# Sea Garena paying users in Q2

in Q2 2026

Updated: July 14, 2026

Category: Financials

Tags: Companies
KPIs

HTML: /markets/financials/companies/sea-garena-paying-users-in-q2/

## Short Answer

**Both the model and the market expect Sea Garena paying users in Q2 2026 to be Above 60 million, with no compelling evidence of mispricing.** This consensus is supported by Garena's Q1 2026 paying users of 72.6 million and Free Fire topping global mobile game downloads in June 2026.

## Key Claims (January 2026)

**- - Since last update (~24h): Model probability for 'Above 72 million' dropped 7.9pp, with the edge flipping, market-led.** - Headline **model** **probability** rose 2.9pp, while the **market** held flat, widening the edge to 2.8.
- **Model** for 'Above 70 million' (-3.5pp) and 'Above 74 million' (-3.7pp) experienced **market**-led edge flips.
- **Model**-led increases for 'Above 64 million' (+5.7pp) and 'Above 66 million' (+5.2pp) compressed edges.

**- - Garena paying users likely exceed 60 million, driven by Q1 2026's 72.6 million.** - Sustaining over 68 million users appears probable, anchored by Q1's 72.6 million.
- Strong Q2 *Free Fire* downloads and events make 70 million+ users appear plausible.

### Why This Matters (GEO)

- AI agents extract claims, not arguments.
- Improves citation probability in summaries and answer cards.
- Enables fact stitching across multiple sources.

## Executive Verdict

**Key takeaway.** **Model** **98.8%** implies +2.8pp gap over **market** **96.0%**, driven by Q1's 72.6M paying users and strong Q2 downloads.

### Who Wins and Why

| Outcome | Market | Model | Why |
| --- | --- | --- | --- |
| Above 60 million | 96.0% | 98.8% | Model higher by 2.8pp |
| Above 74 million | 4.0% | 6.2% | Model higher by 2.2pp |
| Above 62 million | 99.0% | 98.8% | Market higher by 0.2pp |

## Model vs Market

| Outcome | Market Probability | Octagon Model Probability |
| --- | --- | --- |
| Above 60 million | 96.0% | 98.8% |
| Above 74 million | 4.0% | 6.2% |
| Above 62 million | 99.0% | 98.8% |
| Above 64 million | 98.0% | 97.7% |
| Above 72 million | 11.0% | 13.1% |
| Above 66 million | 92.0% | 90.8% |
| Above 68 million | 88.0% | 86.3% |
| Above 70 million | 41.0% | 43.2% |
| Above 69 million | 68.0% | 73.3% |
| Above 69 million | 0.0% | 73.3% |

- Expiration: September 10, 2026

## Market Behavior & Price Dynamics

This market's price has been completely static since its launch, opening and holding at a 96.0% probability for a "Yes" resolution. With only a single data point recorded, there is no price history, trend, or significant movement to analyze. The chart is a flat line, reflecting a total lack of trading activity.

Zero contract volume indicates the market has seen no participation. As a result, the 96.0% price is not a reflection of trader consensus or conviction, but simply the initial price set for the market. Without trading, no support or resistance levels have been established.

The high opening price suggests a strong initial expectation that Garena's paying users will exceed the contract's threshold. This sentiment is grounded in the company's Q1 2026 results, which reported 72.6 million paying users. That figure is well above the level required for the contract to resolve to "Yes," and the market has priced in a very low probability of a significant decline in users for the second quarter.

## Significant Price Movements

#### 📉 July 13, 2026: 13.0pp drop

Price decreased from 24.0% to 11.0%

**Outcome:** Above 72 million

**What happened:** The provided web research does not identify a primary driver for the 13.0 percentage point drop in the "Sea Garena paying users in Q2" prediction market on July 13, 2026. No social media activity from key figures or influential narratives regarding Garena's Q2 user performance was found to precede or coincide with this movement [[^]](https://www.youtube.com/watch?v=jceP5gSKuJA)[[^]](https://www.youtube.com/watch?v=pv1TUJSEM2k)[[^]](https://www.youtube.com/watch?v=ihq_ngvKKmc)[[^]](https://www.youtube.com/watch?v=N0AGCWRH_io)[[^]](https://www.youtube.com/watch?v=TVN0MQ59qxs). Official Q2 2026 financial results, which would detail Garena's paying users, had not been released as of July 14, 2026 [[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://www.freefiremania.com.br/news/free-fire-grows-40-and-brings-garena-to-its-best-results-since-2021.html)[[^]](https://id.alongwalker.co/z/297638.html). Therefore, social media was irrelevant as a primary or contributing driver for this specific prediction market movement.

