BetMGM cuts 2026 revenue forecast as punters win big in sports betting (updated)

MGM Resorts International

14/04/2026 12:49

Adds details and background throughout

April 14 (Reuters) - U.S. online gambling operator BetMGM cut its 2026 revenue outlook on Tuesday, citing a soft first quarter for its online sports betting business.

The company, a joint venture between Ladbrokes-owner Entain ENT.L and U.S.-based MGM Resorts MGM.N, said quarterly net revenue for the sports segment grew 4% from a year earlier, impacted by player-friendly results and increased promotional activity amid stiff competition.

Player-friendly outcomes squeeze bookmakers by driving up payouts for punters.

Sports betting in the U.S. has been rapidly expanding, driven by accelerating state-level legalization and heavy marketing by major operators, even as the sector faces intensifying regulatory scrutiny and increasing state-level taxation pressures.

Entain shares dropped sharply before recovering to trade 1% higher after BetMGM's update. MGM Resorts shares were down 1% in premarket trading.

BetMGM now expects to report revenue of $2.9 billion to $3.1 billion for the year, down from the previously expected $3.1 billion to $3.2 billion.

It kept its annual adjusted core profit guidance unchanged at $300 million to $350 million, albeit with expectations at the lower end of the range.

(Reporting by Yamini Kalia in Bengaluru; Editing by Jonathan Ananda)

((Yamini.Kalia@thomsonreuters.com))