The second quarter of 2026 in iGaming delivered split scores. A World Cup summer proved to have the most influence on the industry. Operators like Betsson or Super Group deliver football-driven betting values with near-record and sometimes record results.
Regulatory swings, taxes and currency swings also had a huge impact. Evolution, BetMGM, Sportradar, and Flutter all posted headline pressure despite pockets of underlying growth.
In this edition we break down significant results and five of clearest rises and declines from Q2 2026.
Q2 2026 Financial Results
| Company | Revenue | Revenue YoY % | Net Profit / (Loss) | EBITDA (Amount + YoY %) |
|---|---|---|---|---|
| Betsson | €310.2M | +2.1% | €30.4M | €58.5M / −30.5% |
| Evolution | €517.8M | −1.2% (+2.4% constant currency) | €251.4M | ~€341M (calculated) / n/d |
| Hacksaw Gaming | €59.3M | +31% (+33% constant currency) | €45.7M | €48.4M adjusted EBIT / +31% |
| Boyd Gaming | $1.03B | +0.04% (flat) | $131.2M | $350.5M adjusted EBITDAR / −2.1% |
| BetMGM | $711M | +3% | n/d | $74M adjusted EBITDA / −14% |
| MGM Resorts | $4.5B | +1% | $292M | $610M adjusted EBITDA / −6% |
| Sportradar | €377.8M | +19% (constant currency) | (€3.5M) net loss | €76.3M adjusted EBITDA / +19.5% |
| Brightstar Lottery | $584M | −7% | $56M | $286M adjusted EBITDA / +4% |
| Light & Wonder | €770M | +2% | €112M | €356M consolidated adjusted EBITDA / +9% |
| Super Group | $684M | +18% | $123M | $204M adjusted EBITDA / +30% |
| Genius Sports | $195.5M | +65% (+64.7%) | ($76.7M) net loss | $52.6M adjusted EBITDA / +54% |
| Penn Entertainment | $1.86B | +5% | $32.6M | $312.6M adjusted EBITDA / +32% |
| Flutter Entertainment | $4.33B | +3% | ($296M) net loss | $508M adjusted EBITDA / −45% |
| Codere Online | €69.4M NGR / €64.4M IFRS revenue | +27% | (€1.4M) Q2 net loss | €5.8M adjusted EBITDA / +152% |
| Rush Street Interactive | $393.8M | +46% | $29.3M | $64.6M adjusted EBITDA / +61% |
Top 5 Q2 Gainers
Betsson’s record quarter revenue
Betsson announced its highest quarterly earnings of €310.2 million, which was 2% more than in the same quarter last year, on the back of soaring customer activity related to the Fifa World Cup. LatAm became the company’s biggest market, with revenue growth of 32.3% to €112.1 million due to performance in Argentina, Peru and Colombia.
In Western Europe, revenue reached record €64.2 million amid continuing growth in Italy. The company is seeing Q3 daily revenue running 13.7% above last year numbers.
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Hacksaw Gaming’s 31% revenue growth
The revenue of the organization increased 31% year-on-year, reaching €59.3million, which is equivalent to 33% increase in terms of constant currency.
EBIT grew by 31% to €48.4 million along with the operating margin which is at 82% and the profit reaching €45.7 million.
In the last quarter, Hacksaw Gaming released 17 proprietary games and 17 games from other firms, and secured 11 partnerships.
Additionally, the company entered into 106 agreements in Q2, including 63 new accounts.
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MGM Resorts’ Q2 record revenue
MGM Resorts took in a historical revenue of $4.5 billion in the second quarter, which is 1% more compared to the previous year, while its board is still considering the offer of a takeover worth $18 billion made by Barry Diller’s People Inc.
MGM Digital increased revenue 20% to $196 million, although its EBITDA loss widened to $31 million. Separately, BetMGM reported $711 million in revenue, driven by continued growth in iGaming, while sports betting revenue remained flat and adjusted EBITDA declined 15%.
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Super Group’s best quarter in company history
Super Group has achieved its historical profit for the second quarter this year, with revenue of $684 million, up by 18% compared to last year, and switched from a loss of $3 million to profit of $123 million.
EBITDA adjusted profit growth for Super Group has reached 30%, with $204 million in revenue.
The number of active customers has increased by 13%, reaching a total of 6.2 million people. Africa continues to be the largest money-maker region for Super Group.
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Boyd Gaming’s steady growth
Boyd Gaming has announced a 3% increase in revenue for Q2 which went up to $1.03 billion, and consequently the company raised its full year adjusted EBITDAR prediction marginally. Adjusted EBITDAR is now at $350.48 million with a net income of $131.2 million.
