GVC Holdings confirms 50-50 venture in newly liberalised US sports betting market
Earlier this year, the supreme court overturned a gambling ban on sports including basketball and American football.
The UK owner of Ladbrokes and Coral has sealed a $200m (£152m) tie-up with the world’s biggest casino operator, catapulting it into the lucrative, newly liberalised US sports betting market.
On Monday, the FTSE-listed gambling group GVC Holdings confirmed the joint venture with MGM Resorts, giving both partners a foothold in what is forecast to grow into a multibillion-dollar sector.
MGM – best known for Las Vegas casinos such as the MGM Grand and the Bellagio – and GVC have agreed to inject an initial $100m each as part of a 50-50 joint venture focused on US sports betting.
It would make GVC the lead sports betting and online gambling services provider for all MGM’s casino and hotel properties in the US.
Importantly, the deal will allow GVC and MGM to work together to create gambling/betting ventures within newly sanctioned US states, delivering a range of land-based and digital gambling opportunities.