MGM Resorts International has taken a significant step forward in its global expansion strategy. They form a strategic partnership with Grupo Globo. It is the largest media group in Latin America. Two companies aim to secure a sports betting and iGaming license in Brazil together. In the gaming industry, this is one of the most promising emerging markets.
If approved in late 2024, the new venture will launch under the BetMGM brand. It has plans to go live in early next year. The collaboration aims to create a powerful and unique product tailored to the preferences of Brazilian consumers. This is through combining the extensive gaming and entertainment expertise of MGM Resorts with deep understanding of the market of Brazil of Grupo Globo.
The potential of Brazil’s market is huge. It has more than 20 million active bettors and an estimated market size surpassing $3 billion and grows at double-digit rate yearly. This makes Brazil an attractive target for international gaming operators. The strategic move of MGM Resorts together with Grupo Globo is designed to capitalize on this opportunity.
Grupo Globo’s reach will benefit this move. It connects with nearly 70 million Brazilians daily around its different media platforms. This extensive reach promises to deliver a best-in-class betting platform that will stand out in the competitive market of Brazil, combined with industry-leading technology and iconic brand portfolio of MGM Resorts.
Bill Hornbuckle, CEO and President of MGM Resorts emphasized the importance of this partnership. He states that entering the market of Brazil is a key milestone in the growth strategy of the company. The move is well-positioned to establish itself as a leading player in gaming landscape of Brazil.
As it expands into one of the most exciting gaming markets in the world, this collaboration marks a crucial moment for MGM Resorts.
