Ladbrokes owner GVC and US casino giant MGM Resorts have revealed that they anticipate that they will ‘dominate’ the US Sports Betting market after announcing a $200m (£153m/€171m) joint venture.
MGM has also announced that it has entered into a partnership with Boyd Gaming that will see the two casino operators sharing market access across 15 states. The Las Vegas-based giant has now disclosed its intention to deepen its relationship with GVC, with the two already teaming up to run online operations in Atlantic City’s Borgata Hotel Casino.
The Sports Betting business will initially be operated under the playMGM and Partypoker brands. GVC acquired Partypoker in its purchase of Bwin Party in 2016. According to the companies, the merged entity has been formed with a view to the start of the NFL season, which commences in early September.
In terms of the 50/50 joint venture announced on Monday, 30th July 2018, GVC and MGM will each invest an amount of $100m. The parties will both bring exclusive access to all US land-based and online sports betting, online real money and free-to-play casino gaming, major tournaments and online poker as well as other similar future interactive businesses.
Jim Murren, Chairmain and CEO of MGM Resorts, commented that they are proud to join forces with GVC, the largest and most dynamic global online betting operator, with existing reputable and trusted operations in the US.
Murren went on to say that GVC is unusually qualified due to their existing operations in the US and together they are creating a one-of-a-kind platform that they expect will dominate the US sports betting market.