Thirty-nine states plus Washington D.C. and Puerto Rico operate legal sports betting markets in 2026. Caesars excels with higher volume odds boosts while BetMGM provides superior variety and live streaming options.
BetMGM revenue and strategic growth
BetMGM reported net revenue of $696 million for the first quarter of 2026. This figure marks a 6% increase compared to the same period last year. iGaming net revenue grew 9% year-over-year, while online sports net revenue grew 4% year-over-year. The company reported adjusted EBITDA of $25 million, which represents an 11% increase from the previous year. BetMGM maintains a 13% GGR market share in active markets, including a 20% share in iGaming and a 7% share in online sports. Handle per active user increased 23% year-over-year. NGR per active user grew 25% year-over-year. The company focuses on premium mass sports players and multi-product states to drive sustainable growth.
BetMGM holds more markets.
Caesars live in-game betting experience
Caesars provides an in-game betting experience that refreshes odds on an inning-by-inning basis. The mobile app includes 2D game renders to provide additional information for bettors. Users can use the in-play betting setup to add items to a bet slip easily. The app provides quick odds refreshes. You know that market volatility dictates your profit margins.
Caesars dominates the odds boost market.
The reality of MLB player prop sharpness
The industry consensus on market sharpness often ignores the underlying data. In a study of 600 million MLB player prop line movements, the gap between the sharpest and softest books remains minimal on high-volume markets. For example, RBIs show a Brier score difference of only 0.002, strikeouts differ by 0.003, and hits show a 0.005 difference. The market consolidates as first pitch approaches. Closing-line accuracy measures only how close a book gets to the final price. This metric fails to identify which books move first. A sharp book moves its lines in seconds when lineups drop, whereas a soft book lags behind. This lag creates a crossed market where the stale price provides value to the bettor. ProphetX and Kalshi lead the market in sharpness. They produce the most accurate prices for total bases and strikeouts. In contrast, Fanatics often lags behind. Pinnacle also remains slow on player props. These books show higher historical returns on their soft sides.
Which operator will capture the most growth from the shift toward personalized player narratives?
Comparing MLB betting markets
BetMGM and Caesars provide different advantages for baseball fans. BetMGM wins in the MLB category due to its live MLB streaming feature and its specific MLB betting promotions. The brand maintains a long-running partnership with MLB and features visibility on MLB Network and Apple TV broadcasts. In contrast, Caesars provides more odds boosts and unique NBA betting promos. While BetMGM maintains its market position through extensive MLB streaming and deep niche sports markets, Caesars attracts high-volume bettors by providing dozens of daily odds boosts and a more beginner-friendly mobile interface.
| Operator | MLB Welcome Offer | Promo Code | Key Condition |
|---|---|---|---|
| BetMGM | Up to $1,500 back in bonus bets | ROTOSPORTS | First bet loses |
| Caesars | Bet $1, double winnings up to $25 | LSRDYW | 10 tokens, 14 days |
| DraftKings | Bet $5, get $200 in bonuses | None | $5 wager |
| FanDuel | Bet and get up to $350 | None | $5 wager |
| bet365 | Bet $10, get $365 in bonus bets | ROTOWIRE | Win or lose |
Player performance data and prop markets
Bettors can find many ways to wager on individual player performances. One common method involves betting on total bases. This market relies on recorded hits, as walks or hits by pitch do not count. Other bettors focus on strikeouts or home runs. For instance, a bettor might wager on Aaron Judge to hit a home run at +200 odds. Pitcher props also attract interest. A bettor can wager on the number of outs a pitcher records. If a pitcher records 19 outs, a bet to take the over on 18.5 outs wins.
Specific player statistics provide context for these bets. Rafael Devers ranks in the 96th percentile for overall offensive skill. Bo Bichette is projected as the 6th-best batter regarding batting average talent. Teoscar Hernandez ranks in the 91st percentile for BABIP skill. Christian Walker ranks in the 90th percentile for home run skill. Isaac Paredes has a .351 wOBA this year. Francisco Lindor ranks in the 95th percentile for overall offensive ability.
The markets change.
Mobile application and loyalty programs
The mobile experience differs between the two platforms. The BetMGM app provides a sleek interface and good mobile optimization for betting. The BetMGM Android app receives lower ratings than its iOS version. Users find the categories and search functionality could improve. The Caesars app has a clean design and a highly intuitive interface. It makes adding items to the bet slip simple.
Both companies provide loyalty programs. BetMGM uses the MGM Rewards program. This program provides real-life perks like resort discounts. Caesars uses the Caesars Rewards program. This program provides Tier Credits and Rewards Credits. Users redeem these credits for dining, hotel stays, and entertainment.
State handle and revenue comparisons
The US betting market shows significant variation by state. New York leads the country with a July handle of $1,879,946,381. Illinois follows with $1,141,572,489 in May. New Jersey recorded $816,851,302 in handle for July. Arizona reached $663,931,556 in June. Ohio saw $658,859,016 in June. Pennsylvania reached $570,255,552 in June. Virginia saw $589,186,483 in June. Nevada recorded $578,715,596 in June. North Carolina reached $570,832,788 in June. Massachusetts saw $615,062,636 in June.
Tax rates also vary by jurisdiction. New York and New Hampshire charge 51%. Pennsylvania charges 36%. Illinois uses a graduated system from 20% to 40%. North Carolina charges 18%. Virginia charges 15%. Louisiana charges 21.5% for online betting and 10% for retail. Iowa and Nevada charge 6.75%.
BetMGM delivers revenue. Use Caesars for daily odds boosts or BetMGM for superior live streaming.