MGM Resorts has formed a new venture in partnership with Grupo Globo, Latin America’s largest media group, to seek a sports betting and iGaming license in Brazil.
If its licence is approved later this year, the new venture will launch in Brazil in early 2025 under the BetMGM brand.
The new BetMGM-branded venture will align MGM Resorts’ gaming expertise and LeoVegas technology with Grupo Globo’s consumer knowledge in Brazil and reach of around 70 million people every day through its multiple vehicles to create a product with significant scale, resources and access.
It will have exclusive rights to all of MGM Resorts’ iconic brands and will count on the customer bases of both companies to quickly establish a unique product that sets itself apart in the Brazilian market.
“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, is a landmark step forward and key milestone in our growth strategy,” said MGM Resorts CEO & President Bill Hornbuckle.
“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 an early foothold as a leading operator and provider of the very best experience to customers across Brazil.”
The venture will establish its headquarters in Sao Paulo and elect a leadership team to be comprised of top talent from each company and additional new hires to oversee the venture’s ongoing operations and growth.
Commencement of the new venture’s operations is subject to local gaming regulatory approvals.
