MGM Resorts And GVC Announce Sports Betting Joint Venture

Taylor Swift performs The 1989 World Tour show onstage at the Rock in Rio USA music festival at the MGM Resorts Festival Grounds in Las Vegas Nevada

Taylor Swift performs The 1989 World Tour show onstage at the Rock in Rio USA music festival at the MGM Resorts Festival Grounds in Las Vegas Nevada

GVC and MGM have agreed to inject $100m each into the 50/50 JV, which is expected to be formed ahead of the American football season.

Gibson Dunn & Crutcher and Latham & Watkins have taken the key roles on a joint venture between gambling operators GVC Holdings and MGM Resorts.

This partnership comes on the heels of the historic Supreme Court decision in May which could pave the way towards sports betting being legalized in dozens of states across the country. Combining the MGM brand and local connections with the online betting technology GVC employs for its own Ladbrokes, Coral and Sportingbet businesses, "presents a truly exciting opportunity for U.S. players and our respective shareholders", he said.

The UK owner of the Ladbrokes, Coral and Sportingbet brands is in advanced talks about a joint venture with U.S. hotel and casino operator MGM Resorts. UK-based GVC, which owns Ladbrokes Coral and Sportingbet, is entering into a new business with U.S. giant MGM Resorts, which owns the Bellagio Hotel and Casino in Las Vegas, as well as the MGM Grand.

"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 USA", said MGM Resorts chief executive Jim Murren.

As part of the partnership, MGM Resorts will use official National Basketball Association and WNBA data and branding, on a non-exclusive basis, across MGM Resorts' land-based and digital sports betting offerings throughout the United States.

"Together, we are creating a one-of-a-kind platform that we expect will dominate the USA sports betting market". GVC will also be providing a portfolio of strong and complementary sports betting and gaming brands, including partypoker. In the spirit of this phenomenon, global operators MGM Resorts and GVC Holdings have now announced a joint partnership, under which they will be launching online and land-based sports betting services in up to 15 U.S. states.

Shares in GVC have climbed 5.2% to £11.52 as the market is excited by its ability to use its tech and online capabilities in partnership with MGM's gaming relationships, brand, gaming sites and customer base. It's also big news for you gaming aficionados out there.

"We are excited to team yet again with Boyd Gaming on this unprecedented partnership, which allows us to fully engage with the nearly 30 million M life Rewards members throughout the country". Industry analysts believe the deal will give MGM a technological advantage over its rivals.

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