British betting group GVC Holdings Plc, which owns the Coral, Ladbrokes and Sportingbet brands, confirmed today (Saturday) it was in advanced talks about a joint sports wagering venture with MGM International, British media outlet Sky News is reporting.
“The Group can confirm that discussions are at an advanced stage regarding such a joint venture and will update the market when appropriate,” GVC said in a statement.
GVC Holdings, has grown swiftly through recent acquisitions including the purchase of Ladbrokes late last year, and there has been widespread industry speculation that it was looking for an entryway to expand in the U.S. after the U.S. Supreme Court ruled that the law banning Nevada-style sports betting was unconstitutional
Sky News says that GVC and MGM would each put in an initial $100 million as part of a 50:50 joint venture focused on U.S. sports betting. The undertaking would involve a 25-year commitment, with an option for either company to buy the other out after 10 years, Sky News says.