LeoVegas has secured a deal to acquire Tipico Group’s US sportsbook interests, as well as its online casino technology system.
The announcement was made by LeoVegas’ parent company MGM Resorts International on Monday (June 24) and represents the company’s second strategic investment to streamline its online gambling offering, following the acquisition of Push Gaming late last year.
As part of the agreement, Tipico will sunset its US operations before the takeover is completed, with some US-facing management, tech, and trading teams based in the States, Colombia, and Europe being integrated into LeoVegas.
Tipico is a market leader in the European DACH region (Germany, Austria, Switzerland) but this agreement will end its operations in the US, where it has operated in New Jersey and Colorado since 2020.
Gary Fritz, MGM Resorts International Interactive President stated, “The acquisition of Tipico’s US 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.”
With the deal managed by LeoVegas, its CEO Gustaf Hagman commented, “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.”
The transaction is subject to standard closing terms but is expected to be completed in the third quarter of this year.
MGM assumed control of LeoVegas in 2022 in a deal worth $600 million, which marked a turning point in the NYSE-listed gambling entity’s online operations. Under MGM, LeoVegas has led the launch of important openings in the United Kingdom and the Netherlands under the BetMGM sportsbook brand.
In March 2024, BetMGM reached the the top of the UK free sports app charts, in the Apple App Store, pushing ahead of established rival brands such as bet365 and Sky Bet.
Image credit: Via Ideogram
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