MGM Resorts International is seeking to launch a new venture with Latin American media group Grupo Globo that would create a BetMGM sports betting and igaming brand in Brazil.
If the Secretariat of Prizes and Betting (SPA) approves BetMGM’s licence, the joint venture would launch in Brazil in early 2025, combining MGM Resorts’ gaming and entertainment expertise and LeoVegas technology with Grupo Globo’s consumer knowledge that has a “reach of almost 70 million people every day through its multiple vehicles”.
“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,” commented Bill Hornbuckle, CEO & President of MGM Resorts.
With headquarters in Sao Paulo, BetMGM in Brazil will have exclusive rights to all of MGM Resorts’ brands and will count on the customer bases of both MGM and Grupo Globo.
The venture will also elect a leadership team composed of talent from each company as well as new hires to oversee its ongoing operations and growth.
Earlier this month, SPA published Ordinance No. 1,231, which sets out the rules and guidelines gambling operators must adhere to regarding responsible gaming as well as communication, advertising, publicity and marketing actions.
Hornbuckle added: “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.”
MGM Resorts’ new venture into Brazil comes as the operator recently reported a “positive” Q2 2024 while also expressing confidence in their BetMGM joint venture in the US with Entain.