MGM Resorts partners with Grupo Globo in sports betting, iGaming venture

MGM Resorts and Grupo Globo, Latin America’s largest media group, 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. Brazil has more than 20 million active bettors representing an estimated market size of more than $3B, growing double digits every year. The venture will establish its headquarters in Sao Paulo and elect a leadership team to be comprised of top talent from each company and additional new hires to oversee the venture’s ongoing operations and growth. Commencement of the new venture’s operations is subject to local gaming regulatory approvals.