Report: Partypoker May Be Close to US Return

Published on July 28th, 2018 5:00 pm EST

According to Sky.com (link below), a rumored joint venture between MGM Resorts International and GVC Holdings (parent company of Ladbrokes, Coral and partypoker) is set to change the online gambling landscape in the United States.

Following the recent decision by the US Supreme Court to strike down the federal ban on sports betting, companies have been positioning themselves to take advantage of the massive new market. Americans love their sports, and Americans love to bet on sports.

According to Sky, MGM Resorts International and GVC Holdings are close to unveiling a new $200 million joint venture that will be funded 50/50 by both companies.

The initial plan is to heavily utilize the strong brand of MGM, though the partypoker and Sportingbet brands will also be used as well.

This means that, over a decade after UIGEA was passed into law, partypoker may be on the verge of returning to the United States.

According to reports, the deal will include sports betting, poker and more, with GVC Holdings providing the "technology expertise and platform" and MGM providing the strong, internationally known brand.

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The deal, which will likely last for 25 years with the option on both sides for a buyout after 10 years, will see the companies launch their joint venture in Nevada before moving into other states.

A couple of states, including New Jersey, have legalized sports betting in the aftermath of the Supreme Court decision, with many more likely to come in the following months. At the end of the day, states need the revenues and MGM/GVC Holdings will be there to help them realize it.

Source: Sky.com - Ladbrokes hits $200m MGM jackpot in US sports betting frenzy

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