with ambitions in that space.
Greenblatt held his ground on the company’s position, reiterating that it has no intention of being a first mover in what it continues to regard as an illegal sports betting market. But his comments carried a nuance that was absent from previous statements.
For the first time, Greenblatt acknowledged that his team is keeping a close eye on the possibility of obtaining a Futures Commission Merchant licence, contingent on how the regulatory environment develops.
It stops well short of a policy reversal, but it signals something: BetMGM is no longer simply dismissing prediction markets. The company appears to be building contingency thinking into its planning, a quiet acknowledgement that the competitive landscape may look different sooner than expected.
What’s Next for BetMGM?
BetMGM continues to be quite optimistic about its future opportunities. Content and exclusivity are emerging as central pillars of BetMGM’s near-term strategy. The company recently struck a deal with Games Global, securing early access to its Gold Blitz titles ahead of wider market release. Likewise, exclusive games tied to the Survivor 50th anniversary are already live, with further launches planned around major franchises including Wizard of Oz and Wheel of Fortune.
Beyond the games themselves, BetMGM is leaning into live casino experiences, including studios integrated directly with physical MGM properties such as MGM Grand, blurring the line between online and land-based entertainment. The company paid out more than $114 million in jackpots in 2025 alone — a figure it is using to reinforce the proposition that its iGaming product is an entertainment ecosystem, not simply a betting platform.
The long-term opportunity, in MGM’s view, remains largely untapped. With more than 40% of US adults having visited a physical casino at some point, the company sees a substantial digital audience yet to be converted. Virginia has been flagged as a state that could move toward online gaming approval as soon as 2027, and BetMGM appears to be positioning itself ahead of that curve.
Closer to home — and more immediately — the Alberta online casino and sports betting market represents one of the most significant items on BetMGM’s near-term agenda. The operator is set to launch as a day one operator when Alberta’s regulated iGaming market goes live on July 13, 2026, placing it among the first international brands to enter what is shaping up to be one of Canada’s most closely watched market openings. For a company that has spent years building its Canadian footprint, the Alberta launch is less a leap into the unknown and more a logical next step.
Greenblatt struck a measured but confident tone on the company’s overall direction, describing BetMGM as being “on the right track” and suggesting its current trajectory suits the shape of the market as it stands today.
