MGM expands into sports betting with new partnership
GVC Holdings, the parent company of sportsbooks Coral and Ladbrokes, has now partnered with casino operator MGM to bring sports betting to the US. The deal will help GVC gain a foothold in the US market, while MGM will be able to capitalize on GVC’s European sports gambling experience. If things go well, the operations will be ready before the start of this year’s NFL season.
Both companies will maintain a 50%-split of the venture. It will more than likely carry a deal that will last 25 years, with either side able to buy out the other after ten years. According to a press release issued by the two outfits, they will "revolutionize the world of sports betting and online gaming in the United States."
Jim Murren, MGM chairman and CEO, said, “We are proud to join forces with GVC, the largest and most dynamic global online betting operator, with existing reputable and trusted operations in the U.S. With MGM Resorts’ expertise and leading position in key markets across the U.S., this historic partnership will be positioned to become the instant leader in technology, market access, sports relationships and brands.”
So far, about 20 states across the union have started progressing toward legalized sports gambling following the Supreme Court’s reversal of the Professional and Amateur Sports Protection Act (PASPA) in May. New Jersey and Delaware launched sports betting to join Nevada’s already-established operations, and Mississippi and Pennsylvania are expected to enter the space next.