Confirmation of the deal
MGM Resorts International has revealed that it is acquiring the US online sports betting operations of Tipico Group Limited following months of rumors about a prospective bid. The deal, announced by the casino company on Monday, will be completed through its LeoVegas Group subsidiary.
plan is for the transaction to fully close in the third quarter of this year
It will allow LeoVegas to have its own proprietary sports betting product that it can roll out in markets across the world, except where BetMGM has exclusive control. The plan is for the transaction to fully close in the third quarter of this year, pending the necessary approvals. No financial details of the agreement are currently known.
Plenty of excitement
The press release for the acquisition says that the goal is to deliver a “clean, fast consumer experience with top-class product, pricing and functionality.”
global digital gaming division to have its own proprietary sports betting platform
Commenting on the agreement, MGM Resorts International Interactive President Gay Fritz deemed it a significant milestone as it allows the global digital gaming division to have its own proprietary sports betting platform.
LeoVegas CEO Gustaf Hagman is also excited at the prospect of strengthening its sportsbook offering in new and existing markets.
Making moves
Tipico will no longer have a presence in the US following this deal, with LeoVegas taking over some of the company’s US-focused technology, trading, and management teams. It had a sportsbook available in Ohio, New Jersey, Iowa, and Colorado but it hadn’t made significant headway. Other suitors considered takeover offers in the past, including Fanatics in 2022.
MGM Resorts is already a joint partner in a successful sports betting brand in the form of BetMGM, sharing the ownership with UK-based gambling group Entain. The latter is the main technology partner in the partnership.
