Boa Lion, the joint venture between Globo and MGM, is moving beyond sports in pursuit of 10% of the world’s fifth-largest betting market.
Boa Lion, the joint venture between Grupo Globo and MGM Resorts that operates the BetMGM brand in Brazil, has closed the acquisition of 100% of Bingão do Brasil, an online video-bingo startup still in the pre-operational stage.
The deal strengthens BetMGM’s bingo vertical and is subject to approval by Cade. The amounts were not disclosed.
Bingão belongs to four parties: L.Eva Participações, a holding company whose partners include presenter Luciano Huck, Pipa Ventures, the private equity fund FIP AJL II Multiestratégia (with over R$300 million in committed capital), and investor Antonio Gouvêa Vieira Filho.
A market hidden in plain sight
Online bingo may seem small compared to sports betting, but it’s growing faster and attracts a different player profile.
The vertical accounts for around 12% of the iGaming sector’s revenue in Brazil in 2026, according to data from the Secretaria de Prêmios e Apostas. The segment recorded a 35% growth in active players between 2025 and 2026, driven by a user base made up of more than 60% women, an audience largely untapped by traditional sports betting operators.
This figure matters for BetMGM Brazil, which launched in February 2025 as one of the 14 operators to receive a definitive license on the first day of the regulated market, but entered an already contested arena.
Brazil generated R$37 billion in gross gaming revenue (GGR) in 2025 and is expected to grow 25% throughout 2026, cementing its position as the largest iGaming market in Latin America.
COO Daniel Xavier and CMO Ana Paula Castello Branco have previously said that the partnership with Globo offset the late entry. “Having Globo on our side gave us the strength to enter the market with a solid brand position,” said Castello Branco.
Competition already exists in bingo
This acquisition of Bingão also allows GloboBet to advance in a vertical that has already been explored by some of its main competitors in the regulated Brazilian market.
bet365, for example, operates a bingo offering with draws held every 60 seconds. Superbet, which holds license 2090, specific to video-bingo, demonstrates an even more consolidated strategy in this segment.
Both companies, alongside Betano and Betnacional, are part of the group of operators that signed sponsorship deals with Globo for the broadcasts of the Brasileirão and the Copa do Brasil in 2026.
Awaiting approval
Completion of the deal still depends on Cade’s approval, but everything suggests it will be relatively quick. Cases submitted to the ordinary review process, reserved for deals with the potential to generate significant market concentration, have required significantly longer timeframes.
In the case of the Bingão acquisition, factors such as the company’s pre-operational stage and BetMGM’s still limited share of the Brazilian market suggest that a streamlined review is the most likely path.
Pursuit of market share
The acquisition aligns with BetMGM’s strategy for Brazil. Company executives have repeatedly reaffirmed the goal of reaching a 10% share of the regulated market, a target mentioned on several occasions by MGM Resorts CEO Bill Hornbuckle.
In an interview earlier this year, COO Daniel Xavier said the company still considers this goal fully achievable and highlighted the group’s long-term vision for the country.
As such, the Bingão acquisition suggests an acceleration of the local strategy: rather than developing a new offering in-house, BetMGM chose to incorporate a product that is already structured and ready to launch.