MGM Resorts International announced today its collaboration with Latin American media powerhouse Grupo Globo to seek a sports wagering and iGaming license in Brazil. Should MGM secure the license, which may occur before the end of the year, the venture will launch in 2025 under its BetMGM brand. Referred to as a “BetMGM-branded venture,” the initiative aims to combine MGM Resorts’ gaming and entertainment expertise, along with its proven LeoVegas technology, with Grupo Globo’s deep consumer insights and extensive reach of nearly 70 million people daily through its multiple platforms.
The partnership is set to leverage MGM’s array of casino brands while reaching Brazilian consumers familiar with both MGM and Grupo Globo. Founded almost a century ago, Grupo Globo is a major media entity in Latin America and owns several sports networks in Brazil, making it a desirable partner for any gaming operator seeking to enter the Brazilian market.
Brazil, the largest country in Latin America by population and the region’s largest economy, offers an attractive market landscape for international gaming companies like MGM. The country boasts over 20 million active bettors, with a market size estimated at $3 billion and growing at a double-digit rate annually. This sizable market potential places Brazil among the top regions worldwide for iGaming and sports wagering. With a population ranking sixth globally, yet less than 10% engaged in betting, there’s significant opportunity for growth in online casino and sports wagering offerings.
Adding to its appeal, Brazil lacks traditional brick-and-mortar casinos, meaning the market is predominantly served by more cost-effective online wagering options. With Europe’s betting markets reaching maturity and legislative progress in the US slowing, Brazil stands out as a prime international opportunity for iGaming and sportsbook operators.
The MGM and Grupo Globo venture will be headquartered in Sao Paulo. Financial terms of the partnership were not disclosed, nor was it specified which entity will hold majority control or if the ownership will be evenly split. As of December 2023, 134 companies have expressed interest in bidding for sports wagering licenses in Brazil. However, there’s speculation that some firms, including US-based operators, are merely exploring the possibilities rather than committing fully.
“Brazil is one of the most exciting and vibrant emerging gaming markets in the world, and no one has more exposure and expertise in this market than Grupo Globo,” stated MGM CEO Bill Hornbuckle. “This historic alliance allows us to quickly enter the market with the scale and expertise needed to establish an early foothold as a leading operator and provide the very best experience to customers across Brazil.”
