July 30, 2018 / 6:56 AM / 4 months ago

UPDATE 1-GVC, MGM Resorts to jointly set up online betting platform in U.S.

(Adds background U.S. betting market)

July 30 (Reuters) - GVC Holdings Plc has agreed on a joint venture with U.S. hotel and casino operator MGM Resorts International to set up an online betting platform in the United States ahead of the upcoming American football season, the British betting group said on Monday.

Both companies will initially invest $100 million each in the joint venture, which will have a U.S. headquarters, said GVC, which owns the Coral, Ladbrokes and Sportingbet brands.

GVC, which has grown rapidly through acquisitions including the purchase of Ladbrokes late last year, has been looking to expand in the United States, after the U.S. Supreme Court paved the way to legalise sports betting.

GVC had said on Friday that they were in advanced talks regarding a joint venture with MGM. (Reporting by Sangameswaran S in Bengaluru; Editing by Amrutha Gayathri)

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