Tipico Leaving the United States
MGM Resorts International, through its subsidiary LeoVegas Group, has signed an agreement to acquire the US sportsbook and online casino platform of Tipico.
Pending the satisfaction of standard closing conditions, MGM anticipates completing the acquisition by the third quarter of 2024. The financial specifics of the deal remain undisclosed.
This acquisition represents LeoVegas's second significant investment, following its 2023 purchase of game developer Push Gaming. The transaction will allow LeoVegas to operate a proprietary sportsbook internationally, with the exception of markets exclusive to BetMGM.
Prior to the closure of this deal, Tipico will cease its US operations.
Gary Fritz, President of MGM Resorts International Interactive, commented on the acquisition:
“This acquisition is a pivotal step in our strategy to expand our global digital gaming enterprise by incorporating a proprietary sports betting platform.”
In this transaction, LeoVegas will also integrate management, technology, and trading teams from Tipico that are based in the US, Colombia, and Europe.
Gary Fritz further noted, “Acquiring Tipico’s US platform enhances our technological control and adds their team’s proven product and pricing expertise to our portfolio.”
Gustaf Hagman, CEO of LeoVegas, expressed enthusiasm about the acquisition: “Owning our sportsbook technology ensures that we will provide the finest iGaming experience worldwide. This capability supports the growth and enhancement of our sportsbook in both current and new markets. We are eager to incorporate Tipico’s talented US team into the LeoVegas Group.”
A Long Time in the Making
Tipico has been exploring the sale of its US operations since at least 2022. In June of that year, Fanatics Sportsbook showed interest in acquiring Tipico’s US operations but ultimately decided to purchase PointsBet US instead.
The betting line and some of the nearly 400 proposition bets for Super Bowl 50 (Photo by Ethan Miller/Getty Images)
Since 2019, Adrian Vella, a Maltese national, has led Tipico's US operations, which include activities in New Jersey, Colorado, Iowa, and Ohio. Although Tipico has not replicated its German success in the US, it is acknowledged for creating a top-tier iGaming product in the region.
Earlier in the year, there were speculations about MGM Resorts’ interest in acquiring Tipico as it sought to leverage its technology for LeoVegas.
Recently, Tipico advanced Axel Hefer from COO to CEO, succeeding Joachim Baca, who will now serve as chairman of the board after an eight-year tenure as CEO.
Currently, MGM Resorts International’s stock is trading at $42.45, reflecting a 1.07% increase.
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