Global gaming and entertainment company MGM Resorts International announced that its subsidiary, LeoVegas Group, has entered in an agreement to acquire the product and technology platform constituting the US sportsbook and online casino from Tipico Group.
This acquisition is the second major investment by LeoVegas, following the acquisition of game developer Push Gaming in 2023. The acquisition will allow LeoVegas to operate a purpose-built proprietary sportsbook across all international markets and brands, with the exception of those exclusive to the BetMGM JV, with a focus on a clean, fast consumer experience with top-class product, pricing and functionality.
Tipico will wind down its US operations prior to the closing of the acquisition. As part of the transaction, LeoVegas will acquire certain of Tipico's US facing management, technology and trading teams across the US, Colombia and Europe.
"The acquisition of Tipico's award winning 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," 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 US 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 US 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.
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