BetMGM’s Grupo Globo partnership has propelled the brand’s launch in Brazil, COO and CMO Daniel Xavier and Ana Paula Castello Branco have said.
They believe the operator’s media partnership gave it the “punch” needed to enter one of the world’s most competitive newly regulated markets.
MGM established the joint venture with Grupo Globo in August 2024 to launch the BetMGM brand in Brazil. MGM cited Grupo Globo as the largest media group in Latin America, seemingly mirroring the media partnership model made popular by Sky Bet in the UK during the 2010s.
The JV was one of the 14 initial operators to be granted full authorisation for the licensed market, which launched on 1 January 2025.
It then launched the BetMGM brand post-regulation, meaning it joined an already crowded market, potentially leaving it playing catch-up.
Despite that challenge, Castello Branco and Xavier say the deal with Globo gave BetMGM Brazil immediate credibility and scale, fast-tracking its brand recognition among the public.
“The deal is actually very good,” Castello Branco tells iGB. “Globo is the biggest broadcaster in Brazil. The fact that we are together with Globo gave us punch in order to launch a big brand.
“We entered the market after regulation, a lot of players were there before [us]. So we saw a market with a lot of noise. The fact that we had Globo gave us strength in order to enter the market with a strong position, from a brand perspective.”
An ambitious target of 10% market share
BetMGM parent MGM Resorts International has frequently reiterated the company’s objective to obtain a 10% market share in Brazil.
Xavier agrees it’s an obtainable goal, especially with the long-term thinking that’s gone into the JV.
“[MGM CEO] Bill Hornbuckle said that [10% target] a number of times,” Xavier says. “I’m very happy that he believes in us. I still believe it’s an achievable target. Of course, it takes time.
“The good thing is that the group, Globo and MGM Resorts, believes in the long-term project. They have a long-term vision. That’s important. And we’re building our foundation here to reach the 10% market share.”
Another common earnings trend has been MGM Resorts discussing its heavy investment in Brazil.
While the JV has committed significant investment to the market, Castello Branco insists spending is being tightly managed.
“I think there are huge investments in a lot of places,” Castello Branco explains. “We have a robust investment in all the areas, but not an exaggerated investment.
“Because when we look at competition, we don’t want to overspend, so we are spending in a very, very rational way. So we measure payback and all that stuff. So the way that we’re investing is not that we just spend money. We spend money, but we are always looking at the payback that it gives us.”
Kyle Goldsmith
Kyle has been with Clarion since December 2023, joining from the world of sports journalism, subsequently becoming a LatAm-facing senior reporter with iGB.
Original article: https://igamingbusiness.com/strategy/betmgm-brazil-market-grupo-globo-jv/
