MGM Resorts International and Grupo Globo announce the establishment of a new joint venture company, seeking to obtain sports betting and gaming licenses in Brazil, confirming the rumors. If the application is approved, they expect to launch under the BetMGM brand by early 2025.
Reportedly, the BetMGM brand joint venture will "combine MGM Resorts' industry-leading gaming and entertainment expertise, mature LeoVegas technology with Grupo Globo's exceptional consumer knowledge in Brazil, and reach about 70 million people daily through its various media, creating a product with significant scale, resources, and access."
The company, headquartered in São Paulo, will select a leadership team composed of talents from each company and new employees. The company will have exclusive operating rights for all MGM Resorts brands.
The Brazilian gaming market is estimated to be over $3 billion and is growing at a double-digit rate annually. So far, seven operators have applied for Brazilian gaming licenses: Betnacional, Kaizen's Betano, Superbet, Rei do Pitaco, Novibet, Sportingbet, and Big Brazil.
MGM Group CEO and President Bill Hornbuckle said: "MGM Group is committed to becoming a world-class gaming entertainment company, and establishing a strategic alliance with Grupo Globo and entering the Brazilian market is a milestone step in our development strategy, and a key milestone. Brazil is one of the most exciting and dynamic emerging gaming markets in the world, and Grupo Globo's reputation and expertise in this market are unmatched. This historic alliance enables us to quickly enter the market, with the necessary scale and expertise to establish an early foothold, becoming a leading operator and provider of the best experience for customers across Brazil."
Earlier this month, the Brazilian Official Gazette published Decree No. 1207, outlining the technical requirements for online gaming license holders. The decree confirms that when the licensed online gaming market launches, it will allow online slots, roulette, blackjack, poker, and other card games, as well as sports betting.