## Contract Snapshot

This market resolves YES if Sea Ltd reports above 70,000,000 Garena quarterly paying users in Q2 2026, and NO if this condition is not met. The outcome is verified by Fiscal.ai. The market will close early if the event occurs, or otherwise by September 10, 2026, at 6:00 am EDT, with a projected payout 30 minutes after closing.

## Market Discussion

Sea Limited's Garena segment reported 72.6 million quarterly paying users in Q1 2026, representing a 12.4% year-on-year increase and a paying user ratio of 10.9% [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://markets-data-api-proxy.ft.com/data/announce/full?dockey=600-202605120630BIZWIRE_USPRX____20260511_BW833139-1). Public discussion regarding this Q1 performance debates whether the user growth and monetization deepening signal a durable comeback for its key titles or a temporary boost from relaunch campaigns, which may impact expectations for Q2 paying users [[^]](https://longyield.substack.com/p/sea-limited-q1-2026-the-convergence).

## Market Data

| Contract | Yes Bid | Yes Ask | Last Price | Volume | Open Interest |
| --- | --- | --- | --- | --- | --- |
| Above 69 million | 0% | 0% | 0% | $0 | $0 |
| Above 69 million | 69% | 74% | 68% | $18.08 | $5 |
| Above 60 million | 95% | 99% | 96% | $4,471 | $1,334 |
| Above 62 million | 94% | 99% | 99% | $1,622.62 | $1,398.69 |
| Above 64 million | 93% | 98% | 98% | $1,508.66 | $1,376.34 |
| Above 66 million | 87% | 92% | 92% | $976.07 | $610.07 |
| Above 68 million | 82% | 88% | 88% | $915.75 | $850.07 |
| Above 70 million | 42% | 48% | 41% | $696.82 | $276 |
| Above 72 million | 11% | 12% | 11% | $1,299 | $962.32 |
| Above 74 million | 5% | 10% | 4% | $1,624 | $993 |

## What is the consensus among financial analysts for Garena's Q2 2026 quarterly paying users, and how have estimates trended since the Q1 report?

Q2 2026 Analyst Estimate | 60 million [[^]](https://finviz.com/news/131932/stay-ahead-of-the-game-with-sea-limited-se-q2-earnings-wall-streets-insights-on-key-metrics) |
Q1 2026 Reported Paying Users | 72.6 million [[^]](https://gabgrowth.com/p/sea-limited-q1-2026-earnings-review)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526219378/d78490dex991.htm) |
Q2 2025 Paying Users | 53 million [[^]](https://finviz.com/news/131932/stay-ahead-of-the-game-with-sea-limited-se-q2-earnings-wall-streets-insights-on-key-metrics) |

**Financial analysts anticipate 60 million Garena quarterly paying users for Q2 2026**

Financial analysts anticipate 60 million Garena quarterly paying users for Q2 2026. The current consensus among financial analysts projects 60 million quarterly paying users for Garena in the second quarter of 2026 [[^]](https://finviz.com/news/131932/stay-ahead-of-the-game-with-sea-limited-se-q2-earnings-wall-streets-insights-on-key-metrics). This estimate compares to 53 million paying users reported for the same quarter in the previous year, Q2 2025 [[^]](https://finviz.com/news/131932/stay-ahead-of-the-game-with-sea-limited-se-q2-earnings-wall-streets-insights-on-key-metrics).

Garena reported 72.6 million paying users in Q1 2026. In the first quarter of 2026, Garena recorded 72.6 million quarterly paying users, which represented a **12.4%** increase year-over-year [[^]](https://gabgrowth.com/p/sea-limited-q1-2026-earnings-review)[[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312526219378/d78490dex991.htm). However, the available research does not explicitly detail how financial analyst estimates for Q2 2026 have trended or changed since the Q1 report was released.

## What major updates, eSports events, or marketing campaigns for *Free Fire* were launched in Q2 2026 that could influence user monetization?

