• About Us / Contact
  • Responsible Gambling
This site contains commercial content
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News
No Result
View All Result
SportsHandle
No Result
View All Result

MGM, GVC Joint Venture in Sports Betting, Online Gaming Will Create ‘A Beast’

Robert Mann by Robert Mann
July 30, 2018
in Industry
mgm sports betting gvc holdings deal big time agreement

(Shutterstock)

Share on FacebookShare on Twitter

The “British Invasion” in the emerging enterprise of legal sports betting in the U.S. is continuing with the official announcement today (Monday) that British betting group GVC Holdings Plc, owner of the Coral, Ladbrokes and Sportingbet brands, will form a sports betting and online gaming joint venture with MGM Resorts International.

GVC would join other British controlled betting companies such as William Hill, Paddy Power Betfair, bet365 and others that have or are about to assume a major role in the U.S. as a risk manager and/or sports wagering software provider to U.S. gambling companies that have opened or expect to soon open sportsbooks at their U.S. operations.

Jim Murren, Chairman and Chief Executive Officer of MGM Resorts, said in a company media release, “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.” Murren added, “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.”

MGM and British Betting Group GVC Teaming Up In Sports Betting and Online Gaming Venture, As More Legal Sports Betting States Open Up Big Opportunity in U.S.

Initial media reports indicate GVC and MGM will contribute $100 million apiece as part of a 50:50 venture that would encompass a 25-year commitment, with an option for either company to buy the other out after 10 years.

GVC already operates MGM’s online casino initiative in New Jersey. Murren’s mention of “sports relationships and brands” is in apparent reference the company’s title sponsorship of the NBA Summer League and its ownership of the WNBA’s Las Vegas Aces franchise.

As earlier reported by Sports Handle, MGM is expected to be one of the U.S. market’s largest sportsbook operators as various states legalize sports betting as a result of the U.S. Supreme Court May ruling that said the law limiting single-game betting to Nevada was unconstitutional. MGM has already begun taking sports bets at The Borgata in Atlantic City and will open at two casino/resorts along Mississippi’s Gulf Coast as soon as state regulators finish due diligence in that state, possibly as early as Wednesday.

MGM now operates National Harbor, a major casino/resort near Washington. D.C., will open MGM Springfield in Massachusetts in late August, and is completing its acquisition of Empire City Casino and Yonkers Raceway, a racino bordering New York City.

One industry insider told Sports Handle, “It is a beast of a deal if it comes to fruition.” 

mgm gvc sports betting online betting venture new jersey

Although MGM is a major Nevada sports betting operator with casinos and sportsbooks all along the Las Vegas Strip, the emerging multi-billion dollar sports betting business along the East Coast alone and the risk involved, may be the motivation behind the proposed GVC/MGM joint venture, industry observers say. They indicate these East Coast sportsbooks alone could potentially take in many millions of dollars in wagers each day.

Such high volume betting action would subject the bet takers to major liability. Forming a new company would spread the risk and make the emerging business more palatable to Wall Street and investors, Sport Handle was told.

Additionally, if MGM were to operate sportsbooks through a different company, with their smaller margins and greater financial exposure, its core casino/resort business would be insulated from potential losses.

MGM recently converted to an IGT betting platform at its numerous Nevada properties on the Las Vegas Strip and is using it at its newly opened sport betting operation at The Borgata in Atlantic City. It’s unclear if the joint venture would use a GVC betting platform rather than IGT’s.  

And More News Today.

MGM and Boyd Gaming announced a new partnership on Monday that will expand MGM’s portfolio into states likely to offer sports betting and/or online gaming in the coming months or years. The partnership has an eye toward jurisdictions where either Boyd Gaming or MGM Resorts operate physical casino resorts and should be able to obtain licenses to operate online.

Boyd will eventually bring to the table eight states where MGM does not operate – Illinois, Indiana, Iowa, Kansas, Louisiana, Pennsylvania, Ohio, and Missouri.

This is the second partnership between MGM and Boyd. The companies were 50-50 partners in Atlantic City’s Borgata Resort, but MGM bought out Boyd’s stake two years ago.

“We are excited to team yet again with Boyd Gaming on this unprecedented partnership,” Murren said. “We look forward to expanding our entertainment options for guests beyond their visits to our land-based resorts.”

