Canadian online gambling company Intertain Group Ltd’s (IT.TSX) shares were up more than 26 per cent on Monday afternoon, after posting strong preliminary third-quarter results.

The company said its gaming revenue rose 10 per cent to $113.5 million in the three-month period ending Sept. 30. Intertain’s number of average active customers per month rose to 231,000 compared to 208,000 users in the same period a year ago, the company said on Monday.

Intertain also confirmed its full-year guidance for 2016, with total revenue expected to reach $460 million to $500 million.

Former hedge fund manager and short-seller Marc Cohodes said in an interview with BNN last week that he recently added Intertain to the list of Canadian companies he’s betting against. Cohodes cited concerns over Intertain’s debt, management and strategic review process that began earlier this year.  

The Toronto-based online bingo company announced in June that it hired Andrew McIver – former CEO of Sportingbet PLC – to replace John Kennedy Fitzgerald as Intertain’s president and chief executive.