OB54 Update Launch | June 24, 2026 [[^]](https://gamingnewslab.com/free-fire/free-fire-ob54-update/)[[^]](https://gamingonphone.com/news/free-fire-celebrates-its-9th-anniversary-with-a-new-3d-party-lobby-gameplay-systems-events-free-rewards-and-more/)[[^]](https://www.sportsdunia.com/gaming/free-fire-ob54-update-download)[[^]](https://www.bluestacks.com/blog/updates/free-fire-battlegrounds/ff-9th-anniversary-update.html) |
9th Anniversary Event | June 24 to July 26, 2026 [[^]](https://gamingonphone.com/news/free-fire-celebrates-its-9th-anniversary-with-a-new-3d-party-lobby-gameplay-systems-events-free-rewards-and-more/)[[^]](https://www.bluestacks.com/blog/updates/free-fire-battlegrounds/ff-9th-anniversary-update.html)[[^]](https://liquipedia.net/freefire/Esports_World_Cup/2026) |
Garena Q1 2026 Paying Users | 72.6 million (+12.4% YoY) [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12) |

**Free Fire launched a major update and anniversary event in Q2 2026**

Free Fire launched a major update and anniversary event in Q2 2026. On June 24, the OB54 update introduced significant gameplay enhancements, including Weapon Awakening and an improved Skill Boost system [[^]](https://gamingnewslab.com/free-fire/free-fire-ob54-update/)[[^]](https://gamingonphone.com/news/free-fire-celebrates-its-9th-anniversary-with-a-new-3d-party-lobby-gameplay-systems-events-free-rewards-and-more/)[[^]](https://www.sportsdunia.com/gaming/free-fire-ob54-update-download)[[^]](https://www.bluestacks.com/blog/updates/free-fire-battlegrounds/ff-9th-anniversary-update.html). Concurrently, the 9th Anniversary celebrations commenced on June 24 and extended through July 26, 2026 [[^]](https://gamingonphone.com/news/free-fire-celebrates-its-9th-anniversary-with-a-new-3d-party-lobby-gameplay-systems-events-free-rewards-and-more/)[[^]](https://www.bluestacks.com/blog/updates/free-fire-battlegrounds/ff-9th-anniversary-update.html)[[^]](https://liquipedia.net/freefire/Esports_World_Cup/2026). This anniversary event featured themed rewards, map transformations like the Factory makeover, and co-op challenges, all strategically designed to boost user engagement, retention, and spending throughout Q2 and into Q3 [[^]](https://gamingonphone.com/news/free-fire-celebrates-its-9th-anniversary-with-a-new-3d-party-lobby-gameplay-systems-events-free-rewards-and-more/)[[^]](https://www.bluestacks.com/blog/updates/free-fire-battlegrounds/ff-9th-anniversary-update.html)[[^]](https://liquipedia.net/freefire/Esports_World_Cup/2026).

Esports events and strong Q1 monetization supported Q2 activities. During Q2 2026, Free Fire hosted significant eSports tournaments, notably the Free Fire MAX Asia Invitational (FFMAI) Summer 2026, which took place from June 12–21 with a **$50,000** prize pool, and the conclusion of the Free Fire World Series (FFWS) Asia Summer 2026 [[^]](https://liquipedia.net/freefire/Free_Fire_MAX_Asia_Invitational/2026/Summer)[[^]](https://www.sportskeeda.com/free-fire/news-ffmai-2026-summer-dates-teams-prize-pool-distribution-format)[[^]](https://freefirekeeda.in/esports/bigetron-by-vitality-win-ffws-asia-summer-2026-championship-team/)[[^]](https://www.insidesport.in/garena-free-fire/ffmai-2026-summer-main-event-groups-announced-full-group-stage-draw-revealed/). These events were preceded by strong monetization trends, as reported in Garena's Q1 2026 financial report—the most recent available in July 2026 [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results). The report indicated quarterly paying users had reached 72.6 million, marking a **12.4%** year-over-year increase, and a paying user ratio of **10.9%** [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12).

## How did Garena's paying user ratio and average bookings per user in Q1 2026 compare to mobile gaming peers like Tencent and NetEase?

