(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 and MGM Resorts – 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 and MGM Resorts,” 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 s

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