MGM Resorts Purchasing Tipico U.S. Sportsbook

MGM Resorts International expanded its portfolio Monday with the acquisition of Tipico’s U.S. sportsbook operations.

The deal, which had been rumored for months, marks the second major investment by MGM Resorts’ subsidiary, LeoVegas. It is expected to be finalized later this year.

This comes after Tipico failed to separate itself in the United States after launching its sportsbook operations in October 2020. As part of the deal, LeoVegas will acquire several of Tipico’s management, technology, and trading teams across the U.S., Columbia, and Europe.

“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.”

Tipico plans to shut down its sports betting operations on Wednesday, after which it will no longer accept new deposits, bets, or registrations.

Here’s more on the deal for MGM to acquire Tipico sportsbook.

‘World’s Greatest iGaming’

The deal for MGM to acquire Tipico sportsbook will allow LeoVegas, which currently operates on the Kambi platform, to upgrade its user experience through iGaming.

“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.”

MGM Resorts recently struck a deal with Playtech to launch new casino content, including live streaming from the floor in Las Vegas.

Added MGM Resorts president and CEO Bill Hornbuckle: “The launch of this new and exciting live casino offering, in partnership with Playtech and directly from Bellagio and MGM Grand in Las Vegas, furthers our strategic vision to be the world’s premier gaming entertainment company. This collaboration amplifies our commitment to providing unparalleled experiences and expands our global reach to our customers.

“We believe the content, celebrity talent, and sophisticated gaming experience that we will offer — all from the trusted and highly reputable brands of MGM Resorts — will be unmatched in the industry.”

Expanding its Reach

Tipico got lost in the shuffle alongside the best online sportsbooks in the U.S. So how will this deal improve its stock? Well, for one, it’s now associated with the world-renowned MGM Resorts brand.

In addition, to bet any sports, users should have the opportunity to enjoy iGaming. The plan is to offer exclusive access to several Playtech games, TV game shows, celebrity-hosted trivia shows, and more.

Said Mor Weizer, chief executive officer at Playtech: “We are thrilled to partner with MGM Resorts, a world-renowned gaming and entertainment brand. This alliance combines the strength of MGM Resorts’ global prestige with Playtech’s extensive international market knowledge and innovative games. As a leading technology provider in regulated markets, we are delighted that this partnership is pioneering a new live entertainment category and product offering for players in these regulated territories. Our alliance is built on a shared vision to create an innovative and unique customer experience alongside our commitment to safer gambling. Both Playtech and MGM Resorts are dedicated to maintaining the highest standards of player protection and ensuring our offerings are enjoyed responsibly.”

Stay tuned for more updates on the deal for MGM to acquire Tipico sportsbook.

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