Garena Quarterly Paying Users | 72.6 million (Q1 2026) [[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://www.morningstar.com/news/business-wire/20260511833139/sea-limited-reports-first-quarter-2026-results)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/) |
Garena Paying User Ratio | 10.9% (Q1 2026) [[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://www.morningstar.com/news/business-wire/20260511833139/sea-limited-reports-first-quarter-2026-results)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/) |
Garena Average Bookings Per User (ARPPU) | US$12.80 (Q1 2026) [[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://www.morningstar.com/news/business-wire/20260511833139/sea-limited-reports-first-quarter-2026-results)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/) |

**Garena reported key user monetization metrics for Q1 2026**

Garena reported key user monetization metrics for Q1 2026. In the first quarter of 2026, Garena disclosed 72.6 million quarterly paying users. The company further reported a paying user ratio of **10.9%** and an average bookings per user (ARPPU) of US**$12.80** for this period [[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://www.morningstar.com/news/business-wire/20260511833139/sea-limited-reports-first-quarter-2026-results)[[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/). These figures offer insights into Garena's user monetization performance.

Directly comparing Garena's metrics to competitors is challenging. A direct comparison of Garena's paying user ratio and ARPPU with major mobile gaming competitors like Tencent and NetEase is not feasible due to a lack of publicly available, comparable data. Tencent's financial disclosures do not include specific "paying user ratio" or "ARPPU" metrics for its overall gaming operations, instead concentrating on aggregate revenues from its domestic and international games [[^]](https://static.www.tencent.com/uploads/2026/05/13/e048dfed72bc718f7986a83f23c8e294.pdf)[[^]](https://investgame.net/news/pdf/2026-05-13-tencent_q126_wp/). Similarly, NetEase's quarterly reports omit specific mobile gaming paying user ratios or ARPPU figures. While NetEase provides net revenues from games and related value-added services, the detailed data necessary for a direct comparison of these precise metrics with Garena remains undisclosed [[^]](https://ir.netease.com/news-releases/news-release-details/netease-announces-first-quarter-2026-unaudited-financial-results)[[^]](https://www.hkexnews.hk/listedco/listconews/sehk/2026/0521/2026052100815.pdf)[[^]](https://investgame.net/news/pdf/2026-05-24-netease_q1_2026_investor_presentation_wp/).

## What do third-party app intelligence platforms like Sensor Tower and data.ai indicate about *Free Fire*'s download and revenue trends throughout Q2 2026?

Global Downloads (June 2026) | Over 32.39 million (June 2026) [[^]](https://sensortower.com/blog/top-10-worldwide-mobile-games-by-revenue-and-downloads-in-june-2026)[[^]](https://www.diandian.com/news/DBfJunFY3dEk7ZZSAPnN) |
Top Performance Region | Southeast Asia [[^]](https://sensortower.com/blog/top-10-worldwide-mobile-games-by-revenue-and-downloads-in-june-2026)[[^]](https://www.diandian.com/news/DBfJunFY3dEk7ZZSAPnN) |
Download Drivers | 9th Anniversary and mid-June tournaments [[^]](https://sensortower.com/blog/top-10-worldwide-mobile-games-by-revenue-and-downloads-in-june-2026)[[^]](https://www.diandian.com/news/DBfJunFY3dEk7ZZSAPnN) |

**Free Fire led global mobile game downloads in June 2026**

Free Fire led global mobile game downloads in June 2026. The game achieved over 32.39 million downloads globally, marking a strong finish to the second quarter of 2026 [[^]](https://sensortower.com/blog/top-10-worldwide-mobile-games-by-revenue-and-downloads-in-june-2026)[[^]](https://www.diandian.com/news/DBfJunFY3dEk7ZZSAPnN). This notable stability in Q2 2026 was further enhanced by significant player engagement across key Southeast Asian markets [[^]](https://sensortower.com/blog/top-10-worldwide-mobile-games-by-revenue-and-downloads-in-june-2026)[[^]](https://www.diandian.com/news/DBfJunFY3dEk7ZZSAPnN).

Anniversary celebrations and tournaments drove Free Fire's strong performance. The substantial increase in downloads during June 2026 was largely attributed to the game's 9th Anniversary celebration and a series of mid-June tournaments conducted in Asia [[^]](https://sensortower.com/blog/top-10-worldwide-mobile-games-by-revenue-and-downloads-in-june-2026)[[^]](https://www.diandian.com/news/DBfJunFY3dEk7ZZSAPnN). Towards the end of Q2 2026, Free Fire continued its stable performance, bolstered by robust player involvement in countries including Indonesia, Vietnam, and Cambodia [[^]](https://sensortower.com/blog/top-10-worldwide-mobile-games-by-revenue-and-downloads-in-june-2026)[[^]](https://www.diandian.com/news/DBfJunFY3dEk7ZZSAPnN).

