# BetMGM **BetMGM** is the online sportsbook and casino owned 50/50 by [[MGM Resorts International]] and the British gambling group [[Entain]]. It is the one major online operator that has **stayed out of prediction markets**. It is also the clearest case of what prediction markets cost a sportsbook that plays by the state rules. ## Staying out CEO [[Adam Greenblatt]] set the line in July 2025: "We have the ability, but we do not have the desire, to be a first mover." He pointed to opposition from state regulators, tribal partners and 34 attorneys general, and said liquidity, not timing, would decide who wins. "I don't think BetMGM has a right to win in trying to become a leader in a very different market." He mentioned that getting a futures commission merchant license to partner with a platform would take about 12 months, leaving the door open. That set BetMGM apart from its partners in the [[Sports Betting Alliance]]: [[DraftKings]], [[FanDuel]] and [[Fanatics]] all launched CFTC-registered products in late 2025 and quit the [[American Gaming Association]]. MGM Resorts, BetMGM's casino parent, stayed in the AGA. Its CEO Bill Hornbuckle said in September 2025 that MGM did not want the market going toward prediction markets, "full stop." At the Global Gaming Expo in September 2026 he said Nevada regulators had warned MGM off, and that the platforms' "cavalier approach" hurts the industry. ## The cost BetMGM's Q2 2026 update (July 28) put a number on it: - Net revenue up 3% to **$711 million**; adjusted EBITDA down 14% to **$74 million**. - Online sports revenue **flat** at $228 million. Online casino (iGaming) up 8%. - Monthly active players down 3% to 875,000, with the decline concentrated in sports. - Greenblatt: "The primary macro impact or primary macro impacts are prediction markets." He said rivals were spending on players "in a frankly less commercially rational way" to build prediction-market positions. - The long-promised **$500 million EBITDA** target slipped beyond 2027. He also said prediction-market bans in Nevada and Michigan would help every licensed online sportsbook. In other words, the regulated industry's business case now depends on states winning the fight over [[KalshiEX v. Flaherty]]. ## Political money BetMGM is a member of the Sports Betting Alliance but is **not** among the four funders of the sportsbooks' $72 million super PAC, [[Win for America]]. ## See also - [[MGM Resorts International]] · [[Entain]] · [[Adam Greenblatt]] - [[Sports Betting Alliance]] · [[American Gaming Association]] · [[DraftKings]] · [[FanDuel]] · [[Fanatics]] · [[bet365]] - [[Sports Betting]] · [[Prediction Markets]] · [[Prediction Markets and Gambling Sector]]