BetMGM now expects 2026 revenue toward the low end of its $2.9 billion to $3.1 billion range and adjusted core profit toward the low end of $300 million to $350 million, and it no longer expects to reach $500 million in adjusted core profit by 2027. [1]

Management attributed the pressure to competition from prediction markets and regulatory complexity, but Reuters supplies no product-level count of customers leaving sportsbooks, state-by-state revenue split, or measure of how much business moved into event contracts rather than elsewhere. [1]

The source has a custody wrinkle that should not disappear in cleaner prose: its page clock is July 28 while the fetched body carries a July 27 dateline, an inconsistency that leaves the reported forecast ranges intact but prevents this edition from inventing a more precise event time. [1]

What changed is guidance, not a measured account of customer substitution, because active users, betting handle, acquisition and retention costs, product overlap, the legal status of prediction markets across states, and responsible-gambling measures that could distinguish harm from market share all remain absent.

Reuters therefore presents management's competition explanation while BetMGM's promotional X results add no investor evidence, and until the company publishes operating data behind that explanation, prediction markets remain an attributed pressure on a lowered forecast rather than a quantified cause of lost customers or revenue.

-- THEO KAPLAN, San Francisco