GVC and MGM confirm $200m US sports betting partnership

  • Updated
  • By Amy McDonnell
MGM

Owner of Ladbrokes and Coral, GCV Holdings, has confirmed a $200m (£153m) deal with MGM Resorts International – the world’s biggest casino operator.

MGM, owner of the MGM Grand, Bellagio and The Mirage in Las Vegas, has joined GVC in a partnership to create a sports betting and interactive gaming platform in the US, following the decision to loosen restrictions in the country. 

In May 2018, the US Supreme Court revoked a 1992 law banning gambling on sports, clearing the way to allow each state to legalise sports betting outside of Nevada if they wish.

Paddy Power Betfair bought fantasy sports betting site Fan Duel in May, seemingly making a move into American sports gambling following the legislation changes.

This momentous deal aims to combine the technological expertise of GVC alongside MGM’s influence and reach as one of the world’s largest hospitality groups. 

Chief executive Kenneth Alexander said: "MGM Resorts is a world-leading entertainment business and the most trusted name in gaming, with the highest quality brands and management, and strong sports connectivity.

"This combined with GVC's technology and experience in successfully building online gaming businesses across multiple markets presents a truly exciting opportunity for US players and our respective shareholders.

"To be able to team up with a partner with such pedigree and knowledge, particularly in the US, is a real opportunity for GVC."

MGM Resorts chairman and chief executive Jim Murren said: "With MGM Resorts' expertise and leading position in key markets across the US, this historic partnership will be positioned to become the instant leader in technology, market access, sports relationships and brands."