Tipico's time in the U.S. market has come to an end.
LeoVegas, the subsidiary of MGM Resorts International, announced Monday it has acquired Tipico’s products and technology platform, with a plan to operate a purpose-built proprietary sportsbook across all international markets and brands.
LeoVegas will not operate in markets where BetMGM’s joint venture with Entain already exists.
Financial terms of the deal were not announced.
“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 of 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.”
No new accounts
As of June 26, Tipico will no longer accept bets, deposits, or new accounts. Players with account balances are encouraged to cash out remaining bets and withdraw over the next few months. Future wagers will be resolved at later dates.
The deal with LeoVegas is expected to close in the third quarter of 2024. At that time, Tipico will have all player accounts closed.
“For the last four years, Tipico has worked tirelessly to build a market-leading sports platform and the No.1 casino by Eilers & Krejcik Gaming,” the company said in a message to customers. “Despite the growing pains of being a small startup, we still found a way to grow and innovate our technology to provide a world-class customer experience. The payoff now is that more bettors will get to enjoy using our platform.”
Beefing up products
LeoVegas plans to utilize certain aspects of Tipico’s facing management, technology, and trading teams across the U.S., Colombia, and Europe.
Purchased by MGM Resorts in 2022, LeoVegas more recently acquired game developer Push Games in Sept. 2023 to enhance its slots product.
The Swedish-based company offers online casinos, live casinos, and sports betting through nine brands across 10 jurisdictions.
“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,” LeoVegas CEO Gustaf Hagman said. “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 U.S. business into the LeoVegas Group very soon."
