Brazilian media giant Globo is in advanced talks with BetMGM to enter the sports betting market in Brazil, as per reports from Sports MKT. BetMGM is a joint venture between the American casino giant MGM Resorts and global betting firm Entain.
Globo has shown significant interest in this new venture by registering DFS Entretenimento LTDA, which operates Cartola FC, with the Ministry of Finance. MGM Resorts has also expressed interest through its subsidiary, MGM Casino Next Lion, LLC, featuring among the 134 companies eager to tap into the Brazilian market.
Should this partnership come to fruition, both Globo and BetMGM will need to adhere to the stipulations of Law 14.790/2023, including a concession payment of BRL 30 million (approximately $6 million).