BetMGM set for Latam and Eastern Europe after Netherlands launch

MGM Resorts International CEO Bill Hornbuckle says South America has long-term growth for LeoVegas while giving updates on JV with Entain and M&A pipeline
The post BetMGM set for Latam and Eastern Europe after Netherlands launch first appeared on EGR Intel.  

MGM Resorts International president and CEO Bill Hornbuckle has confirmed the operator is planning for further market penetrations with its BetMGM brand after it went live in the Netherlands this week.

Following the release of the firm’s Q1 results, Hornbuckle said expansion of the digital side of the business, which is powered by LeoVegas Group, was one of the key priorities for the gaming giant.

On the back of last August’s launch of BetMGM UK, the firm entered the Netherlands earlier this week after securing a licence last year.

Hornbuckle told analysts that expansion into Latam and Eastern Europe was firmly on the cards for BetMGM, with the brand operating independently of the 50:50 BetMGM JV with Entain in the US.

With Brazil set to go live after president Luiz Inácio Lula da Silva gave the green light last December to regulate sports betting and igaming, Hornbuckle said Latam market was a place for “real growth potential”.

“If you think about then the digital side of our other business, meaning the LeoVegas business, it is about the extension of BetMGM’s brand and what it could mean in certain established markets and the focus on places like South America,” he said.

“We see long-term, real growth potential there if we can get ourselves established in the proper regulated markets.

“None of that happens overnight but like what we’ve done in terms of positioning the products that we have and the foundation we’ve built, particularly there and some of the things we were brought to add going down the road to stabilise that business and to own all of that business. We’re excited by that.”

The CEO said that BetMGM UK is doing “exceptionally well”, while the wider LeoVegas business was in the middle of a “rebound”.

“The BetMGM brand will begin to extend itself throughout LeoVegas’ network and beyond. At some point, we want to be self-sustaining with all site features, including producing our own games and our own product,” he added.

On future M&A opportunities, Hornbuckle kept his cards close to his chest, having previously confirmed his aspirations to bring a sports betting supplier and live dealer business in-house to support growth plans.

He said: “There are some contemplated tuck-ins coming down the road. But for now, I’m just going to leave it at that. I think I stated on the earlier call, we’re anxious to solidify something in sports.

“We like content businesses. We’re anxious to get into the live dealer business and so none of that’s changed. I think you’ll see us over the course of time here, do things that will further solidify that strategy and get us deeper into those objectives.”

If the business were to seal a deal for a sports betting supplier and live casino provider, it would add to its international arsenal following the moves for LeoVegas Group and Push Gaming.

Finally, in the US, Hornbuckle also lifted the lid on his working relationship with Entain’s interim CEO Stella David.

Hornbuckle spoke highly of the David’s work in a short space of time after she stepped in to replace Jette Nygaard-Andersen in December.

Highlighting a meeting with BetMGM CEO Adam Greenblatt in India, Hornbuckle said David was a “breath of fresh air” to Entain and looked forward to future product development.

He said: “Stella, their new CEO, is the breath of fresh air. She’s been extremely transparent. She took Adam Greenblatt, who is the CEO of BetMGM, to India to get under the covers and to meet with the design development teams.

“She had him speak at a town hall about the importance of BetMGM and all that mattered and so we’re excited by that. We think it’s movement in the right direction and something that frankly hadn’t happened and that’s all affirmative and positive.

“Everyone is agreeing to the road map. It’s an extensive road map on product development, and its going to take some time, energy and some investment, particularly on Entain’s behalf and they’re fully supportive of that. Things have changed and I think for the better.”

The post BetMGM set for Latam and Eastern Europe after Netherlands launch first appeared on EGR Intel.

 

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