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UPDATE 1-BetMGM sees $500 mln profit in 2026, joint owner Entain says

(Adds background on sports betting in U.S. in paragraphs 2-7)

Dec 4 (Reuters) - Ladbrokes-owner Entain said on Monday it is targeting a core profit of $500 million in 2026 at its U.S. sports-betting service BetMGM, which it jointly owns with MGM Resorts.

The online sports betting sector has rebounded as live sporting events returned after the pandemic.

Gambling firms have also been beefing up their offerings in the United States after the country's Supreme Court struck down a federal law that banned most states from sports betting.

Last month, Flutter, the world's largest online betting company, became the first to turn a profit in the United States.

London-listed Entain, which also owns popular online brands like partypoker and bwin, said it will update investors on BetMGM's performance to date and financial outlook through a virtual presentation at 1600 GMT on Monday.

The FTSE-100 company has been looking to strengthen BetMGM's offerings, having acquired U.S.-based Angstrom Sports for a potential consideration of up to 203 million pounds in July.

Apart from its joint venture with MGM Resorts, Entain has also been expanding into Canada, the Netherlands and other parts of Europe through several acquisitions.

(Reporting by Eva Mathews in Bengaluru; Editing by Tasim Zahid)

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