Ladbrokes owner GVC confirms joint venture with MGM Resorts
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."