BetMGM expansion and Brazil’s regulated market drive 2026 growth

BetMGM Q2 revenue and US performance

BetMGM reported $711 million in net revenue for Q2 2026, which marks a 3% increase over the previous year. iGaming net revenue climbed 8% to $483 million, while online sports net revenue remained flat at $228 million. I see that H1 net revenue reached $1.4 billion, a 4% increase year-over-year. Adjusted EBITDA for the second quarter hit $74 million, contributing to an H1 adjusted EBITDA of $99 million. The company holds a 13% GGR market share in active markets, including 20% in iGaming and 8% in online sports. I find their focus on premium mass players effective, though the 3% drop in average monthly actives shows their disciplined acquisition strategy works. H1 NGR per active grew 9% year-over-year. H1 handle per active rose 18%, while H1 NGR per active increased 17%. Nevada online sports handle grew 10% in the first half. Momentum from the Borgata brand refresh and the Alberta launch continues into the second half of the year. Retail net revenue fell 97% because premium players won large staking bets. I see their iGaming success through new titles like Game of Thrones and Elvis Presley: Viva Las Records. They also released Rakin’ Bacon and Buffalo Triple Power to drive engagement.

Brazil expansion and World Cup demand

The expansion into Brazil drives growth for operators. BetMGM formed a joint venture with Grupo Globo to pursue a license in South America’s largest market. This partnership combines MGM Resorts’ gaming expertise with Grupo Globo’s reach of 70 million people daily. Brazil has a population exceeding 212 million and 86.2% mobile internet penetration, with the market projected to grow because the middle class now comprises 50.1% of the population. The country currently counts 78 licensed operators running 138 brands. The Brazilian market generated an estimated BRL 37.1 billion in 2025, and the industry expects the market to hold 39 million active online accounts in 2026. The 2026 World Cup provides massive engagement, as 37% of Brazilians plan to place bets during the tournament. I see that 77% of Brazilians plan to follow this year’s tournament. I find the massive surge in automated activity during football fixtures to be a major risk for operators trying to protect their ad budgets. How will operators maintain margins when invalid traffic hits 36% of paid traffic? Brazil’s government also imposes a 12% GGR tax on all licensed operators.

Regulatory rules and sign-up offers

Brazilian operators must follow strict rules under Law No. 14,790/2023 and Ordinance SPA/MF No. 827/2024. A license costs BRL 30 million and allows for three commercial brands for five years. Companies must keep 20% of share capital with Brazilian shareholders and maintain a BRL 5 million financial reserve. I find the BetMGM sign-up offer better for high rollers because it provides up to $1,500 in bonus bets if the first bet loses, whereas DraftKings requires a much smaller initial outlay for its specific promotion. DraftKings uses a different structure where you bet $5 to receive $150 in bonus bets. DraftKings distributes these payments in $50 increments over 14 days. I view the DraftKings approach as tedious for anyone wanting immediate liquidity. BetMGM credits bonus bets to accounts within 24 hours once the qualifying bet settles. DraftKings currently holds a 34% to 36% market share, while BetMGM holds 22% in the US. You should check the specific terms for each state to confirm availability.