BetMGM's Brazilian venture moves to acquire Bingão do Brasil in market expansion push

Boa Lion, the Brazilian joint venture between MGM Resorts International and Grupo Globo, has agreed to acquire online video bingo developer Bingão do Brasil. The purchase adds a bingo-focused asset to BetMGM's Brazilian business while the operator pursues growth in the country's regulated online gambling market.

The transaction covers 100% of Bingão do Brasil, according to a notice published by Brazil's Administrative Council for Economic Defence (CADE) in the Official Gazette on June 9. Financial terms were not disclosed.

The deal has been submitted for competition review and remains subject to approval by CADE, Brazil's antitrust authority responsible for reviewing mergers and acquisitions that may affect market concentration.

Bingão do Brasil has not yet started commercial operations. The company is focused on developing video bingo games and does not operate a fixed-odds sports betting website.

BetMGM pursues position in regulated market

BetMGM launched in Brazil in 2025 through Boa Lion after the joint venture obtained federal authorization from the Secretariat of Prizes and Betting (SPA) within the Ministry of Finance.

The operator offers sports betting, online casino and live casino products through a locally incorporated business. BetMGM Brasil's website currently features sports betting, casino, live casino and bingo offerings. The platform also supports Pix payments and includes games promoted as MGM exclusives.

Brazil's regulated online betting market officially opened on January 1, 2025. According to the Ministry of Finance, only SPA-authorized operators may offer services nationwide, and federally licensed betting websites must use the .bet.br domain.

The opening of the regulated market has attracted international operators. In its filing with CADE, BetMGM stated that it currently holds less than 10% of Brazil's online betting market.

Partnership formed before market launch

MGM Resorts International entered Brazil through a partnership with Grupo Globo that combines MGM's gaming technology and casino brands with Globo's media, sports and entertainment assets.

The companies announced the Boa Lion joint venture in August 2024 before the regulated market opened. At that time, the partners said the operation would use technology provided by LeoVegas and would be based in São Paulo.

According to MGM Resorts CEO Bill Hornbuckle, the company aims to reach a 10% market share in Brazil.

Earlier reports on BetMGM's launch stated that the operator planned to introduce products connected to Globo intellectual property, including Cartola FC, the broadcaster's fantasy football platform.

The sellers of Bingão do Brasil include L.Eva Participações, a holding company whose partners include Luciano Huck, one of Brazil's best-known television presenters.

Other investors in Bingão do Brasil include Pipa Ventures, FIP AJL II Multiestrategia and Antonio Gouvea Vieira Filho.