April 28 (Reuters) - U.S. sports-betting service BetMGM,

a joint venture between MGM Resorts ( MGM ) and Entain ( GMVHF ),

posted core profit for the first quarter on Monday, supported by

strong growth in its iGaming and online sports divisions.

The company has been pushing to grow its online presence

and capitalise on the booming e-betting market amid stiff

competition.

Its online sports division reported a 68% revenue growth

despite unfavourable sports outcomes during key moments in the

quarter.

Shares of Entain ( GMVHF ) were up 5.3% at 619.4 pence by 1122 GMT,

while MGM was up 0.4%.

BetMGM said its first-quarter results increased the

company's confidence in exceeding full-year guidance, but

maintained a cautious tone.

It reaffirmed its expectations to be EBITDA positive and

deliver net revenue of $2.4 billion to $2.5 billion in fiscal

2025.

BetMGM reported a core profit of $22 million for the three

months ended March 31, compared with a loss of $132 million a

year earlier.