Better Collective has shared its earnings for the three months ending June 30, 2026, revealing that the company’s revenue increased by 9% year-on-year and reached €89.1...
iGaming Q2 2026 gave operators plenty to work with, but the results were not the open book the revenue figures typically suggest. With the World Cup as a growth accelerator for betting activity, the quarter offered a useful look at which markets and business models are holding up and where operators are still struggling. This report looks at the quarter’s results for some of the biggest iGaming operators, including Betsson, Flutter, DraftKings, Entain, Bragg Gaming Group, MGM Resorts and Wynn Resorts.
Table of Contents
Operators and the iGaming market in Q2 2026
| Biggest Winner | Wynn Resorts | 6.9% revenue growth and higher net income, backed by strong Las Vegas and Macau performance. |
| Biggest Growth Story | Flutter International | 10% revenue growth, with Southern Europe, CEE and Brazil standing out. |
| Biggest Turnaround | Bragg Gaming | Revenue fell, but cost-cutting kept EBITDA stable and lifted margins. |
| Most Challenging Segment | US Sportsbook | High competition, promotional costs, taxes and unfavorable sports results affected profitability. |
| Most Important Trend | Revenue ≠ Profitability | The World Cup boosted engagement and revenue, but taxes, marketing and customer-friendly results absorbed much of it. |
| Market Outlook | Selective growth | International markets look resilient, but US operators need to deal with increasingly expensive customer acquisition and regulation. |
Betsson: Record-high revenue coming with profitability pressure
Betsson’s iGaming Q2 results pointed to a trend that is getting more and more relevant for operators that are expanding into regulated markets: strong revenue growth does not always end up meaning stronger profitability. The company reported record quarterly revenue of €310.2 million, up 2.1%, with Latin America and activity around the FIFA World Cup being the main growth drivers. Still, operating income dropped 38.9% , and EBITDA declined by 30.5% .
In iGaming Q2 2026, regulated markets made up 75.5% of revenue, up from 65.7% a year earlier. So yes, this expansion helps long-term market stability, but it also drags along higher gaming taxes and provider costs, which means more pressure on margins, in practice it’s a bit more intense than it sounds.
Latin America kept momentum, with revenue climbing 32.3% and still being the strongest growth region. Western Europe meanwhile hit a record €64.2 million, which kind of rounds out the story. Overall, this is the bigger picture for Betsson in Q2 2026, the operator keeps benefiting from a diversified market presence, yet the softer B2B business took away some of the shine from the outcomes.
President and CEO of Betsson, Pontus Lindwall, commented on the quarter, saying:
“The second quarter was characterised by continued healthy growth in our B2C business, positively impacted by the FIFA World Cup that kicked off in June. At the same time, B2B revenue remained at a lower level than the previous year, which weighed on the quarter’s profitability, although the operating margin improved compared with the previous quarter.”
So, while Betsson is still growing and benefiting from a more diversified market base, Q2 also showed the cost of that growth. The company is bringing in more revenue, but keeping more of it as profit is becoming the bigger challenge. Though the full year guidance was not revealed, the operator’s share price increased by 2% after the earnings call.
Betsson: Full Q2 2026 iGaming quarterly report
Flutter: Revenue growth and acquisitions
Flutter’s iGaming Q2 results show that revenue is growing in the right direction, but it is not evenly distributed across the business. The company generated $4.33 billion in quarterly revenue, up 3% year-on-year, with the strongest contribution coming from Flutter International.
International revenue increased 10% to $2.64 billion, helped by the acquisitions of Snai and Betnacional. The deals are giving Flutter a stronger position in international markets and were a substantial reason behind the segment’s revenue growth in Q2. However, adjusted EBITDA still fell 19% to $476 million, which suggests that the newly added revenue is yet to translate fully into profitability.
The US performance throughout iGaming Q2 2026 remained more challenging. Revenue declined 6% to $1.6 billion, mainly because of weaker sportsbook performance, while U.S. iGaming revenue increased by 14% to $577 million. The difference between the two products is worth keeping an eye on, especially as Flutter continues to build out its US business.
The Flutter CEO, Peter Jackson, made the following statement:
“In the US, we’re delivering continued sequential improvement in key sportsbook metrics alongside sustained iGaming growth. Within International, we are executing at pace, and Flutter Edge-enabled product improvements are driving our momentum in the second half. I’m confident that the choices we’re making today will deliver sustainable, long-term value for our shareholders.”
Flutter made the decision to lower its full-year guidance to $17.4 billion in group revenue and $2.3 billion in adjusted EBITDA. This clearly shows that the company is being more cautious about how much of its growth can be converted into earnings. For now, acquisitions are helping Flutter expand its revenue base, particularly internationally, but the next step will be turning that expansion into sustainable profitability.
Flutter: Full Q2 2026 iGaming quarterly report
DraftKings: Betting activity growth despite revenue decline
DraftKings’ Q2 results showed a clear difference between customer activity and the revenue it ultimately generated, with the latter having fallen 5% year-on-year to $1.44 billion, below both the previous year’s $1.53 billion and Wall Street expectations of $1.55 billion. Yet Sports Consumer Volume increased 15% to $13.1 billion, suggesting that despite the weaker top-line result, customers remained active.
