Oct 15 (Reuters) - British gambling firm Entain ( GMVHF )

reported a 6% rise in third-quarter net gaming revenue and

reiterated its annual profit forecast on Wednesday, supported by

growth in its U.S. joint venture BetMGM and online gaming.

Entain ( GMVHF ) has benefited from an accelerating shift towards

online gaming and sports betting, especially through its BetMGM

joint venture with MGM Resorts ( MGM ) in the U.S., even as

concerns mount over potential tax hikes in the UK and a weak

momentum in its retail operations.

On Tuesday, BetMGM raised its annual revenue and profit

forecasts for the third time this year and said it expected to

return at least $200 million to its owners before the end of the

year.

Stella David, who took over as Entain ( GMVHF ) CEO in April, said the

company was "increasingly confident" in generating more than 500

million pounds ($668.15 million) of annual cash from 2028, given

the growth in Entain ( GMVHF ) and BetMGM.

The company reiterated its annual core profit expectations

of between 1.10 billion pounds and 1.15 billion pounds, despite

softer margins in September due to favorable outcomes for

customers in sports betting.

Entain ( GMVHF ), which owns the Ladbrokes, Coral and Partypoker

brands, expects its online net gaming revenue to increase about

7% on a constant currency basis for the year ending December.

Smaller rival Rank Group ( RANKF ) reported a 9% rise in

like-for-like net gaming revenue for its first quarter on

Wednesday, but noted that speculation around potential tax

changes in the upcoming UK autumn budget is casting a shadow

over the business.

($1 = 0.7483 pounds)

(Reporting by Raechel Thankam Job in Bengaluru; Editing by

Subhranshu Sahu)