Foxy Bingo owner Entain believes its American joint venture is a contender to be the top online US gambling business after it recorded solid growth over the summer period.
The FTSE 100 firm said BetMGM, which it runs with casino giant MGM Resorts, held a 23 per cent market share in US-based sports betting and online gaming in the three months to August.
It added that BetMGM was the US industry leader for internet gaming, with an almost one-third share and, based on industry data for August, is 'challenging' for the top market position across sports gambling and gaming.
BetMGM now has a presence in 16 states after launching in Arizona, South Dakota and Wyoming last month and says it experienced a 'successful start' to the NFL season following an advertising campaign fronted by Oscar winner Jamie Foxx.
It even managed to receive the first ever sports wager from space when billionaire Jared Isaacman put money on NFL team Philadelphia Eagles to win the Superbowl whilst on Inspiration4, the first all-private orbital mission around Earth.
Back on Earth, high sales across almost all its biggest markets enabled Entain to register a 6 per cent rise in net gaming revenues (NGR) on a constant currency basis despite impressive comparative trading during the same time last year.
The Ladbrokes and Coral owner also notched its 23rd successive quarter of double-digit online revenue growth, thanks to a significant rise in internet sports betting. When excluding Germany, digital revenues grew 18 per cent.
For the first nine months of the year, its NGR was up by a fifth year-on-year, but sports gambling was almost 40 per cent higher and wagers were 30 per cent larger.
Meanwhile, its stores business saw 1 per cent growth as it highlighted that UK volumes were 'recovering to pre-Covid levels' as high street footfall recovers.
Following the strong performance, the business expects underlying profits this financial year to be between £850million and £900million in accordance with previous guidance.
Chief executive Jette-Nygaard-Andersen said the company's results show its 'continuing ability to deliver sustainable, consistent and diversified growth.
'Our powerful Entain platform provides customers with great products and experiences, which enables us to grow ahead of our markets as demonstrated by 23 consecutive quarters of double-digit online growth.'
The Danish-born boss, 52, added that Entain is setting its eyes on grabbing a large portion of the fast-expanding global gambling industry, which the research firm Global Market Insights estimates could be worth $160billion by 2026.
Much of this growth is expected to come from the US, where sports betting has rapidly expanded since a 2018 US Supreme Court decision that effectively overturned the federal ban on the practice in almost all states.
Before the decision, the Professional and Amateur Sports Protection Act of 1992 granted exemptions to just four states under a grandfather clause: Oregon, Delaware, Montana, and the home of Las Vegas, Nevada.
Since then, many of the country's largest states have legalized sports gambling, including New Jersey, which pushed heavily for the ban's repeal, New York, Pennsylvania and Illinois.
Another company that has benefited from this decision is Massachusetts-based DraftKings, which has been trying to acquire Entain in the latest example of an American business trying to snap up a British bookmaker.
London-listed Entain made no mention of the DraftKings takeover bid in its announcement today. It rebuffed a £25 per share offer last month, but is now considering a bid valuing it at £16billion.
Analysis by the Daily Mail estimates that top officials could receive payouts worth £110million if the new DraftKings deal goes through, with Nygaard-Andersen earning up to £4.4million and finance chief Robert Wood receiving £12million.
Shares in Entain plc closed trading 1.7 per cent, or 35 points, lower at £20.73 on Tuesday. However, their value has grown by over 95 per cent in the last 12 months.