## Based on Sea Limited's performance from 2023 to 2025, what is the typical seasonal trend for Garena's quarterly paying users between Q1 and Q2?

Q1 2025 Garena Paying Users | 66.4 million [[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/) |
Q2 2025 Garena Paying Users | 61.8 million [[^]](https://www.businesswire.com/news/home/20250811347836/en/Sea-Limited-Reports-Second-Quarter-2025-Results) |
Q1 2024 Garena Paying Users | approximately 44 million [[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312525045576/d930776dex991.htm) |

**Garena's quarterly paying users did not show a consistent seasonal trend between Q1 and Q2 from 2023 to 2025**

Garena's quarterly paying users did not show a consistent seasonal trend between Q1 and Q2 from 2023 to 2025. The available data presents differing patterns for these periods, indicating variability rather than a predictable seasonal movement in user numbers.

User figures for 2024 and 2025 reveal opposing Q1 to Q2 shifts. In 2025, Garena experienced a decrease in quarterly paying users, moving from 66.4 million in Q1 to 61.8 million in Q2 [[^]](https://investgame.net/news/pdf/2026-05-13-sea_first_quarter_2026_results_deck_wp/)[[^]](https://www.businesswire.com/news/home/20250811347836/en/Sea-Limited-Reports-Second-Quarter-2025-Results). Conversely, 2024 exhibited an increase, with approximately 44 million quarterly paying users in Q1 rising to approximately 47 million in Q2 [[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312525045576/d930776dex991.htm).

Missing 2023 data prevents a complete three-year comparison. A Q1 to Q2 comparison for 2023 cannot be established, as specific Q1 2023 data for Garena's paying users is not explicitly available [[^]](https://www.sec.gov/Archives/edgar/data/1703399/000119312525045576/d930776dex991.htm). Therefore, the findings underscore varied trends for Garena's quarterly paying users between the first and second quarters over the 2023-2025 period, rather than a single typical seasonal pattern.

## What Could Change the Odds

**Sea Limited's Q2 2026 earnings are expected in mid-August 2026, with estimates pointing to dates between August 11 and August 17, 2026 [[^]](https://www.tipranks.com/stocks/se/earnings)[[^]](https://www.marketbeat.com/stocks/NYSE/SE/earnings/).** The company reported 72.6 million Garena quarterly paying users in Q1 2026, a **12.4%** year-on-year increase [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://gabgrowth.com/p/sea-limited-q1-2026-earnings-review)[[^]](https://www.marketscreener.com/news/sea-limited-reports-first-quarter-2026-results-ce7f5bdedb8bf62d). Garena's quarterly paying user ratio reached **10.9%** in Q1 2026 [[^]](https://www.businesswire.com/news/home/20260511833139/en/Sea-Limited-Reports-First-Quarter-2026-Results)[[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://gabgrowth.com/p/sea-limited-q1-2026-earnings-review)[[^]](https://www.marketscreener.com/news/sea-limited-reports-first-quarter-2026-results-ce7f5bdedb8bf62d).

**Bullish catalysts for Sea Limited in 2026 include continued strength in the Free Fire game, high EBITDA margins of 61.6% in Q1 2026, and growth in the SeaMoney digital financial services segment [[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://finsee.ai/earnings/se/2026/q1/en/).** Bearish risks include reliance on Free Fire's long-term performance and potential **market** volatility [[^]](https://www.nasdaq.com/press-release/sea-limited-reports-first-quarter-2026-results-2026-05-12)[[^]](https://finsee.ai/earnings/se/2026/q1/en/).

## Key Dates & Catalysts

- **Expiration:** September 10, 2026
- **Closes:** September 10, 2026

## Decision-Flipping Events

- Sea Limited's Q2 2026 earnings are expected in mid-August 2026, with estimates pointing to dates between August 11 and August 17, 2026 [^] [^] .
- The company reported 72.6 million Garena quarterly paying users in Q1 2026, a **12.4%** year-on-year increase [^] [^] [^] [^] .
- Garena's quarterly paying user ratio reached **10.9%** in Q1 2026 [^] [^] [^] [^] .
- Bullish catalysts for Sea Limited in 2026 include continued strength in the Free Fire game, high EBITDA margins of **61.6%** in Q1 2026, and growth in the SeaMoney digital financial services segment [^] [^] .

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