MGM and Grupo Globo confirm partnership for Brazil gambling market
MGM Resorts International and Grupo Globo will seek a sports betting and igaming licence in Brazil.
Brazil.- MGM Resorts International and Grupo Globo have confirmed the rumours by announcing the formation of a new venture to seek a sports betting and igaming licence in Brazil. If the application is approved, they expect to launch in early 2025 under the BetMGM brand.
According to a press release, the 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 about 70 million people every day through its multiple vehicles, to create a product with significant scale, resources and access.”
With a headquarters in Sao Paulo, the business will pick a leadership team comprising talent from each company and new hires. It will have exclusive rights to all of MGM Resorts’ brands.
Brazil’s betting market has an estimated market size of more than $3bn, growing by double digits every year. So far, seven operators have made applications for Brazilian gambling licences: Betnacional, Kaizen’s Betano, Superbet, Rei do Pitaco, Novibet, Sportingbet and Big Brazil.
See also: MGM Resorts reports record $4.33bn revenue for Q2
MGM Resorts CEO & president Bill Hornbuckle said: “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.”
Earlier this month, ordinance 1,207 was published in Brazil’s Official Gazette, outlining the technical requirements for online betting licensees. The ordinance confirms that online slots, roulette and card games such as blackjack and poker will be permitted along with sports betting when the licensed online gambling market goes live.
