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(Sharecast News) - Entain rallied on Tuesday after BetMGM - its joint venture with MGM Resorts - hailed a "strong" third-quarter performance and reaffirmed its guidance for the full year.
BetMGM said Q3 net revenue rose 7% on the same period a year earlier to $710m. iGaming net revenue was 6% higher, while online sports net revenue increased 7%, with strong World Cup engagement and the enhanced sportsbook launched ahead of NFL season.
The company reiterated its FY26 guidance for net revenue and adjusted earnings before interest, tax, depreciation and amortisation to be towards the lower end of the guidance ranges of $2.9bn to $3.1bn and $300m to $350m, respectively.
BetMGM also said it remains confident in delivering adjusted EBITDA of $500m "in the coming years".
Chief executive Adam Greenblatt said: "BetMGM delivered a strong Q3 as we continue to execute with discipline and generate profitable growth. Our product is stronger than it's ever been, with significant improvements to speed, stability, and responsiveness ahead of this football season. We have continued to prioritise our areas of strength - particularly our iGaming franchise - and remain operationally nimble as we navigate a highly competitive environment.
"Our underlying player fundamentals remain strong, and we are generating positive cash flow and adjusted EBITDA. These put us on track to deliver against our 2026 guidance and support our confidence in the long-term outlook of our business."
At 1530 BST, shares of Entain, which also owns bwin, Coral and Labdrokes, among others, were up 4.1% at 445.60p.
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