BetMGM boss bets Supreme Court kills prediction markets

BetMGM posted $710m in third-quarter net revenue, up 7%, even as prediction markets spend heavily to attract customers.

The hit

BetMGM CEO Adam Greenblatt expects the Supreme Court to rule against prediction markets, arguing their sports & casino-style products exceed what Congress intended. He told Tuesday’s third-quarter earnings call most cases so far have favoured states, attorneys general & tribes, & he expects the same from the high court.

Why it matters

Greenblatt dismissed proposed federal rules restricting prediction market casino products as cosmetic, telling the call the risk has only been stayed, not removed. He said that if prediction markets survive the legal challenges, casino-like products could return in another form. Greenblatt also expects more states to challenge sports event contracts under their own laws, which he said could shrink the markets’ customer base.

The record

Supreme Court term	Runs through June 2027; justices have not yet agreed to hear the case
Gaming attorneys’ timeline	Justices could agree to hear the case December 2026 or January 2027, with a ruling by June 2027
BetMGM Q3 net revenue	$710m, up 7% year over year
BetMGM Q3 adjusted EBITDA	$86m, up 112% year over year
Online sports betting handle	$3.24bn, up 3%
Monthly active players	878,000, down 3% year over year

What happens next

Watch whether the Supreme Court agrees to hear the case, with a ruling expected by June 2027 if it does.

Sources: BetMGM CEO Expects Court to Side Against Prediction Markets

Named in this story? Reply to newsdesk@pollbet.com & we publish it.

18+. Betting involves risk. If gambling is a problem for you or someone close to you, help is available.