BetMGM Lowers 2026 Revenue Guidance Despite Q1 Growth

BetMGM, the sports betting and iGaming joint venture between MGM Resorts International and Entain plc, has revised its annual revenue expectations downward following a mixed first-quarter performance. While the operator continues to expand its footprint in the digital gaming space, the updated guidance suggests a more cautious outlook for the remainder of the fiscal year. The company is now navigating a landscape where initial growth is meeting revised internal projections. For the first quarter, BetMGM reported net revenue of $696 million, representing a 6% increase from the $657 million recorded in the same period last year. Profitability also showed improvement, with adjusted EBITDA rising 11% to $25 million, compared to $22 million in the prior year. Despite these quarterly gains, the company trimmed its full-year 2026 net revenue forecast to a range of $2.9 billion to $3.1 billion. This marks a decrease from the previously projected range of $3.1 billion to $3.2 billion. In response to the guidance cut, shares of MGM Resorts International (MGM) traded lower in pre-market activity, dipping 0.95% to $36.39 on the New York Stock Exchange.