BetMGM can take 5% to 10% of Brazilian market, says MGM CEO
Bill Hornbuckle states that partnership with Grupo Globo is a differentiator in the marketplace in terms of advertising and brand awareness
MGM Resorts International CEO Bill Hornbuckle has claimed BetMGM could take as much as a 10% share in the regulated Brazilian market via its Grupo Globo JV.
Brazil’s sports betting and igaming market went live on 1 January, with MGM and media giant Grupo Globo joining forces to launch the BetMGM brand.
Data from the country’s Ministry of Finance revealed regulated operators reported more than £2bn in GGR in the first six months of the market being live.
The Prizes and Betting Secretariat said the GGR was derived via 182 licensed sites being operated by 78 firms.
Speaking at the Bank of America Securities 2025 Gaming and Lodging Conference yesterday, 4 September, Hornbuckle was asked about the firm’s non-US digital business, which also includes European operations via LeoVegas Group.
The CEO was the most bullish on Brazil out of any market, stating that the partnership with Grupo Globo was giving the operator an edge.
He said: “As a growth priority it’s Brazil. We’ve seen enough now to realise and believe it’s a $7bn or $8bn market. It’s crowded, but we think we can [have] between 5% and 10% share. Remember our partner is Globo, so we have a distinct advantage in terms of advertising and marketing dollars.”
During the operator’s Q2 earnings call, management said they were targeting a 10%+ share in Brazil, pitching the TAM at $7bn.
In Europe, Hornbuckle said the additions of Tipico and Push Gaming were continuing to be beneficial for LeoVegas Group.
He added: “In the LeoVegas business, there’s been a lot of regulatory change in Sweden and the UK. Foundationally that is on solid footing and going in the right direction. We put our own sports betting product in Tipico in play. We feel really good about that product and ultimately what it can do.
“We still have Push Gaming, which we’re pushing out content [via] not only to BetMGM but to ourselves and to other vendors. We like being in that side of the business, having a view in terms of games and what they can be.”
LeoVegas Group was snapped up by MGM for more than $600m in 2022. Following the purchase, the Las Vegas-based giant acquired supplier Push Gaming and Tipico’s US-facing tech stack to facilitate in-house product development.