We investigate the dispersion of gas bubbles injected from a single orifice into a liquid metal flow subjected to transverse and longitudinal magnetic fields. The local void fraction is detected by means of resistivity probes, The results show a damping of velocity fluctuations corresponding to a decrease in the bubble dispersion with increasing magnetic field. An isotropic distribution of the gas phase is preserved if a longitudinal field is applied, while an anisotropic distribution is observed in case the applied magnetic field is transverse to the flow indicating the existence of quasi-two-dimensional vortices as typical of turbulent magnetohydrodynamic flows.