BetMGM said its Michigan iGaming business has come under heavier pressure as new rivals entered the state over the past six to nine months. On the company’s Q2 2026 call, chief executive Adam Greenblatt said some of the new entrants were spending on players in a “less commercially rational” way as they tried to build a beachhead.
The two clearest examples were Hard Rock and bet365. Michigan’s gaming regulator approved Hard Rock Bet in December 2025 for the Hannahville Indian Community’s Island Resort & Casino, replacing 888 VHL, and approved bet365 in April for the Little Traverse Bay Bands of Odawa Indians, replacing PokerStars.
PlayMichigan said Hard Rock has averaged $21.2 million in Michigan iGaming revenue over its first six full months of operation, while bet365 has averaged $9.6 million over its first two full months. Greenblatt said that in established markets, new entrants can find it “very challenging” to compete and make an impact.
BetMGM said its iGaming customer acquisition costs are up 15% from a year earlier. Even so, Greenblatt said he was pleased with “the resilience of our business, the resilience of our player base, and the continued momentum of our business.”
The company reported $401.3 million in Michigan revenue through June, up 3.4% from 2025. PlayMichigan said that left BetMGM behind FanDuel Casino MI, which led the market with $453.4 million in year-to-date revenue.
In its broader Q2 investor update, BetMGM said the market environment continued to intensify as competition rose among regulated and unregulated operators. The company posted $711 million in net revenue in the quarter, up 3% year over year, and $1.4 billion in first-half net revenue, up 4%.
BetMGM said adjusted EBITDA was $74 million in Q2 and $99 million for the first half. iGaming generated $483 million in Q2 net revenue, up 8%, while online sports betting brought in $228 million, flat from a year earlier; “nearly 70% of BetMGM”:https://www.betmgminc.com/wp-content/uploads/2026/07/BetMGM-Q2-Investor-Update-Transcript.pdf’s revenue came from iGaming.
State data showed Michigan commercial and tribal operators reported $382.5 million in combined internet gaming and online sports betting gross receipts in May, up 3.1% from April. The state also said 15 commercial and tribal operators were authorized to offer iGaming and/or online sports betting as of May, with 13 offering online sports betting and all 15 offering iGaming.
BetMGM is expecting full-year 2026 net revenue of $2.9 billion to $3.1 billion and adjusted EBITDA of $300 million to $350 million.