CDC Gaming Reports contributed to this story.

Share11TweetShare
Robert Mann

Robert Mann

Sports Handle contributor Robert Mann has a Northwestern journalism degree and is a former reporter for the Chicago Tribune and National Enquirer. He has worked in news management for CNN and several TV stations and is a 31-year resident of Las Vegas.

Related Posts

colorful-seaside-buildings-lighthouse-puerto-rico
Regulation

Caesars Launches Puerto Rico’s Second Retail Sportsbook

December 21, 2022
MGM-IAC-Sports-betting
Industry

Massachusetts Gaming Commission Agrees To Accept MGM’s Late Application

November 29, 2022
Load More

Top Stories

fanduel-retail-sportsbook-front

Requiem For The So-Called ‘Risk-Free Bet’

February 2, 2023
garnett mgm springfield

Sports Betting Launches In Massachusetts, Giving Three Retail Books A Head Start

January 31, 2023
fanatics-grand-opening

Fanatics Sportsbook At FedEx Field Offers Unique Retail Option In Maryland

January 23, 2023
Shutterstock

Missouri Legislators Lament Exodus Of Bettors To Neighboring States

January 27, 2023

State Sports Betting Guides

Ohio (U.S. state) flag waving against clear blue sky, close up, isolated with clipping path mask alpha channel transparency, perfect for film, news, composition

Ohio Sports Betting – Where To Play, Bonus Offers And Promo Codes

by Brian Pempus
February 2, 2023

Downtown Detroit at twilight (Shutterstock)

Michigan Sports Betting – Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
February 3, 2023

VA captial

Virginia Sports Betting – Where To Play, Online Sportsbooks And Bonus Offers

by Brett Smiley
January 17, 2023

nj flag

New Jersey Sports Betting — Where To Play, Online Sportsbooks, And FAQ

by Brett Smiley
October 20, 2022

pa online sportsbooks

Pennsylvania Sports Betting – Where To Play, Online Sportsbooks And Bonuses

by Brett Smiley
October 6, 2022

Canada Sports Betting Guides

Canada Sports Betting – Best Sportsbook Apps & Bonus Offers

British Columbia Sports Betting – Legal Update, Available Sportsbooks, and FAQ

Ontario Sports Betting – Legal Status And Where To Play

gambling therapy
ncpg
igaming ontario
If you or someone you know has a gambling problem, crisis counseling and referral services can be accessed by calling 1-800-GAMBLER (1-800-426-2537) (IL). Gambling problem? Call 1-800-GAMBLER (MI/NJ/OH/PA/WV), 1-800-9-WITH-IT (IN), 1-800-522-4700 (CO), 1-800-BETS OFF (IA), 1-888-532-3500 (VA) or call/text TN REDLINE 1-800-889-9789 (TN).
19+. Please play responsibly. Terms and conditions apply. 
Individuals must be 19 years of age or older to participate in igaming in Ontario. Gambling can be addictive, please play responsibly. If you, or someone you know, has a gambling problem in Ontario and wants help, please visit ConnexOntario or call their helpline at 1-866-531-2600. Operators on this website operate pursuant to an Operating Agreement with iGaming Ontario.

Search Sports Handle

No Result
View All Result
  • About Us / Contact
  • Responsible Gambling

No Result
View All Result
  • US Sports Betting
    • Arizona
    • Arkansas
    • Colorado
    • Connecticut
    • Delaware
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Mississippi
    • New Jersey
    • New Mexico
    • New York
    • Ohio
    • Oregon
    • Pennsylvania
    • Tennessee
    • Virginia
    • West Virginia
    • Wyoming
  • Pending States
    • California
    • Florida
    • Georgia
    • Missouri
    • North Carolina
  • Canada
    • Ontario
    • British Columbia
    • Alberta
  • Sportsbook Apps
    • FanDuel
    • BetMGM
    • Caesars
    • PointsBet
    • BetRivers
  • Tools
    • Sportsbook Bonuses Explained
    • Sports Betting Revenue Tracker
    • Sports Betting Podcasts
    • Partnership Tracker
    • Expected Value
    • Sports Scores And Odds Apps
    • Sports Betting Twitter
  • News

loading

Please wait while you are redirected to the right page...

Please share your location to continue.

Check our help guide for more info.

share your location