Ladbrokes owner GVC Holdings, based in the Isle of Man, has today confirmed plans for a joint venture with MGM Resorts that will help the FTSE 100 gaming group take advantage of a burgeoning sports betting market in the US.

GVC, registered in Athol street, Douglas, and New York-listed MGM have agreed to initially pump 100 million US dollars (£76 million) each into the business which will site its headquarters in a ‘major US technology hub’ and have a board of directors with equal representation from each company.

The new venture will have access to a number of digital gaming markets under the playMGM and partypoker headline brands, with access to US land-based and online sports betting, real money and free-to-play online casino gaming, as well as online poker.

GVC chief executive Kenneth Alexander said: ‘To be able to team up with a partner with such pedigree and knowledge, particularly in the US, is a real opportunity for GVC.’

GVC also owns sports betting and gaming brands including Coral, Sportingbet, Foxy Bingo, Gala, and bwin.

See tomorrow’s Isle of Man Examiner business news for more on this story and lots more business news and features.More on this in tomorrow's Isle of Man Examiner with lots more business news and features