Dec 4 Reuters Ladbrokesowner Entain said on Monday it is targeting a core profit of 500 million in 2026 at its U.S. sportsbetting service BetMGM, which it jointly owns with MGM Resorts.

The online sports betting sector has rebounded as live sporting events returned after the pandemic.

Gambling firms have also been beefing up their offerings in the United States after the country39;s Supreme Court struck down a federal law that banned most states from sports betting.

Last month, Flutter, the world39;s largest online betting company, became the first to turn a profit in the United States.

Londonlisted Entain, which also owns popular online brands like partypoker and bwin, said it will update investors on BetMGM39;s performance to date and financial outlook through a virtual presentation at 1600 GMT on Monday.

The FTSE100 company has been looking to strengthen BetMGM39;s offerings, having acquired U.S.based Angstrom Sports for a potential consideration of up to 203 million pounds in July.

Apart from its joint venture with MGM Resorts, Entain has also been expanding into Canada, the Netherlands and other parts of Europe through several acquisitions.

Reporting by Eva Mathews in Bengaluru; Editing by Tasim Zahid

Source Reuters