09:35 AM EDT, 08/15/2024 (MT Newswires) -- MGM Resorts International ( MGM ) is collaborating with Grupo Globo, Latin America's largest media group, on the formation of a new sports betting and iGaming venture in Brazil operating under the BetMGM brand, the companies said on Thursday.

Subject to license approval by Brazilian authorities later this year, the Sao Paulo-based joint venture is expected to launch early in 2025 with leadership from both companies, they said.

Brazil is estimated to have more than 20 million active bettors wagering around $3 billion annually and growing by double digits each year, the companies said.

Financial terms and other details of the partnership were not disclosed.

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