BetMGM Brasil announced the launch of its proprietary sports betting platform in Brazil, built on LeoVegas Group technology. The company said the platform combines betting features and monitoring tools, and that it gives BetMGM greater control over its operations.
BetMGM’s proprietary platform gives it greater control over operations in Brazil’s regulated betting market.
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Entain reported first-half net gaming revenue of £2.55 billion, up 7% for the six months to the end of June, as underlying EBITDA fell 2% to £479.3 million. The company said World Cup engagement helped offset higher UK gambling taxes, and it reiterated full-year guidance for online revenue growth of 5% to 7%.
BetMGM no longer expects to reach its $500m annual EBITDA target next year. The MGM Resorts and Entain joint venture reported mixed results.
MGM Resorts International and BetMGM renewed their partnerships with Major League Baseball under new multi-year agreements, according to the companies’ reported announcement. MGM Resorts will remain MLB’s exclusive integrated resort and casino partner, while BetMGM will continue promoting its sports betting platform across MLB media channels in the US and Canada.
Boa Lion, the Brazilian joint venture between MGM Resorts International and Grupo Globo, agreed to acquire all of video bingo developer Bingão do Brasil, according to a report citing a CADE notice published on 9 June. The transaction price was not disclosed, and completion depends on approval by Brazil’s competition authority; Bingão do Brasil has not begun commercial operations.
People Incorporated has proposed acquiring the MGM Resorts International shares it does not already own for US$48.30 per share in cash, reportedly valuing the offer at US$18bn. The proposal is not a completed transaction; People Incorporated already holds roughly a quarter of MGM. The plan would be financed with existing cash, new debt and outside equity investment.