MGM Resorts International is preparing to launch a new joint venture with Grupo Globo, a major player in Latin American media, to make a big push into Brazil’s sports betting and iGaming sector. The collaboration seeks to get a sports betting and iGaming license in Brazil in light of the nation’s recent completion of its regulatory framework.
It is anticipated that the planned joint venture will debut under the BetMGM name in early 2025, subject to regulatory permission. Through this partnership, Grupo Globo’s extensive knowledge of the Latin American market will be utilized, putting the company in a great position to take advantage of Brazil’s recent legalization of sports betting. In an effort to demonstrate its dedication to the area, the collaboration intends to locate its headquarters in São Paulo.
Brazil’s journey to regulating its iGaming and sports betting market has been gradual. The country announced the legalization of these activities in December 2023, but the rollout of regulatory guidelines has taken time. With the market expected to officially open by the start of 2025, MGM Resorts and Grupo Globo are poised to capitalize on this emerging opportunity.
MGM Resorts’ Broader Expansion Strategy
This announcement aligns with MGM Resorts’ broader strategy to expand its global footprint. The news follows the company’s strong Q2 2024 financial results, where it reported $4.33 billion in total revenue, marking a 9.8% increase compared to Q2 2023.
Bill Hornbuckle, CEO and President of MGM Resorts, expressed excitement about the venture, stating, “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.”
Hornbuckle also highlighted Brazil’s potential, noting, “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.”
With this partnership, MGM Resorts aims to solidify its position as a global leader in gaming and entertainment, while Grupo Globo brings unmatched regional expertise to the table.
The post MGM Resorts Eyes Brazilian Sports Betting License appeared first on iGaming.org.