Ladbrokes owner GVC con­firms joint ven­ture with MGM Re­sorts

The Malta Business Weekly - - INTERNATIONAL -

The UK owner of the Ladbrokes, Coral and Sport­ing­bet brands has agreed to set up a US joint ven­ture with ho­tel and casino op­er­a­tor MGM Re­sorts.

GVC said the ven­ture would be "well-po­si­tioned" for ex­pan­sion op­por­tu­ni­ties in the US af­ter the Supreme Court paved the way to le­galise sports bet­ting.

The busi­ness will be split 50/50 be­tween the two firms, with each in­vest­ing an ini­tial $100m.

MGM is best known for Las Ve­gas brands such as the MGM Grand and Bel­la­gio.

UK bet­ting firms have been look­ing closely at the US mar­ket af­ter the US Supreme Court in May over­turned 1992 leg­is­la­tion that banned sports bet­ting in most states.

In May, gam­bling firm Paddy Power Betfair bought the US fan- tasy sports bet­ting site Fan Duel.

GVC and MGM said the new ven­ture would have its head­quar­ters in "a ma­jor US tech­nol­ogy hub", with a lead­er­ship team drawn from both firms, as well as new re­cruits.

MGM Re­sorts chief ex­ec­u­tive Jim Mur­ren 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 US.

"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.

"To­gether, we are cre­at­ing a oneof-a-kind plat­form that we ex­pect will dom­i­nate the US sports bet­ting mar­ket."

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