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Following a weekend of speculation, Las Vegas-based MGM Resorts International confirmed Monday a joint venture with Britain-based GVC Holdings PLC. Until recently, the vast majority of US sports bettors could only place bets via internationally-licensed online wagering sites.
The "50/50 joint venture" will allow MGM's sports betting and online gambling to get to market faster while lowering risk for the casino owner and operator, according to a joint press release issued by the two gambling firms.
"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," said Jim Murren, chairman and CEO of MGM Resorts in a statement. "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."
The first online sports betting site is expected to launch in New Jersey. MGM Resorts has ownership in Atlantic City's Borgata Casino and Hotel, which was the first to open a free standing sportsbook in the Garden State.
- Aaron Goldstein, Gambling911.com
