MGM Resorts International, through its subsidiary LeoVegas Group, has made a significant move in the U.S. sports betting market. LeoVegas has entered into an agreement to acquire the product and technology platform that constitutes the U.S. sportsbook and online casino from Malta-based operator Tipico Group Ltd. This strategic acquisition positions LeoVegas to operate a purpose-built proprietary sportsbook across all international markets and brands, except those exclusive to the BetMGM joint venture. Let’s dive into the details:
Tipico Group Ltd., a well-known player in the iGaming and sports betting industry, has decided to wind down its U.S. operations. In response, LeoVegas is stepping in to acquire Tipico’s award-winning U.S. platform, bolstering its position in the American market.
The Acquisition
LeoVegas CEO Gustaf Hagman expressed enthusiasm about the acquisition: “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.” This move allows LeoVegas to strengthen its sportsbook offering, both in new and existing markets.
What It Means for MGM Resorts
Gary Fritz, President of MGM Resorts International Interactive, emphasized the strategic significance: “The acquisition of Tipico’s U.S. platform marks a significant milestone in the strategic development of MGM Resorts’ global digital gaming business.” With this purchase, MGM Resorts gains control over its entire technology ecosystem, enhancing its ability to provide top-quality products and pricing capabilities.
The transaction is expected to close in the third quarter of 2024. As LeoVegas integrates Tipico’s U.S. team, the stage is set for an exciting chapter in the U.S. sports betting landscape. The future looks bright for LeoVegas as it continues to innovate and expand its footprint in the industry.
