MGM Resorts International and Grupo Globo have confirmed the rumors by announcing the creation of a new venture to obtain a sports betting and gaming license in Brazil.
If the application is approved, they plan to launch it in early 2025 under the BetMGM brand.
According to a press release, the BetMGM-branded venture “will combine MGM Resorts’ industry-leading gaming and entertainment expertise and LeoVegas’ proven technology with Grupo Globo’s superior consumer knowledge in Brazil, reaching approximately 70 million people every day through its multiple channels, to create a product with significant scale, resources, and access.”
Headquartered in Sao Paulo, the company will select a leadership team made up of talent from each company and new hires. It will have exclusive rights to all MGM Resorts brands.
The betting market in Brazil is valued at more than $3 billion, growing by double digits annually. Seven operators have applied for Brazilian gaming licenses so far: Betnacional, Kaizen’s Betano, Superbet, Rei do Pitaco, Novibet, Sportingbet and Big Brazil.
MGM Resorts CEO and President Bill Hornbuckle said:
MGM Resorts is committed to becoming the world’s leading gaming entertainment company, and this strategic alliance with Grupo Globo and entry into the Brazilian market is a significant step forward and a key milestone in our growth strategy. Brazil is one of the most exciting and dynamic emerging gaming markets in the world, and no one has more exposure and experience in this market than Grupo Globo. This historic alliance allows us to enter the market quickly with the scale and expertise needed to establish ourselves early on as a leading operator and provider of the best possible experience for customers across Brazil.
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