BetMGM is scheduled to launch in 2025, when betting regulations will come into force definitively in Brazil.
Globo and MGM Resorts Internacional announced an agreement to create a joint venture to launch a new betting house in 2025, BetMGM.
The date is in line with the time set for the regulation of betting to come into force definitively in Brazil. According to the document released by MGM, the new platform will be “responsible and first-class for one of the newest and fastest growing regulated markets in the world.”
“MGM Resorts is committed to becoming the world’s leading gaming entertainment company, and this strategic alliance with Grupo Globo to enter the Brazilian market is an important step in our growth strategy. Brazil is one of the world’s emerging gaming markets, and no one has more exposure and experience in this market than Grupo Globo,” said Bill Hornbuckle, CEO and president of MGM Resorts, in a statement.
According to Ricardo Bianco Rosada, founder of the consultancy brmkt.co, large media groups have two important assets for a sports betting brand in Brazil: credibility and audience. “Although television has been competing with the ‘other screens’ of the digital world for some time, its capillarity and penetration remain significant. From the point of view of media groups, I see operations as a way to diversify their business models and monetize their audiences,” said Rosada.
In addition to Globo, SBT and Band are also in the race to obtain a national license to enter the world of betting.
