MGM Resorts is reportedly close to inking a deal with GVC Holdings that will see GVC get in on the new sports betting market in the US.  GVC, the parent company of Ladbrokes and Coral, confirmed yesterday that it is in “advanced talks” with MGM to form a new venture that will see both MGM and GVC a significant position in the market.  If everything goes well, the deal will see each company put up $100 million to grab a piece of the expected multibillion-dollar industry.

Both companies would have an equal part in the venture, which would reportedly be based on a 25-year contract.  After ten years, however, either side could potentially buy out the other.  If the deal goes through, GVC will become the primary provider of online gambling and sports gambling services for the casino giant, giving it control over all of the activities across MGM’s entire US portfolio.

After the US Supreme Court reversed the Professional and Amateur Sports Protection Act (PASPA) in May, states across the country began working on legislation to legalize sports gambling. Given the fact that British bookmakers were already well established in Europe, they were chomping at the bit to get in on the activity in the US.

Even prior to the demise of PASPA, Britain’s top sportsbooks were already vying for position in the US gambling economy.  In states such as New Jersey and Nevada, where sports gambling was already allowed, William Hill and Paddy Power Betfair (PPB) had worked their way in by concentrating on acquiring sportsbooks and horse racing activities.