Boa Lion, the Brazilian joint venture between MGM Resorts International and Grupo Globo, has agreed to acquire Bingão do Brasil, a pre-operational online video bingo developer.
The transaction was submitted for competition review following a notice published in Brazil’s Official Gazette on 9 June by the Administrative Council for Economic Defence (CADE).
The deal covers 100% of Bingão do Brasil, though the financial terms of the transaction were not publicly disclosed.
Completion of the acquisition remains subject to approval from CADE, Brazil’s competition authority, which reviews mergers that may affect market concentration.
Bingão do Brasil has not yet started commercial operations, with the business focused on developing video bingo games rather than running a fixed-odds sports betting platform.
The sellers include L.Eva Participações, a holding company whose partners include Luciano Huck, one of Brazil’s most recognisable television presenters.
Other investors in Bingão do Brasil include Pipa Ventures, FIP AJL II Multiestrategia, and Antonio Gouvea Vieira Filho, all of whom are part of the transaction.
BetMGM launched in Brazil in 2025 through Boa Lion after the venture secured federal authorisation from the Secretariat of Prizes and Betting at the Ministry of Finance.
The platform currently offers sports betting, online casino, and live casino products under a locally incorporated operator structure based in São Paulo.
MGM Resorts CEO Bill Hornbuckle has stated publicly that the company aims to reach a 10% market share in Brazil’s rapidly developing regulated betting market.
The Boa Lion joint venture was announced in August 2024, before the licensed market officially opened, with partners confirming plans to use technology provided by LeoVegas.
BetMGM Brasil’s platform promotes sports betting, casino, live casino, and bingo products, alongside local payment support through Pix and games marketed as MGM exclusives.
Earlier reports indicated the company planned products tied to Grupo Globo’s intellectual property, including Cartola FC, the broadcaster’s popular fantasy football property.
The Bingão do Brasil acquisition gives Boa Lion a specialised bingo asset at an early stage, ahead of a full commercial rollout in the competitive Brazilian market.
Brazil’s online betting regime formally launched on 1 January 2025, with the Finance Ministry requiring all nationally operating companies to hold SPA authorisation and use the .bet.br domain.
BetMGM confirmed to CADE that it currently holds less than 10% of Brazil’s online betting market, underlining how much room for growth the partnership is still chasing.
