Your Ultimate Online Betting Hub in 2019
Things are happening fast in the United States these days, with respect to deals happening and new sports-betting markets opening on a state-by-state basis. On July 29, in one of the largest related business deals announced to date, US casino corporation MGM Resorts International and Isle of Man-based GVC Holdings PLC, a major force on the European online scene, have announced a mega-sized joint venture that will create a powerful and prominent online platform for all of MGM’s land-based interests in the US.
It’s a big deal that clearly works both ways. MGM gets access to GVC’s state-of-the-art platform software, while GVC will get major access into the US market, just as it’s set to explode. Among the bullet points as seen from the GVC perspective: A “clear path to access in 15 states with total addressable population of 90 million,” meaning those states in which MGM has live-casino interests.
Such deals are coming together quickly in the wake of May’s US Supreme Court ruling that abolished PASPA (the Professional and Amateur Sports Protection Act), the federal law that blocked legal sports betting almost everywhere in the US for more than a quarter century. MGM’s and GVC’s joint announcement makes no bones about it. It’s all about “… the establishment of a 50/50 joint venture to create a world-class sports betting and online gaming platform in the United States, well-positioned to engage in the new opportunities created by the recent Supreme Court decision overturning the federal Professional and Amateur Sports Protection Act, or PASPA.”
MGM Resorts and GVC cited these as the top-line benefits likely to accrue from the joint venture:
Both companies agreed to immediately commit $100 million each to the joint venture. The two companies will establish a joint headquarters somewhere in the States, with the odds high that it will be located in New Jersey and Nevada. The partnership will also be subject to regulatory approval in each of the states where MGM currently does business, with GVC likely to be added int the mix as a third-party software provider under MGM Resorts’ existing licenses.
“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,” said Jim Murren, MGM Resorts’ Chairman and Chief Executive Officer. “We are excited to benefit from GVC’s proprietary, best-in-class technology, digital customer acquisition expertise, and experience with adapting to new operating environments. GVC is unusually qualified due to their existing operations in the U.S. Together, we are creating a one-of-a-kind platform that we expect will dominate the U.S. sports betting market.”
Kenneth Alexander, Chief Executive of GVC, offered much the same, “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 U.S. players and our respective shareholders. To be able to team up with a partner with such pedigree and knowledge, particularly in the U.S., is a real opportunity for GVC.”
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