In a meeting on Thursday, the Nevada Gaming Commission has granted a gaming license to Entain PLC, MGM Resorts International’s partner in the BetMGM sports betting venture.
As part of the licensing process, several executives, including CEO Jette Nygaard-Andersen, underwent suitability and key employee licensure evaluations. Nygaard-Andersen appeared before the commissioners and is set to join BetMGM’s governing board.
The executives were questioned by the commissioners regarding the $20.4 million (£17 million) fine imposed by the UK Gambling Commission in August 2022 due to failures related to social responsibility and anti-money laundering. However, the commissioners were convinced that the company has made necessary modifications to its compliance procedures, specifically in relation to its association with BetMGM.
In January 2021, MGM made an $11 billion bid to acquire Entain, but the offer was turned down. It was anticipated that a bidding war would follow, but during MGM’s fourth-quarter earnings call earlier this month, CEO Bill Hornbuckle stated that the possibility of any deal has been ruled out.
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.