MGM Resorts, Grupo Globo Form New Venture To Launch Sports Betting, IGaming In Brazil

(RTTNews) - MGM Resorts International (MGM), a hospitality and entertainment firm, announced on Thursday that it has formed a new venture with Grupo Globo, a Latin American media group, to obtain a sports betting and iGaming license in Brazil.

If approved later this year, the new venture will be launched in early 2025 under the BetMGM brand.

Bill Hornbuckle, CEO of MGM Resorts, said:"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."

The new BetMGM brand will align MGM Resorts' gaming and entertainment expertise, and proven LeoVegas technology, with Grupo Globo's consumer knowledge in Brazil, and reach of almost 70 million people a day through its multiple vehicles.

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