The precise length of the agreement has not been officially released, but ESPN's Darren Rovell reports that the US$25 million will be paid over three years.
MGM Resorts and the National Basketball Association will also partner on best-in-class practices to protect the integrity of National Basketball Association and WNBA games, including anonymized real-time data sharing.
"It's a leap of faith on both sides", Silver said.
The NBA and MGM Resorts will also work together to ensure best-in-class practices to protect the integrity of the sport, including anonymised real-time data sharing.
Almost $1.5 billion was bet on the sport of basketball at Nevada Sportsbooks in 2017, according to Rovell. For decades, the leagues vehemently opposed the betting on their games and fought for six years to stop New Jersey's efforts to legalize sports wagering, before ultimately losing in the U.S. Supreme Court.
GVC said the joint venture would get access to 15 US states with a population of 90 million, adding that the venture will get access to all USA land-based and online sports betting while integrating both companies' customer loyalty programmes. The US Supreme Court lifted the ban in May to make it up to individual states to decide whether they want to legalize betting activities. DE and New Jersey began accepting bets in June, and some MS casinos will open their sportsbooks Wednesday. The NBA had in the past embraced the idea of legalized sports gambling throughout the United States, taking a completely different stance than the likes of Major League Baseball and the NFL. States, to this point, have not given into the sports leagues' requests. It will grant entry to Boyd, and now MGM to the Pennsylvania gaming market. "It's a deal moderate in length where I think we can both step back and assess as we go and see, 'Is it working? And I'd say we generally tried to approximate in a sense to come up with what we thought was fair compensation".
Thanks to MGM's casino portfolio, including Nevada, New Jersey and NY, and its new deal with Boyd, following the opening of MGM Springfield in MA next month the JV will have a clear path to access to 15 states with a combined population of 90 million.
MGM Resorts holds a portfolio of iconic, well-known brands that the venture will be able to utilise as it enters the online sports betting and gaming markets.
It is the first official foray of any professional sports league into the new business of American sports betting, as the leagues seek ways to monetize their ownership rights to game broadcasts, team names, logos and, they would argue, game data.