LeoVegas Groups, a subsidiary of casino giant MGM Resorts International, has acquired the product and technology platform constituting the U.S. sportsbook and online casino from Tipico Group.
The company said the acquisition will allow LeoVegas to operate a purpose-built proprietary sportsbook across “all international markets and brands.” It will allow the company to offer a “clean, fast consumer experience with top-class product, pricing and functionality,” it said in a statement.
Markets and brands that are exclusive to the BetMGM JV will not be served by the Tipico product.
Tipico will wind down its U.S. operations prior to the closing of the acquisition. As part of the transaction, LeoVegas will acquire certain of Tipico’s U.S.-facing management, technology and trading teams across the U.S., Colombia and Europe.
“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,” said Gary Fritz, President, MGM Resorts International Interactive.
“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.”
The transaction is subject to customary closing conditions and is expected to be completed in the third quarter of 2024.
The deal is the second major investment by LeoVegas, following the acquisition of game developer Push Gaming Holding Limited and its subsidiaries in 2023.
“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,” LeoVegas CEO Gustaf Hagman said.
“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.”
“For five years Tipico Group has heavily invested in the creation of its own proprietary sports betting and gaming platform for the U.S., working with some of the best talent to achieve excellence,” says Joachim Baca, CEO of Tipico Group.
“On behalf of the board of Tipico Group, I want to thank the teams in our U.S. operations for the last years of dedication, innovation and passion, that made our U.S. sportsbook and Online Casino platform the attractive venture it is today.”
Original article: https://www.yogonet.com/international/noticias/2024/06/24/72790-mgm-resorts-39-subsidiary-leovegas-to-acquire-tipico-39s-us-sportsbook-platform
