By BBBB
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.
English