MGM Resorts International edging closer to sports betting supplier acquisition
CEO Bill Hornbuckle suggests US operator could acquire supplier in the “next couple of months” as he talks up Brazilian opportunity
The post MGM Resorts International edging closer to sports betting supplier acquisition first appeared on EGR Intel.
MGM Resorts International CEO Bill Hornbuckle has claimed the operator could acquire a sports betting supplier within the “next couple of months” as part of the group’s global expansion plans.
Speaking at the J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum last week, Hornbuckle was bullish on the firm’s next steps almost two years on from acquiring LeoVegas for more than $600m.
MGM Resorts proceeded to snap up Push Gaming in Q3 2023 to add a content supplier to what Hornbuckle has called “four legs” for international growth.
In February, the CEO suggested plans were in motion to acquire a sports betting supplier and live casino firm, as well as potentially launching a JV in Brazil ahead of the regulated market’s launch.
He doubled down on those previous comments during his fireside chat with J.P. Morgan analyst Joseph Greff, suggesting the moves were edging closer.
LeoVegas currently uses Kambi’s sports betting technology.
Hornbuckle said: “There’s two things missing in my mind. Sports betting technology, which we are hot on the track of and we ultimately plan on securing in the next couple of months, and live dealer.
“We currently [use] Evolution [for live dealer]. Overtime, we’d like to do it ourselves. So, there’s four legs to that stool. We have two in play, the third one is almost done.”
When pressed on how much direct EBITDA LeoVegas could contribute to the entire P&L, Hornbuckle noted a strong launch in Brazil and subsequent market share control would play a major role.
He said: “We see the business as scalable. If you think about a place like Brazil or some other new markets in Latam, we are positioned and ready to go after them, and we are excited about that.
“If Brazil takes off and we gain a reasonable share, like 10% to 15% market share, it is a half-a-billion-dollars-a-year business,” he added.
The post MGM Resorts International edging closer to sports betting supplier acquisition first appeared on EGR Intel.
EGR Intel
[shorturl]
[/shorturl]
