MGM Resorts International, a global leader in gaming and entertainment, has partnered with Grupo Globo, Latin America’s largest media conglomerate, to establish a new venture aimed at securing a sports betting and iGaming license in Brazil. This strategic alliance, if approved, is poised to launch operations under the BetMGM brand in early 2025, marking a significant entry into one of the world’s most dynamic emerging markets for regulated gaming.
The newly formed venture leverages the combined strengths of MGM Resorts’ unparalleled expertise in gaming and entertainment, Grupo Globo’s extensive consumer knowledge, and advanced LeoVegas technology. Grupo Globo, with its vast reach of approximately 70 million viewers daily, provides the venture with unparalleled access to Brazilian consumers, making it a formidable player in the market.
Once operational, the BetMGM-branded platform will have exclusive rights to all of MGM Resorts’ iconic brands, creating a unique offering in the Brazilian market. The partnership aims to build a product that stands out in the competitive landscape by combining the resources and customer bases of both companies.
Tapping into a Booming Market
Brazil represents a significant opportunity for growth in the sports betting industry. With more than 20 million active bettors and a market size estimated at over $3 billion, the country is experiencing double-digit growth each year. This makes Brazil an attractive market for global gaming operators looking to expand their footprint.
Bill Hornbuckle, CEO and President of MGM Resorts International, emphasized the importance of this move, stating: “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.” He added that Brazil’s vibrant gaming market and Grupo Globo’s unparalleled expertise make this partnership a historic opportunity to establish a leading position in the country.
The venture’s headquarters will be established in São Paulo, Brazil’s largest city and a crucial hub for the country’s business activities. A leadership team, consisting of top talent from both MGM Resorts and Grupo Globo, along with new hires, will be assembled to oversee the venture’s operations and growth.
However, the launch of the new BetMGM platform is contingent on the approval of local gaming regulators. The venture’s success will depend on its ability to navigate Brazil’s regulatory environment and secure the necessary licenses to operate.
The Competitive Landscape in Brazil’s Gaming Sector
MGM Resorts and Grupo Globo are not the only global brands seeking to capitalize on Brazil’s emerging gaming market. Other major players have recently applied for licenses to operate in the country, highlighting the competitive nature of the market.
For instance, SportyBet, a well-known global online gaming platform, has also recently applied for a license to operate in Brazil. Similarly, EstrelaBet, operating under EB Intermediações e Jogos, has filed for a license and plans to commence regulated operations by January 1, 2025. Both companies are keen on establishing a strong presence in the Brazilian market as it transitions to a regulated betting environment.
In addition, other brands like Big Brazil and Sportingbet have already taken steps to secure their licenses, having submitted applications by the end of July.