The main reason for the decline was sportsbook performance. DraftKings said bettor-friendly outcomes reduced the amount of revenue it could retain from the higher betting volume, with sportsbook revenue falling 10.6% to $891.9 million. iGaming provided some balance, growing 7.5% to $461.9 million.
Customer numbers also continued to move up, with monthly unique users increasing 9% to 3.6 million. At the same time, average revenue per player fell by 13% to $132, showing that the increase in users and engagement is not yet translating into the same level of monetization.
DraftKings CEO Jason Robins stated:
“We delivered a strong second quarter and entered the back half of the year with real momentum, as our core business grew across handle, users, and engagement.”
CFO Alan Ellingson further added:
“Our core business remains on track to generate approximately $1 billion of adjusted EBITDA this year, providing us with financial flexibility to invest behind the significant opportunity that we are seeing in Predictions.”
Despite the weaker quarter, DraftKings kept its full-year revenue guidance of $6.5 billion to $6.9 billion. The decision to keep the outlook the same tells us the operator sees the Q2 revenue decline as more of a short-term impact from sportsbook results than a deterioration in customer demand.
DraftKings: Full Q2 2026 iGaming quarterly report
Entain: Low operating profit despite revenue rise
Entain had a solid second quarter, with Group NGR up 7% year-on-year on a constant-currency basis. Online was again the main source of growth, with NGR increasing 8% and volumes up 7%. Retail was slower at 3%, but still remained in positive territory.
The UK & Ireland stood out in iGaming Q2 2026, with NGR up 9%. Online was particularly strong, growing 14%, with both sports and gaming contributing to the result. Retail also grew 4%, helping the region continue to outperform.
International NGR increased 5%, with online up by the same amount. Australia remained one of the stronger markets, while Brazil showed some improvement after a weak first quarter. The World Cup also gave the business a boost, with Entain reporting that first-time depositors were twice as high as during the 2022 tournament.
Entain CEE also had a better quarter, with online NGR rising 16%. However, the business is now being phased out as Entain moves ahead with the sale of a 20% stake for €425 million. The company plans to use the proceeds from its eventual exit to bring down debt and return excess capital to shareholders.
CEO of Entain, Stella David, commented:
“I am pleased with Entain’s start to 2026, with strong momentum and volume growth continuing as well as strong player engagement across the group throughout the World Cup tournament. This performance reflects our strengthening operations and focused execution, which reinforces the resilience of our globally scaled business and its ability to consistently deliver high-quality growth.”
For now, the numbers suggest Entain’s online business is moving in the right direction. The bigger question is whether that growth will be enough to offset higher UK gambling taxes and translate into stronger earnings. For the full year, Entain kept its guidance unchanged, expecting online NGR growth of 5–7% and Group Underlying EBITDA of £910 million to £960 million.
Entain: Full Q2 2026 iGaming quarterly report
Bragg Gaming Group: Cost-cutting and pressure on revenue
Bragg Gaming is showing the early effects of its restructuring, but the company still has a revenue problem to solve. Q2 revenue fell 12% to $26.1 million, while net loss widened from $2.1 million in 2025 to $3.3 million. The fact that operating loss narrowed from $2.6 million to $2.1 million, however, suggests that the cost reductions are already taking some pressure off the business.
That is also reflected in EBITDA. Adjusted EBITDA stayed at $4 million despite the lower revenue, pushing the margin from 13% to 15%. In other words, Bragg is currently doing a better job of controlling what it spends, rather than generating more from its existing business.
The regional picture is more encouraging. Proprietary content revenue in North America jumped 44%, driven by the U.S. and Canada, although this was partly offset by a 14% decline in the Netherlands following the roll-off of legacy turnkey contracts. This makes the revenue decline less straightforward than the headline figure suggests, with some of the pressure coming from contracts that were already winding down.
CFO of Bragg Gaming, Robbie Bressler, explained:
“We are seeing more pressure on revenue. With our cost-cutting measures, we have been able to keep our EBITDA margin within what we had thought the business would be performing at.”
The Drayton International acquisition also makes the next stage harder to assess. With limited history for the combined business, Bragg withdrew its previous full-year revenue guidance of $112 million to $120 million and did not issue a new target. For now, cost savings have given the company some room to work with. The bigger question is whether the restructuring and Drayton acquisition can help Bragg return to revenue growth.
Bragg Gaming Group: Full Q2 2026 iGaming quarterly report
MGM Resorts: Small growth and big takeover plans
MGM Resorts had a fairly steady Q2 on the revenue side, with quarterly revenue up 1% year-on-year to $4.5 billion. However, the story can be told differently depending on the part of the business. The Las Vegas Strip was still the strongest performer, pulling in $2.2 billion in revenue. The casino revenue grew too, up 2% to $2.38 billion, but the regional operations business went in the opposite direction, with revenue falling 4% to $924 million and adjusted EBITDA down 9% to $280 million
MGM Digital, meanwhile, continued to grow, bringing in $196 million in Q2 2026 revenue. However, the segment still posted a $31 million adjusted EBITDA loss.
