MGM-GVC Aims for Tribal Sports Betting

Casino Operator, MGM Resorts International, is focusing on finding sports betting opportunities in the US Indian tribal gaming market for the MGM-GVC partnership. With sports betting on the rise and on its way to transform the US gambling industry, this branch should not be neglected.

MGM Resorts has decided to keep the TFA Capital Partners…

…an investment banking company stationed in California that specialized in tribal casinos and affairs.

With their professional help, MGM hopes to properly identify the opportunities for developing and creating new tribal sports betting partnerships.

Considering that TFA has an extensive reach throughout the Indian Country, MGM-GVC shouldn’t encounter any major problems in providing the sports betting solutions to the Tribal Nations.

Major Opportunity

“We are excited to bring TFA aboard as sports betting continues to roll out across the United States,” declared MGM Resorts president of interactive gaming Scott Butera.

“Sports betting represents a significant opportunity for both the Tribal Nations and the MGM-GVC t venture.”

Butera continued: “We look forward to working with the TFA team to develop mutually beneficial relationships that offer the t venture entry into new markets while providing our Tribal Nation partners with additional capabilities and resources to drive incremental demand to their casino properties.”

Shares

A few days ago, shares in GVC Holdings were up by 0.21 percent at 730.50 in London, but few hours earlier they were at its lowest at 707.50 pence. Meanwhile, the shares in MGM Resorts international closed down 3.64 percent at $27.00 in New York.

Big Agreements

Although they are currently focusing on tribal casinos and sports wagering…

…both companies have had exciting months.

By the end of November, MGM Resorts penned a deal with Major League Baseball. This is an all-inclusive collaboration deal that will combine both brands across the league including team sponsorships. Interestingly enough, the Las Vegas giant has become the first partner of the MLB, which is a major step for the league.

However, this is not a first sports league agreement the MGM Resorts made. Previously, they concluded talks with National Hockey League (NHL), a contract just as major as the previous one we mentioned.

On the other side

GVC Holdings PLC hasn’t been asleep and while the MGM was focused on the US market and sports betting in this country, which is expected…

…GVC was working on their long-term expansion strategy.

One of their goals is to become one of the top three operators in Australia! And in order to do so, they agreed to purchase Neds International. The initial offer was AUS$68 million, which is just above US$50 million.

Although that was the price at first, the reports claimed that it could jump to AUS$95 million. Nevertheless, GVC will not give up on the buy. Once the purchase is finalized, the company will get one step closer to finishing what they started.

Source:

“MGM-GVC t venture targets tribal sports betting partnerships”, gamingintelligence.com, December 5, 2018.