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Shares in GVC Holdings (LON:GVC) jumped 52.97p to 1,147.97p (as at 11:18 BST) as it announced a 50-50 joint venture with Las Vegas casino giant MGM Resorts International to capitalise on the new sports betting laws in the US.
The pair will each invest $100 million into the new JV and said its formation would significantly increase the speed to market for both parties, lower execution risk and create “meaningful early mover advantages”.
“With MGM Resorts’ expertise and leading position in key markets across the US, this historic partnership will be positioned to become the instant leader in technology, market access, sports relationships and brands,” commented MGM boss Jim Murren.
“Together, we are creating a one-of-a-kind platform that we expect will dominate the U.S. sports betting market.”