As the U.S. sports betting market surges with the glut of sports the past two months, the industry’s global clout has also grown. U.K.-based GVC Holdings — MGM’s partner in BetMGM — reported a 12% net gaming revenue increase in the third quarter.
GVC expects BetMGM to drive a full-year revenue of $150 million to $160 million. As BetMGM continues to work to gain a foothold in the growing U.S. market, the British company expects a full-year operating loss of $77.6 million.
The U.S. isn’t the only growing market GVC is betting on, as it reached an agreement to acquire Portugal-based Bet.pt. GVC expects the Portuguese market to double by 2023 to $529.5 million.
- DraftKing announced it will sell 32 million shares at $52 each, with the company expected to raise $830 million. Shares have dropped 10% since the announcement, with DraftKings trading at $51.
- BetMGM partnered with AGS Partners to roll out casino games for its app platforms.
- Simplebet and Intralot are partnering to launch in-play, real money micro-betting in betting apps.