MGM Resorts International and Grupo Globo, Latin America’s largest media group, today announced the formation of a new venture to seek a sports betting and iGaming license in Brazil.

If its license is approved later this year, the new venture will launch in Brazil in early 2025 under the BetMGM brand, bringing a responsible, best-in-class betting platform to one of the newest and fastest-growing regulated markets in the world.

The new BetMGM-branded venture will align MGM Resorts’ industry-leading gaming and entertainment expertise, and proven LeoVegas technology, with Grupo Globo’s superior consumer knowledge in Brazil, and reach of about 70 million people every day through its multiple vehicles, to create a product with significant scale, resources and access. It will have exclusive rights to all of MGM Resorts’ iconic brands and will count on the customer bases of both companies to quickly establish a one-of-a-kind product that sets itself apart in the Brazilian market.

Brazil has more than 20 million active bettors representing an estimated market size of more than $3 billion, growing double digits every year.

“MGM Resorts is committed to becoming the world’s premier gaming entertainment company, and this strategic alliance with Grupo Globo, and entry into the Brazilian market, is a landmark step forward and key milestone in our growth strategy,” said MGM Resorts CEO & President Bill Hornbuckle. “Brazil is one of the most exciting and vibrant emerging gaming markets in the world, and no one has more exposure and expertise in this market than Grupo Globo. This historic alliance allows us to quickly enter the market with the scale and expertise needed to establish an early foothold as a leading operator and provider of the very best experience to customers across Brazil.”

The venture will establish its headquarters in Sao Paulo and elect a leadership team to be comprised of top talent from each company and additional new hires to oversee the venture’s ongoing operations and growth.