BetMGM CEO Adam Greenblatt said on Tuesday that the operator has hit the ground running in Alberta, helped by pre-existing customer relationships with MGM Resorts International.
The MGM and Entain joint venture was one of around 15 operators to launch on day one of Alberta’s new regulated iGaming market, which opened as midnight struck to begin July 13.
“Our successful launch in Alberta represents another exciting opportunity for the business,” Greenblatt told investors and analysts on a Q2 earnings call on July 28. “While still very early days — we are only 14 days into it now — we are encouraged by the initial indicators.”
While BetMGM is new in Alberta, knowledge of the wider MGM gaming brand is not. Greenblatt’s comments suggest that BetMGM has already reaped the benefits of the fact that some Albertans have visited MGM properties at least on occasion before commercial iGaming arrived in the province.
“We note the value of our relationship with MGM Resorts,” the CEO said. “Nearly 10% of new players who signed up have a relationship with MGM, which speaks to the power of the brand, the relevance of our omni[channel] strategy and the sustainable benefit of our deep collaboration.”
BetMGM is MGM Resorts International’s only owned iGaming brand that is live in Alberta; while it fully owns the likes of the U.S.-facing Borgata online casino and the LeoVegas site that is operational in Ontario, neither of those brands is registered to do business in Alberta. BetMGM’s other parent Entain has a total of three sites online in Alberta, after its longtime grey-market platforms Sports Interaction and Party Casino transitioned to the new regulated market.
Online casino is BetMGM’s driving force
Greenblatt and other BetMGM executives have been saying for a long time that the dual-vertical Alberta launch is a big opportunity for the operator, which purports to be the third-largest in the U.S. by market share and last year claimed to be No. 1 in Ontario online casino share.
The CEO said on Tuesday’s call that around 70% of BetMGM’s gaming revenue comes from iCasino. In Ontario, where more than 80% of total iGaming handle and GGR come from online casino, that has served the operator well. BetMGM’s online casino product is underpinned by a suite of intellectual property content related to popular TV and movies, including:
- Wheel of Fortune
- Family Feud and The Price is Right
- The Wizard of Oz
- Friends
On Tuesday, Greenblatt referenced another recent IP launch: A new range of Game of Thrones titles that he said were among the company’s most successful rollouts ever in Ontario’s market, and which will be extended to U.S. markets this summer. The operator also launched ‘Elvis Presley: Viva Las Records‘ and ‘Marilyn Monroe Slingo‘, the first of its Hollywood legends-inspired exclusive slots.
Greenblatt expects similar iCasino success in Alberta. BetMGM launched in the province with a portfolio of more than 4,000 online casino titles, including a selection of team- and league-branded games tailored to Albertans.
The CEO also noted that thanks to its MGM Resorts relationship, BetMGM can offer a unique live dealer casino experience tied to on-site MGM Live studios in its Las Vegas resorts. “We think that’s an area that we can build from,” he added. “It’s popular in our Ontario business, and we believe it will gain traction in Alberta.”
Alberta represents BetMGM’s ideal market
Greenblatt spoke after his company posted a Q2 business update that the CEO admitted showed that the quarter was “a little lighter than expected”, although he maintained that Q2 was a strong progression from Q1.
Across all of its markets, BetMGM’s net revenue was US$711m, up 3% year over year. Online casino net revenue was US$483m (up 8% YoY), in contrast to flat online sports betting net revenue of US$228m. BetMGM’s adjusted EBITDA was $74m, a 15% YoY decrease. Average monthly actives were also down, by 3%, to 875,000 in Q2.
However, across the first half of 2026, net gaming revenue per active online casino account was up 9% year over year and net gaming revenue per sports betting active was up 17%.
Greenblatt reiterated what he said on previous earnings calls; that BetMGM continues to focus on “our areas of strength and our highest-return opportunities”. A large part of that includes a focus on expanding into new multi-product markets like Alberta’s; those new market launches don’t come around often in North America. On the flip side, BetMGM has actively reduced its investment in lower-return sports betting-only markets.
“This strategy is working,” said Greenblatt. “We continue to see healthy player fundamentals and strong engagement across our core markets.”
Still, the modest quarter led BetMGM to a cautious stance on its guidance. Greenblatt said the company remains on track to deliver its FY 2026 guidance, but it will be at the lower end of the existing guidance ranges. BetMGM’s outlook calls for net revenue of US$2.9-$3.1bn and adjusted EBITDA of $300-$350m in FY 2026.
Greenblatt added that while BetMGM remains confident in delivering adjusted EBITDA of $500m in the coming years, the company now expects that will not happen by the end of 2027 as had been previously hoped.
