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MGM Resorts and LeoVegas have struck a significant agreement to acquire Tipico’s US sports betting and casino platform. The deal covers both the product and technology platform that power Tipico’s online sports betting and casino in the US. Neither MGM nor LeoVegas disclosed the financial details of the deal.
MGM stated that this acquisition will allow LeoVegas to operate a proprietary sportsbook across all international markets and brands, excluding those exclusive to the BetMGM joint venture with Entain. The acquisition will also include Tipico’s US-facing management, technology, and trading teams across the US, Colombia, and Europe.
As part of the agreement, Tipico will wind down its US operations prior to the deal closing. Currently, Tipico is active in Colorado, Iowa, New Jersey, and Ohio. MGM expects the purchase to close during the third quarter, subject to customary closing conditions.
Gary Fritz, MGM Interactive president, welcomed the deal, highlighting its strategic importance. “The acquisition marks a significant milestone in the strategic development of MGM Resorts’ global digital gaming business,” Fritz said. “It allows us to operate a proprietary sports betting platform.
“The deal gives us control of our entire technology ecosystem. We are delighted to bring Tipico’s US team, with their track record of developing high-quality product and pricing capabilities, into our business,” Fritz added.
LeoVegas CEO Gustaf Hagman echoed this sentiment, emphasizing the benefits of controlling their own sportsbook technology. “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 US business into the LeoVegas Group very soon.”