Boyd’s revenues in Las Vegas rose by 4% which helped to offset the company’s weak performance at The Orleans and Suncoast due to construction works taking place and a small number of tourists in the city.
Total revenues from the Midwest and South went up to $556.9 million.
Boyd executives emphasize the growing Boyd Interactive and new market access agreements as factors showing strength in the company.
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Top 5 Q2 Decliners
Evolution’s revenue dips despite profit growth
Evolution has disclosed a 1.2% decrease in its revenue to €517.8 million, while its net profit increased by 1.3% to €251.4 million due to better cost-effective management and updated cash flow.
Revenues coming from the Asian region fell by 3.7% because of the ongoing fight against cybercrimes in the area. The company’s live gaming revenue is equal to €437.3 million together with increased revenues from. RNG equals €80.5 million.
The company has paid a £4.75 million penalty imposed by the UKGC – United Kingdom gambling supervising body due to games offered at illegal websites.
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BetMGM’s EBITDA target pushed back
BetMGM’s revenue increased by a mere 3% year-on-year holding its adjusted EBITDA to drop by 15% to $74 million thus leading BetMGM to throw away its previous target of $500 million adjusted EBITDA by 2027.
Adjusted EBITDA has decreased by 9% for the first half of the year compared to the same period in the past year. Management narrowed full-year guidance to the lower end of the anticipated range of $2.9–3.1 billion revenues and $300–350 million EBITDA. Management has cited the intense rivalry among competitors, emergence of the prediction market, and squeeze on the consumer discretionary expenditure for that.
There are projections about the continuing positive momentum for the Borgata brand and some progress in Alberta’s newly regulated market.
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Sportradar’s outlook cut despite strong growth
Sportradar had a 19% revenue growth in Q2, increasing from €377.8 million and seeing adjusted EBITDA up by 19.5% to €76.3 million.
Constant currency revenue growth was also lowered to 19-21% from 23-25%. The adjusted EBITDA is now expected to grow by 24-27% instead of 34-37%.
Besides, the operating expenses adjusted grew only 41.7% amounting to €34.6 million, becoming higher due to expansion now going in Brazil and legal expenses incurred as a result of entering new markets.
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Flutter’s $296M net loss
Flutter reported a net loss of $296 million in Q2, while group revenues rose 3% to $4.33 billion and adjusted EBITDA decreased 45% to $508 million.
The loss was blamed on increased UK gambling duties, slower U.S. sportsbook expansion, and higher costs for investment. Revenue rose in the US by 6% to $1.68 billion; sportsbook revenue decreased 15% and igaming revenues fell by 14%; adjusted EBITDA dropped 70% to $119 million. The average number of active players in a month dropped 11% to 14.3 million following the departure from the Indian market of real-money gaming.
This happened together with the change of leadership with the CEO Peter Jackson resigning on September 30 and he is succeeded by Dan Taylor. The announcement led to the movement of shares down by 11.5%
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Brightstar Lottery’s revenue down on license costs
Brightstar lottery saw its revenue decrease by 7% year on year in Q2, falling from $631 million to $584 million on the back of increasing non-cash expenses related to the Italian Lotto license costs.
Even though the corporation managed to post profit from activities related to operations, acquiring $56 million in terms of net income in comparison to last year´s losses.
The company still returned to profit from continuing operations, posting $56 million in net income versus a loss a year earlier. Amortization costs tied to the Italy Lotto license roughly doubled, from $53 million to $100 million. Product sales dropped from $42 million to $34 million.
€1.43 billion ($1.67 billion) Italy Lotto license payment in April pushed operating and free cash flow negative for the quarter, though full-year guidance of $2.50–2.55 billion in revenue was maintained.
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Thinking Out Loud…
All in all, the fifteen outcomes show that the sector is still improving its top line although it works harder to achieve the bottom line. Twelve from fifteen companies increased revenue year-on-year. Some of them achieved double-digit growths such as Rush Street Interactive (+46%), Genius Sports (+65%), and Hacksaw Gaming (+31%). So we may conclude that the demand for players stays very high while such elements as the betting handle and licensing of content develop properly. The World Cup seems to be the reason for the success of sportsbook operators and casinos since it encouraged the engagement of brands such as Betsson, Super Group, and MGM.
It must be mentioned that the increase in revenue did not lead to the increase in profitability in fact, it was even vice versa in many cases. Companies such as Betsson, Boyd Gaming, BetMGM, Sportradar, and Flutter observed the decrease of profit despite increasing revenues. This may be a reflection of the pressure that all players are experiencing in this business area.
In conclusion, we can say that there will be high growths in revenues in the whole industry within the second half of 2026 although some companies will find less efficient ways to convert growth into margin expansion and those still absorbing higher regulatory.
