8th Jul 2020 16:50
(Alliance News) - Bookmaker GVC Holdings PLC on Wednesday said the total investment in its joint-owned ROAR Digital LLC unit has increased to USD450 million.
ROAR, which trades as BetMGM is also owned jointly alongside MGM Resorts International.
GVC noted an announcement from ROAR which said: "Its shareholders have committed to a second round of investment, bringing the total to USD450 million. This increase follows MGM Resorts' and GVC's total initial commitment of USD200 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 USD370 million of investable capital at present."
The announcement noted at BetMGM is on track to operate in 11 states in the US by the end of 2020.
GVC shares closed 0.9% lower at 809.80 pence each in London on Wednesday.
By Eric Cunha; [email protected]
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