MGM Looks to Create Online Sports Betting Conglomerate in US With Acquisition Talks
MGM Resorts is in talks with British FTSE-listed GVC Holdings to create an online sports betting conglomerate in the United States following the US Supreme Court's ruling to annul a decades long prohibition on sports wagering.
Up until this past May, US sports bettors could only play with international gambling sites. Now MGM wants all-in, but the casino firm also needs to partner with a company already entrenched in the world of Web gambling.
Enter GVC Holdings, which last year purchased one of the UK's top three bookmakers, Ladbrokes.
“The Group can confirm that discussions are at an advanced stage regarding such a joint venture and will update the market when appropriate,” GVC said in a statement.
Broadcaster Sky News reported that GVC and MGM Resorts would each put in an initial $100 million as part of a 50:50 joint venture focused on US sports betting as part of a 25-year commitment.
- Aaron Goldstein, Gambling911.com
