Business
SECOND ROUND OF INVESTMENT IN BETMGM
SECOND ROUND OF INVESTMENT IN BETMGM.
About this update from Entain Plc
[{"type":"text","content":"\n \n \n RNS Number : 4441S\n GVC Holdings PLC\n 08 July 2020\n \n \n \n \n \n \n \n MGM RESORTS INTERNATIONAL AND GVC HOLDINGS COMMIT TO SECOND ROUND OF INVESTMENT IN US SPORTS BETTING AND ONLINE GAMING PLATFORM BETMGM\n \n \n \n \n \n Second round investment increases total amount to $450 million\n \n \n \n \n \n Provides additional support for BetMGM to become a leading player in the US sports betting and iGaming markets\n \n \n \n \n \n \n NEW JERSEY (July 8, 2020) -\n \n ROAR Digital, LLC (\"ROAR\" or the \"Company\") - the US sports betting and online gaming company operating as BetMGM and owned jointly by MGM Resorts International (NYSE: MGM) (\"MGM Resorts\") and GVC Holdings (LSE: GVC) (\"GVC\") - announced today that its shareholders have committed to a second round of investment, bringing the total\n to $450 million. This increase follows MGM Resorts' and GVC's total initial commitment of $200 million and underpins their commitment to BetMGM becoming a leading player in the rapidly growing US sports betting and iGaming markets. These two rounds of investment provide the Company with over $370 million of investable capital at present.\n \n \n \n \n \n Since its launch in 2018, the Company has made significant progress and is on track to operate in 11 states by the end of 2020. In addition to the financial strength of both its shareholders, the Company benefits from MGM Resorts' leading brand, iconic physical properties, and loyal customer base, along with GVC's proprietary, globally-proven technology. \n \n \n \n \n \n \"\n We launched this business to combine the best of MGM Resorts and GVC, and establish BetMGM as a leading brand in the US sports betting and iGaming markets\n ,\"\n \n said Adam Greenblatt, CEO of ROAR Digital, LLC.\n \n \n \n \"With broad market access secured, our long-term technology foundations now firmly established, and a high performing team in place, this further unequivocal support from our two shareholders will ensure we can achieve leading market positions in this exciting industry that is growing even faster than our initial expectations.\"\n \n \n \n \n \n Greenblatt concluded, \"BetMGM is on track to generate over $130 million of net revenues this year predominantly from iGaming in New Jersey given the impact of COVID-19. With the re...