Media heavyweight Globo and BetMGM reportedly discuss partnership to operate sports betting in Brazil

Brazilian media giant Globo is reportedly discussing a partnership with BetMGM (the sports betting and iGaming joint venture between US casino giant MGM Resorts and global bookmaker Entain) for the operation of sports betting in Brazil. According to information obtained by the website Sports MKT, negotiations are advanced. 

The Globo television station features in the list of 134 companies that expressed interest to the Ministry of Finance in operating in this market. The name DFS Entretenimento LTDA was used, which operates Cartola FC. MGM appears on the same list through a subsidiary: MGM Casino Next Lion, LLC.

If the partnership materializes, Globo and BetMGM will have to comply with the requirements outlined in Law 14.790/2023, such as the payment of a concession fee of BRL 30 million (about $6 million).

The negotiation is part of a larger trend within the nascent Brazilian market. Other media groups and foreign bookmakers have reportedly been in contact to negotiate the opening of local companies to explore this new industry.

Another example is Bandeirantes, which already has an advanced agreement with OpenBet (a company of the U.S. group Endeavor), according to the column Broadcast de Estadão.