MGM teams up with Grupo Globo for Brazilian sports betting

MGM Resorts International is determined to continue growing its reach in new and promising markets, with the company just announcing a new alliance with Latin America’s largest media group, Grupo Globo.

This partnership is specifically focused on the Latin American region and Brazil in particular. The two companies will seek to obtain a license in Brazil and run sports betting operations as early as 2025.

BetMGM set for Brazilian debut in 2025

To spearhead their plans, the companies will use the BetMGM brand, leading to what the partners hope will be a responsible and best-in-class betting platform of the newest generation.

MGM Resorts International is well positioned to leverage its extensive portfolio which includes both the BetMGM brand and LeoVegas, another gaming giant that specializes in building robust technology and operational solutions for the sector, and further fields its own portfolio of casinos and betting sites.

The amalgamation of familiarity with the regional dynamics, thanks to Grupo Globo, and MGM Resorts International’s valued expertise in the sports betting and gaming sectors is expected to yield strong margins for the companies that will look to gain ground quickly in the burgeoning sports gambling market in Brazil.

Commenting on this fresh opportunity, MGM Resorts CEO & President Bill Hornbuckle was excited to see this alliance arise and spoke of its significance on both the business and the region as a whole.

"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 noted.

Hornbuckle is right to talk about the company’s growth strategy, as BetMGM has decided to go global, and has steadily expanded in other jurisdictions, and notably in the United Kingdom.

Latin America is an unshakable part of the company’s strategy

This is hardly MGM Resorts’ first foray into the Latin American market, as the company has been looking to expand in other regional powerhouses, including Mexico where the company launched its retail sportsbook. Yet, MGM has recognized Brazil as one of the "most exciting" and "vibrant" emerging markets, and justly so.

The company is keen to enter the market with expertise that allows it to establish an early foothold and secure a first-mover advantage, BetMGM said. This move is hardly surprising. Back in March, Hornbuckle did say that his company was all "ready to go after" priority markets and emerging markets, naming Brazil in particular.

"If Brazil takes off and we gain a reasonable share, like 10% to 15% market share, it is a half-a-billion dollars-a-year business," he teased earlier this year. This business strategy is finally coming to bear.

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