BetMGM forms Brazilian betting and gaming venture with Grupo Globo

MGM Resorts has chosen leading media group Grupo Globo as its partner in a new iGaming and sports betting venture in Brazil.

The new venture will launch in Brazil under the BetMGM brand, subject to license approval, and will operate on the technology platform of MGM Resorts subsidiary LeoVegas.

The partnership with Grupo Globo, whose brands include TV Globo, SporTV and Telecine, will give BetMGM access to an estimated daily audience of 70 million people in Brazil.

“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.”

BetMGM will apply for a license in Brazil this year and expects to launch in the market in early 2025, subject to relevant approvals.

Brazil will become the third market in which BetMGM is powered by LeoVegas after the United Kingdom and the Netherlands, while its BetMGM joint venture in the United States is powered by Entain.

Shares in MGM Resorts International (NYSE:MGM) were trading 2.34 per cent higher on the news at $38.97 per share in New York Thursday.