Roar Digital shareholders agreed to raise the company’s total financing to $ 450 million in a second round of investment that seeks to increase the financial support of the joint venture between MGM Resorts and GVC Holdings.
The initial investment made by Roar’s partners in July 2018 was $ 200 million, while the company’s ownership is shared 50 -50 by GVC and MGM, which has provided the business with $ 370 million in investment capital.
For Kenny Alexander, GVC CEO, Roar Digital and BetMGM represent “the most important and exciting investment GVC has ever made.”
He further indicated:
“We are absolutely committed to the company that has the necessary funds and technical resources to achieve long-term leadership in the market, while offering significant shareholder value.”
MGM and GVC highlighted the significant growth obtained by Roar since it entered the market. By the end of the year, the company is expected to have a live presence in 11 states, through flagship brands PartyPoker and BetMGM.
The company has access agreements to the US market in 19 states, which in terms of population means 50% of the country.
Roar Digital CEO Adam Greenblatt, on the other hand, outlined the company’s primary goal.
“We launched this business to combine the best of MGM Resorts and GVC and establish a BetMGM as a leading brand in the US sports betting and igaming markets.”
He also noted that the company has insurance and broad market access.
“With our now firmly established long-term technology foundation and high performance team in place, this additional unequivocal support from our two shareholders will ensure that we can achieve leading market positions in this exciting industry that is growing even faster than our initial expectations.” Adam Greenblatt added.