BetMGM Brasil has now officially debuted for consumers in what is projected to be Latin America’s largest gaming industry.
MGM Resorts International owns the igaming and sports betting platform, which was developed in conjunction with Grupo Globo, one of Brazil’s leading media businesses.
MGM Resorts was granted a license by the country’s Secretariat of Prizes and Bets (SPA) in December, when hundreds of foreign gambling businesses’ applications were assessed in preparation for the market’s January opening.
BetMGM Brasil will service sports betting, casino, and live casino customers all at the same time, and will now offer live broadcasts. It already provides over a thousand games, some of which are also licensed by Grupo Globo.
One of the games set to come shortly is a nickel game designed exclusively for local users and including features from Globo’s fantasy football service, Cartola FC. Almir Silva, CEO of BetMGM Brasil, told InfoMoney: “It can be done tomorrow, for example, with a popular soap opera.”
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MGM will use Grupo Globo’s media reach in Brazil to launch a series of marketing initiatives promoting the new platform, which will run across television, radio, cinema, and Spotify communication channels beginning in mid-February.
BetMGM Brazil will soon be accessible for download via local mobile store applications.
“I think we will be at the level of the main [advertisers], but I would not say that we are the main ones,” Silva told InfoMoney.
MGM Resorts recently announced the financial results for its BetMGM (US) joint venture with Entain Plc, designating 2024 as a crucial year for investments in its online offering.
Despite losses of $123 million and $121 million in the first and second quarters, respectively, and a $244 million decline in full-year EBITDA, the partners stated that BetMGM is on track to “break even” in 2025.
Igaming continues to provide the majority of revenue, with BetMGM reporting a net income of $1.47 billion and EBITDA of $424 million in 2024.
Although some overseas expansion may be held back this year, it is apparent that Brazil will remain a primary market for MGM, with acquisition agreements potentially set up for 2025.
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