MGM Resorts International has entered a new joint venture with Latin America’s media group Grupo Globo in an effort to secure a sports betting and igaming licence in Brazil.
Still subject to approval, the venture – which was rumoured a week ahead of the official announcement – would operate under the BetMGM name as it brings all of the brand’s expertise and technology over to the newly-regulated market of Brazil starting early 2025.
This, coupled with Grupo Globo’s extensive knowledge of Brazilian consumers and the 70 million strong audience it reaches on a daily basis, is guaranteed to result in a product that boasts significant resources already at launch.
The venture itself will be headquartered in Sao Paulo, and together with access to Grupo Globo’s customer base will also receive exclusive rights to all brands under the MGM Resorts umbrella.
Currently, Brazil is home to more than 20 million active bettors with an estimated value of $3bn, and poised to become one of the fastest growing markets in the world on the first morning of its regulatory launch.
Bill Hornbuckle, MGM Resorts CEO & President, commented: “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.
“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.”
