MGM Resorts International, Grupo Globo form new venture seeking sports betting & Igaming license in Brazil

MGM Resorts International 

The new BetMGM-branded venture will align MGM Resorts' industry-leading gaming and entertainment expertise, and proven LeoVegas technology, with Grupo Globo's superior consumer knowledge in Brazil, and reach of almost 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 one-of-a-kind product that sets itself apart in the Brazilian market.

Brazil has more than 20 million active bettors representing an estimated market size of more than $3 billion, growing double digits every year.

"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.