Reportedly, one of the biggest online gambling companies in the world that is based on the Isle of Man, GVC Holdings, started their talks with another global company – MGM Resorts International. The reason for the talks between GVC and this hospitality and entertainment company is a possible joint venture project between them that would probably be focused mainly on sports betting.
GVC Holdings is actually the owner of Ladbrokes Coral Group plc, which is a betting and gambling company that is based in Britain and which is actually one of the most popular bookmakers there. According to Sky News, the two companies will reveal their joint venture during this week and it is only revealed currently that the cost of this project will be approximately $200 million.
Sky News also adds that GVC Holdings finalized the deals with MGM and that it would probably be allowed to operate as a bookmaker in the resorts in the following states: Las Vegas, Maryland, Mississippi, Detroit, New Jersey, and in Springfield, Massachusetts where a new $960 million casino is planned for opening on August 24.
GVC Holdings also issued a statement in which they say that their group can confirm that their talks with the American operator are at its final stage. They added that they would make the other statements as soon as possible to update the market about the final deal between the two companies.
The company from the Isle of Man is known for taking a lot of opportunities and trying to expand their market to every corner of the planet Earth. One of their recent acquisitions includes the Bwin Party Digital Entertainment which happened in August 2017. It is only natural for them to start negotiating with some of the casinos and companies in the United States as the Supreme Court finally decided to allow sports betting on which there was a federal ban for a long time.
The deal that will be struck between GVC Holdings and MGM will probably also include some additional gaming services apart from sports betting. It is also expected that both of the companies will partake in the deal 50-50 which means that both MGM and GVC will make a $100 million commitment. According to the news outlet, this could also become a full merger if things go well.
All in all, this would be a very fruitful relationship which would probably bring the best to both companies and a lot more entertainment to the citizens of US. GVC Holdings acquired Ladbrokes Coral Group last year for an amazing price of $5.6 billion and they will, together, offer some of the finest sports betting services to the visitors of MGM casinos and resorts in some of the states in the US. Sports betting is going in big and there is already a room for the competition which means that there is a slight possibility for GVC to have a harder time penetrating the US market.
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