MGM and Grupo Globo Form Joint Venture to Enter Brazil Betting Market
Date: 2024-08-16 Author: Alex Crawford Categories: EVENTS
MGM Resorts International, one of the world’s leading operators in the gaming, betting and hospitality industries, has announced a major step towards expanding its operations in Brazil. On Thursday, the company announced a new partnership with Latin America’s largest media group, Grupo Globo, to form a joint venture that will seek an iGaming and sports betting license in Brazil.
Both companies confirmed that obtaining the license is subject to regulatory approval. If the necessary approval is received by the end of the year, the new venture plans to launch its services in Brazil early next year under the BetMGM brand, providing consumers in the country with world-class gaming and betting services in one of the fastest-growing gambling markets in the world.
MGM Resorts President and CEO Bill Hornbuckle noted the importance of the new partnership in the context of the company’s global strategy to become a leading player in the gaming and entertainment business. He emphasized that the alliance with Grupo Globo helps strengthen BetMGM’s position in Brazil, which is a key market for all of Latin America.
“MGM Resorts is committed to becoming a leading global gaming and entertainment company, and this strategic collaboration with Grupo Globo, as well as entering the Brazilian market, is an important step forward and a key part of our growth strategy,” said Bill Hornbuckle.
In addition, Hornbuckle emphasized that Brazil is one of the most dynamic and promising gambling markets in the world, and Grupo Globo has unique knowledge and experience in this region. He expressed confidence that with this new agreement, MGM will be able to quickly establish a strong position in the market and offer Brazilian users an exceptional iGaming and betting experience.
Joint Venture to Establish Rapid Market Position in the Country
MGM’s move into Brazil is designed to strengthen the company’s position in the region and create unique growth opportunities. Brazil’s regulated gambling market, worth over $3 billion, is expected to grow at double-digit rates annually. The country has over 20 million active sports bettors, making Brazil one of the most promising markets for gambling.
The new joint venture between MGM Resorts and Grupo Globo will open its headquarters in Sao Paulo. Leading experts and local talent will lead the expansion and development of the venture, leveraging LeoVegas’ cutting-edge technology and Grupo Globo’s deep consumer insights. The media group reaches approximately 70 million people daily, which will be a major competitive advantage for the new venture.
