LeoVegas to Acquire Tipico's US Sportsbook and Casino

MGM Resorts International announced that its subsidiary, LeoVegas Group, has reached an agreement to acquire the U.S. sportsbook and online casino platform from Tipico Group Ltd. This marks LeoVegas’ second significant investment following their acquisition of game developer Push Gaming in 2023.

The deal will enable LeoVegas to run a proprietary sportsbook platform across all international markets and brands, with the exception of those exclusive to the BetMGM joint venture. This initiative focuses on delivering a seamless, fast consumer experience with top-tier product offerings, competitive pricing, and advanced functionality.

Tipico plans to cease its U.S. operations before the acquisition is finalized. As part of the agreement, LeoVegas will also integrate Tipico’s U.S.-oriented management, technology, and trading teams, which are based in the U.S., Colombia, and Europe.

“The acquisition of Tipico’s award-winning U.S. platform is a pivotal step in the strategic development of MGM Resorts’ global digital gaming business,” stated Gary Fritz, President of MGM Resorts International Interactive. “This move allows us to control our entire technology ecosystem. We are excited to bring Tipico’s U.S. team, known for their high-quality product and pricing expertise, into our fold.”

LeoVegas CEO Gustaf Hagman remarked: “By controlling our own sportsbook technology, we can ensure the delivery of the world’s best iGaming experience to our customers across all markets and brands. Enhancing our strong brands with a competitive sports product will enable us to grow and solidify our sportsbook offerings in both new and existing markets. We look forward to welcoming the skilled teams from Tipico’s U.S. operations into the LeoVegas Group soon.”

The transaction, which is subject to customary closing conditions, is anticipated to be completed in the third quarter of 2024, according to MGM Resorts International.

Strategic Partnership with Playtech

In a related development, MGM Resorts International recently announced a strategic partnership with Playtech aimed at transforming the iGaming sector with innovative live casino content. The new venture, named MGM Live, will offer immersive live gaming experiences streamed directly from the gaming floors of MGM Grand and Bellagio Resort & Casino in Las Vegas. This partnership aims to merge MGM Resorts’ esteemed brand with Playtech’s cutting-edge game content and technological prowess.

Bill Hornbuckle, CEO and President of MGM Resorts expressed enthusiasm about the collaboration, stating: “The launch of this new and exciting live casino offering furthers our strategic vision to be the world’s premier gaming entertainment company.” Initially, MGM Live will feature classic casino games such as single and double-zero roulette and baccarat, streamed live from the bustling casino floors of MGM Grand and Bellagio. Future plans include expanding the game portfolio to incorporate Playtech’s diverse game offerings, branded TV game shows, and celebrity-hosted trivia events, promising unique entertainment synonymous with Las Vegas extravagance.

New CEO for Tipico

At the same time, Tipico announcedthe appointment of Axel Hefer as its new Chief Executive Officer (CEO). Hefer, who previously served as Chief Operating Officer (COO) at Tipico, succeeds Joachim Baca. After eight successful years leading the company, Baca will assume the role of Chairman of the Supervisory Board.

Under Joachim Baca’s leadership, Tipico has become the leading sports betting operator in Germany and has established itself as an innovative tech company, setting new standards in product and technology. During his tenure, Tipico not only experienced significant growth but also developed a recognized brand, implemented modern compliance structures, and was one of the first providers to receive the German sports betting license. The company also strengthened consumer protection based on a scientifically-backed player protection concept.

As the new CEO, Axel Hefer aims to further enhance Tipico’s product excellence and technology leadership, driving innovation to solidify Tipico Group’s market-leading position and foster sustainable growth in a rapidly evolving market.