MGM Resorts International has announced that its subsidiary, LeoVegas Group has agreed a deal to acquire the U.S. sportsbook and online casino operations of Tipico Group Ltd.
Following the agreement of the deal, Tipico will now begin to wind down its U.S. operations. As part of the deal, LeoVegas will acquire certain of Tipico’s U.S. facing management, technology and trading teams across the U.S., Colombia and Europe.
The acquisition will see LeoVegas operate a purpose-built proprietary sportsbook across all international markets and brands, with the exception of those exclusive to the BetMGM JV.
No specific financial details of the deal have been announced as of yet.
The Tipico deal is the second major investment by LeoVegas following its acquisition of game developer Push Gaming in 2023.
Gary Fritz, President, MGM Resorts International Interactive said of the deal:
“The acquisition of Tipico’s award winning U.S. platform marks a significant milestone in the strategic development of MGM Resorts’ global digital gaming business, allowing us to operate a proprietary sports betting platform. This acquisition gives us control of our entire technology ecosystem, and we are delighted to bring Tipico’s U.S. team, with their track record of developing high quality product and pricing capabilities, into our business.”
LeoVegas CEO Gustaf Hagman added:
“By controlling our own sportsbook technology, we ensure that we will deliver the world’s greatest iGaming experience to customers across all our markets and brands. Powering our strong brands with a competitive and innovative sports product will enable us to grow and strengthen our sportsbook offering in both new and existing markets. I look forward to welcoming the talented teams from Tipico’s U.S. business into the LeoVegas Group very soon.”
The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2024.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.
LeoVegas, a leading online gambling company, recently announced its acquisition of Tipico, a popular sports betting operator. This strategic move is expected to further strengthen LeoVegas’ position in the competitive online gambling market.
Tipico, founded in 2004, has established itself as a prominent player in the sports betting industry, particularly in Europe. The company offers a wide range of sports betting options, including football, basketball, tennis, and more. With this acquisition, LeoVegas will be able to expand its offerings and reach a larger customer base.
The acquisition of Tipico is part of LeoVegas’ broader strategy to grow its presence in key markets and diversify its product portfolio. By combining forces with Tipico, LeoVegas will be able to leverage its technology and expertise to enhance the overall customer experience and drive growth.
In a statement announcing the acquisition, LeoVegas CEO Gustaf Hagman expressed excitement about the potential for collaboration between the two companies. He highlighted the complementary nature of their businesses and emphasized the shared commitment to providing a high-quality gaming experience for customers.
The acquisition of Tipico is subject to regulatory approval and is expected to be completed in the coming months. Once finalized, LeoVegas will work to integrate Tipico’s operations into its existing platform while maintaining the brand’s unique identity and offerings.
Overall, the acquisition of Tipico represents a significant milestone for LeoVegas as it continues to expand its presence in the online gambling market. With this strategic move, LeoVegas is well-positioned to capitalize on new opportunities and drive long-term growth.
