The online gambling and sports betting venture of GVC Holdings and MGM Resorts is significantly boosting its financial bet on achieving US market dominance within the next five years.

On Wednesday, US casino operator MGM and UK-listed gambling giant GVC announced that they were investing a further $250m into their US-facing Roar Digital online gambling and sports betting joint venture and its BetMGM brand. This second round of investment builds on the companies’ initial $200m pledge when they announced their pact in 2018.

Roar Digital CEO Adam Greenblatt hailed “this further unequivocal support from our two shareholders” as pivotal in achieving Roar’s goal of securing “leading market positions” in regulated US gaming and betting states.

With Roar “on track” to be operating in 11 states by the end of 2020, Greenblatt said the business would generate “over $130m” in net revenue this year. Most of this will come via its operations in New Jersey’s regulated online gambling market, which soared to new heights following the mid-March closure of Atlantic City’s brick-and-mortar casinos.