StockMarketWire.com - Sports betting and gaming group GVC said Monday it had established a 50/50 joint venture with MGM Resorts International to create a sports betting and online gaming platform in the United States.

Under the agreement, both MGM Resorts and GVC had agreed to capitalise the venture with initial commitments of US$100m each.

The joint venture is expected to increase speed to market for both companies in an efficient and prudent manner, lower execution risk and create meaningful early mover advantages, GVC Holdings said.

The joint venture followed the recent US Supreme Court decision to overturn the US federal Professional and Amateur Sports Protection Act, or PASPA.

'To be able to team up with a partner with such pedigree and knowledge, particularly in the U.S., is a real opportunity for GVC,' said Kenneth Alexander, Chief Executive of GVC.






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