MGM Resorts International and Grupo Globo, the largest media group in Latin America, announced on Thursday (15) the formation of a new joint venture to seek a sports betting and iGaming license in Brazil. If the license is approved later this year, the new company will launch in Brazil in early 2025 under the BetMGM brand, bringing a world-class, responsible betting platform to one of the world’s newest and fastest-growing regulated markets.
The new joint venture, which will be branded as BetMGM, will align MGM Resorts’ gaming and entertainment expertise, along with LeoVegas’ proven technology, with Grupo Globo’s deep understanding of the Brazilian consumer, which reaches approximately 70 million people daily through its multiple channels, to create a product with significant scale, capabilities and access. The new company will have exclusive rights to all of MGM Resorts’ iconic brands and will leverage the customer bases of both companies to quickly establish a unique product that will stand out in the Brazilian market.
Brazil has more than 20 million active bettors, representing a market estimated at more than 3 billion dollars, growing by double digits annually.
“MGM Resorts is committed to becoming the world’s premier gaming entertainment company, and this strategic alliance with Grupo Globo and entry into the Brazilian market represents a critical step and milestone in our growth strategy,” said Bill Hornbuckle, CEO and President of MGM Resorts. “Brazil is one of the most exciting and vibrant emerging gaming markets in the world, and no one has more exposure and expertise in this market than Grupo Globo. This historic alliance allows us to quickly enter the market with the scale and expertise needed to establish a leadership position as an operator and provider of the best guest experience throughout Brazil.”
The new joint venture will establish its headquarters in São Paulo and will elect a leadership team comprised of talent from both companies, as well as new hires to oversee the company’s operations and continued growth.
The start of operations of the new company is subject to local gaming regulatory approvals.
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