GVC Holdings said Monday that it will create a sports betting and online gaming joint venture in the U.S. with MGM Resorts International to take advantage of the opportunities created by the recent U.S. Supreme Court ruling on sports betting.

In May, the U.S. Supreme Court overturned the U.S. federal Professional & Amateur Sports Protection Act, clearing the way for states to allow gambling on athletic events.

The company said the 50-50 joint venture will bring together both GVC’s and MGM’s assets, brands, proprietary technology, and industry expertise to “revolutionize the world of sports betting and online gaming” in the U.S.

Both GVC and MGM will initially invest $100 million each in the joint venture and establish a separate headquarters in a major U.S. technology hub.

The start of operations for the new joint venture is subject to gaming regulatory approvals, GVC said.

Kenneth Alexander, Chief Executive of GVC, 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 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.”

Jim Murren, Chairman and Chief Executive Officer of MGM Resorts, 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 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. 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.”