Oct 14 (Reuters) - U.S. sports betting firm BetMGM on

Tuesday raised its annual revenue and profit forecasts for the

third time this year and said it expects to return at least $200

million to its owners - Entain ( GMVHF ) and MGM Resorts ( MGM ) -

before the end of the year.

BetMGM said its upgraded forecast was buoyed by

stronger-than-expected demand in the third-quarter across its

online sports and iGaming divisions.

"We have reached yet another inflection point in our

journey, returning operating cash flow back to Entain ( GMVHF ) and MGM

Resorts ( MGM )," BetMGM CEO Adam Greenblatt said.

U.S. sports betting has grown rapidly, driven by

accelerating state-level legalization and heavy marketing by

major operators, even as the sector faces intensifying

regulatory scrutiny and increasing state-level taxation

pressures.

Entain ( GMVHF ) shares reversed course to trade 3% higher after the

update, while New York listed MGM's shares were up 0.5% in

pre-market trading at 1117 GMT.

"BetMGM's momentum from the first-half continued into the

third-quarter, underpinned by the ongoing execution of our

strategic plan," Greenblatt added.

BetMGM expects at least $2.75 billion in revenue and a core

profit of about $200 million for the year ending December 2025.

It had previously forecast revenue of at least $2.7 billion and

core earnings of at least $150 million for fiscal year 2025.

The sports betting brand had also raised its 2025 revenue

and profit forecasts in June and July.