At group level, adjusted EBITDA fell to $610 million from $648 million, although net income jumped sharply from $49 million to $292 million. This makes the quarter difficult to describe as simply stronger or weaker: the core Las Vegas business is holding up well, while some of MGM’s newer and regional operations are producing a more mixed picture.
The results also come at an interesting point for the company, with Barry Diller’s People Incorporated discussing a potential $18 billion acquisition of MGM Resorts. MGM has formed a dedicated committee to assess the proposal, meaning the company now has a major strategic decision running alongside its ongoing expansion plans.
Bill Hornbuckle, president and CEO of MGM Resorts International, said:
“MGM Resorts once again demonstrated the strength of our diversified portfolio with record second quarter consolidated revenue driven by a second consecutive quarter of year-over-year revenue growth for Las Vegas Strip Resorts. Alongside this momentum in our existing operations, we continue to build for the future with investment in the largest integrated resort in the world, MGM Osaka, on track for 2030 opening, as well as returns on our digital businesses.”
For MGM, the bigger story is not the 1% revenue increase, but how differently its businesses are performing. Las Vegas continues to provide the strongest foundation, while Digital remains a growth bet and the potential takeover could ultimately shape what comes next.
MGM Resorts: Full Q2 2026 iGaming quarterly report
Wynn Resorts: Strong results ahead of Al Marjan
Wynn Resorts delivered a stronger iGaming Q2, with revenue rising 6.9% year-on-year to $1.86 billion. The main story was the performance of its Macau operations, particularly Wynn Palace, while Las Vegas continued to provide a solid base ahead of the company’s upcoming expansion in the UAE.
Wynn Palace generated $653.4 million in operating revenue, up 21.1%, making it one of the clearest growth drivers in the quarter. Across Macau, revenue reached $351.1 million, with adjusted property EBITDAR of $95.5 million. The performance suggests that demand in the market remains healthy, although the lower 2.97% VIP table games win percentage shows that results can still be affected by the usual volatility in high-value gaming.
Las Vegas was also a strong contributor, generating $643.2 million in revenue and $215.2 million in adjusted property EBITDAR. The company said May produced a monthly record for adjusted property EBITDAR in Las Vegas, giving Wynn another strong quarter from its U.S. operations.
Not every property moved in the same direction. Encore Boston Harbor was one of the weaker spots, with revenue down 3% to $209.3 million and adjusted property EBITDAR at $56.1 million. The wider business still had a good quarter, though, with adjusted net income rising to $127.5 million from $113.3 million a year earlier. Net income more than doubled to $140.1 million.
Wynn Resorts CEO Craig Billings stated:
“Our second quarter results, including a monthly record for Adjusted Property EBITDAR in Las Vegas in May, and strong performance in Macau, reflect continued healthy demand dynamics throughout our business. I am incredibly proud of our teams in both regions.”
Wynn enters the second half of the year from a relatively strong position, with both Macau and Las Vegas contributing to growth. With Al Marjan Island adding another major market to the portfolio, the bigger question is whether Wynn can carry this momentum into its next stage of expansion.
Wynn Resorts: Full Q2 2026 iGaming quarterly report
iGaming Q2 2026 operator performance compared
| Company | Revenue | YoY growth | EBITDA |
| Betsson | €310.2M | +2.1% | €58.5M |
| Flutter Entertainment | $4.33B | +3% | $508M |
| DraftKings | $1.44B | -5% | $114.6M |
| Entain | ~£1.30bn | +7% | £479.3M* |
| Bragg Gaming | $26.1M | -12% | $4M |
| MGM Resorts | $4.5B | +1% | $610M |
| Wynn Resorts | $1.86B | +6.9% | $568.3M |
*Entain did not report separate Q2 2026 results; the figure shown is for H1 2026.
Predictions for H2 2026 in iGaming: What’s ahead?
If iGaming Q2 2026 is anything to go by, the second half of 2026 will be about finding the right balance between growth and profitability. International markets should remain an important source of new revenue, with Latin America, Southern Europe, CEE and Australia all showing room for further growth.
The US is likely to stay more difficult. Operators are seeing plenty of betting activity, but taxes, promotions, acquisition costs and sportsbook margins are making it harder to turn that activity into profit. The World Cup has brought another boost to engagement, but iGaming Q2 also showed that more betting does not always mean better financial results.
Cost control will probably remain a priority, especially for companies dealing with weaker revenue. Bragg is a good example of this, with lower revenue but stable EBITDA after cutting costs. Larger operators are also becoming more careful about expansion and acquisitions, with profitability likely to matter more than simply adding scale.
For iGaming H2 2026, the operators best positioned to perform will likely be those with a strong international presence, established online businesses and better control over costs. After a quarter where revenue and profitability often moved in different directions, the rest of 2026 may show which operators can actually turn growth into revenue.
With the second half of the year underway, AffPapa will continue tracking the next wave of quarterly results and breaking down what they mean for the iGaming market, following the performance of the industry’s biggest operators through the rest of the year.
