A 50-50 venture worth $200 Million. In the past weeks, we seen a lot of movement and deals in the sports bets sector. And this time around its GVC Holding and MGM Resorts turn to come to an agreement.
In fact, both parties agreed to back up their partnership with hard cash. And the cost of planting seeds in the newly developed sports bets states is hefty! So they both going to put up $100 million each to get the ball rolling.
Now, because of this deal, GVC-Holding is one of the top contenders to distribute sports bet and related services, offline and online to many casinos including MGM. To back up this speculation, we think it’s important to point out that the new partnership covers all of MGM’s casinos and resorts within U.S borders.
Who is GVC-Holding
The GVC Holding Group is one of the largest gaming and sports bets company in the world. In essence, they offer sports betting, Poker, Casino, and Bingo to many operators. So you can more or less say they provide all that categorizes under betting. Indeed, this giant holds some impressive name under its umbrella too. In fact, included in their company structure is. Bwin, Party poker, Fox Bingo, Sporting Bet, Party Casino. And the latest acquisition Ladbrokes Coral Group PLC.
Additionally, the group also offers a complete B2B service to 3rd party operators. The group at large generate a staggering $3.85 billion in revenue each year. They also have offices in 5 continents in 20 countries that keep over 28,000 people occupied. The primary focus of this group has so far been the regulated markets where more than 90% of the revenue originates.
Short summary of MGM
The MGM Resorts International is not only based in the US. In fact, they also stretches far beyond the American borders. Where everything is hinging on top class service and experiences. Offering hotels, casino, restaurants, nightlife, and much more that filters under the hospitality and entertainment sector. MGM employs 78,000 people and Fortune Magazine named them 展orld’s Most Admired Companies”.