MGM Resorts and GVC, the owners of Ladbrokes Coral, have just announced a $200 million deal. The deal will provide access to the new US sports betting market for the UK’s largest retail betting operator. GVC and MGM Resorts are uniting in hopes of dominating the new market.
MGM Resorts and GVC, who owns Ladbrokes, have signed a $200 million deal together. The deal will focus on sports betting, as well as numerous other gambling aspects.
GVC & MGM Deal Goes Beyond Sports Betting
Following the announcement of the deal, GVC and MGM released a statement that together, they will build a world-class platform for sports betting and online gaming. The hope is for the joint venture to launch this new platform before the NFL seasons begins in September. However, there is still one obstacle in the way. The deal will need to be approved by regulatory bodies.
The new venture is a 50/50 deal between MGM Resorts sand GVC, with each firm providing $100 million. The venture is not just limited to sports betting, but will also cover real money online casino gaming, free casino gaming, online poker, and major tournaments.
MGM Resorts Seen as the Holy Grail
Since the Supreme Court overturned the federal ban on sports betting in the USA, numerous sports betting operators from Europe have been looking to make deals in the USA. We’ve already seen deals made by William Hill, Paddy Power, and Bet365. However, until now, many were surprised with how quiet Ladbrokes and GVC had been. With the recent announcement, we now know why they were so quiet.
MGM Resorts is seen as one of the best potential partners. The firm is one of the biggest players in Las Vegas and is well represented in numerous states where sports betting has been legalized or will likely be legalized soon. These states include New Jersey, Mississippi, Massachusetts, Maryland, and Illinois. It will be interesting to see how the venture plays out, but we think it’s a fairly safe bet that it will be a big success.