Strategic alliance pairs MGM Resorts' gaming expertise with Grupo Globo's superior reach and consumer knowledge in the Brazilian market LAS VEGAS , Aug. 15, 2024 /PRNewswire/ -- MGM Resorts International (NYSE: MGM ) ("MGM Resorts" or the "Company") and Grupo Globo, Latin America's largest media group, today announced the formation of a new venture to seek a sports betting and iGaming license in Brazil . If its license is approved later this year, the new venture will launch in Brazil in early 2025 under the BetMGM brand, bringing a responsible, best-in-class betting platform to one of the newest and fastest-growing regulated markets in the world.
The new BetMGM-branded venture will align MGM Resorts' industry-leading gaming and entertainment expertise, and proven LeoVegas technology, with Grupo Globo's superior consumer knowledge in Brazil , and reach of almost 70 million people every day through its multiple vehicles, to create a product with significant scale, resources and access. It will have exclusive rights to all of MGM Resorts' iconic brands and will count on the customer bases of both companies to quickly establish a one-of-a-kind product that sets itself apart in the Brazilian market. Brazil has more than 20 million active bettors representing an estimated market size of more than $3 billion , growing double digits every year.
"MGM Resorts is committed to becoming the world's premier gaming entertainment company, and this strategic alliance with Grupo Globo, and en.