MGM, Grupo Globo Form Joint Venture to Enter Brazil’s Betting Market

The leading gaming, betting and hospitality company, MGM Resorts International, announced a major move toward the gambling sector in Brazil. On Thursday, the company announced a new collaboration with Latin America’s largest media group, Grupo Globo, for the formation of a new venture that will seek an iGaming and sports betting license in Brazil.

The two companies confirmed that the license is subject to approval. In case such approval is granted by the end of the year, the new venture is expected to launch betting and iGaming services to customers in Brazil. The launch is expected at some point early next year and will be under the famous BetMGM brand, bringing exceptional, best-in-class experiences to one of the fastest-growing gambling markets in the world.

Bill Hornbuckle, MGM Resorts’ CEO and president, spoke about the company’s ongoing commitment to become the world’s premier gaming entertainment company. He explained that the new deal with Grupo Globo complements this commitment and seeks to propel BetMGM’s presence in Brazil, an incredibly important market for the Latin American region.

“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.“

Bill Hornbuckle, president and CEO at MGM Resorts

Moreover, Hornbuckle 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.” Finally, he predicted that through this new agreement, MGM would be able to enter the market quickly and leverage its expertise to establish a strong presence and deliver exceptional experiences to customers in Brazil.

The Joint Venture Is Expected to Quickly Establish Presence in the Country

MGM’s move in Brazil is expected to strengthen its footprint in the region while creating unique growth opportunities. The regulated gambling sector is valued at a sum north of $3 billion, considering that there are more than 20 million active sports bettors in the country. What’s more, Brazil’s betting sector is predicted to grow by two digits per year.

The newly formed venture by Grupo Globo and MGM Resorts will establish headquarters in Sao Paulo. A team that consists of local talent and experts in the region will navigate the venture’s expansion and growth.

At the same time, the venture will leverage technology from LeoVegas, while gaining advantage of the extensive consumer knowledge from Grupo Globo in Brazil. Ultimately, the media group reaches approximately 70 million people on a daily basis, so this will likely be a key advantage for the new venture.