BetMGM brought in about $620 million in the first quarter of 2026, with its online casino business doing most of the work. Sports betting was steadier, though less predictable.
The operator’s iGaming segment continued to generate more than half of total revenue, reflecting stronger margins and more consistent player activity compared to sportsbook betting. States like New Jersey, Michigan, and Pennsylvania remained central to that performance, where online casino play is already established and regulated.
Sports betting told a different story. Handle held up through the NFL playoffs and March basketball, but margins moved around more than usual. Promotional spending also remains part of the equation, though BetMGM has been dialing that back compared to previous years as it shifts toward profitability instead of chasing market share.
That shift shows up in the numbers. Marketing costs as a share of revenue declined during the quarter, while average revenue per user ticked higher across both sportsbook and casino products. Cross-selling continues to play a role, with sportsbook customers moving into casino games, where returns are typically stronger and more stable.
Competition hasn’t eased. Rival operators like DraftKings and FanDuel are working toward similar profitability targets after years of aggressive spending, and the broader U.S. market is starting to look more mature than it did even two years ago. That changes how companies operate. Growth alone isn’t enough anymore.
BetMGM reiterated its expectation of turning profitable on a full-year basis in 2026, pointing to a more established customer base and tighter cost controls. The company didn’t announce new state launches during the quarter, and expansion still depends on legislative movement in states that have yet to approve online casino gaming.
Regulation remains the constraint. Sports betting is now widely available across the U.S., but online casino legalization is still limited to a small group of states, which shapes how much operators like BetMGM can grow without new markets opening up.
More could change later this year.