MGM Resorts International announced Monday that it is buying Tipico’s U.S. sportsbook operations and that the Tipico brand will be exiting the U.S. market.
Reports in late April suggested that Tipico was about to sell up and that MGM Resorts was the most likely candidate to acquire Tipico’s U.S. platform.
The acquisition is being completed through MGM Resorts’ subsidiary LeoVegas, which was itself purchased by MGM Resorts in 2022. The deal is expected to close in Q3 2024.
Tipico’s branded sportsbook operations failed to make a big impression in the U.S. in terms of foothold launching in October 2020, but its technology platform has been in demand.
Tipico Sportsbook will ultimately cease operating in the U.S. before the deal closes, at which point LeoVegas will acquire certain aspects of Tipico’s U.S.-facing management, technology and trading teams across the country, as well as in Colombia and Europe. Tipico confirmed on Monday that it will shut down its sports betting operations on June 26, no longer accepting new deposits, bets or registrations as of that date.
“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.”
MGM’s LeoVegas brand continues to make waves
LeoVegas CEO Gustaf Hagman said that controlling its own sportsbook technology will allow the brand will deliver, “the world’s greatest iGaming experience.”
“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,” he added.
The addition of Tipico Sportsbook follows LeoVegas’ acquisition of game developer Push Gaming in 2023 as the brand looks to elevate its content offerings and user experience across online sports betting and gaming.
LeoVegas currently operates on the Kambi platform. It will now operate a purpose-built proprietary sportsbook across all international markets and brands, with the exception of those exclusive to the joint venture between BetMGM and Entain.
It is already the platform for BetMGM’s operations in jurisdictions including the U.K.
MGM Resorts strikes live casino deal
MGM Resorts also recently united with Playtech to launch new live casino content, branded as MGM Live, that will be streamed live from the casino floor in Las Vegas and available for licensing in regulated markets worldwide.
MGM Resorts President and CEO Bill Hornbuckle said that launch, “furthers our strategic vision to be the world’s premier gaming entertainment company.” Hornbuckle has said previously that he wants MGM Resorts to create a fully omnichannel ecosystem across numerous markets. Both the Playtech deal and the Tipico Sportsbook acquisition are moves towards that goal.
