Tipico To Close U.S. Sportsbook & Casino Operations After Being Acquired By MGM’s LeoVegas

Tipico will close its U.S. sportsbook and online casino operations after being acquired by LeoVegas, MGM Resorts International’s subisidary. The agreement covers both the product and technology platform that power Tipico’s online sports betting and casino in the U.S.

Tipico will end its New Jersey online casino, in addition to its operations in Colorado, Iowa, and Ohio

As part of the transaction, LeoVegas will acquire certain of Tipico’s U.S.-facing management, technology, and trading teams in the U.S., Colombia, and Europe. Tipico will end its New Jersey online casino, along with its sportsbook there, and operations in three other states: Colorado, Iowa, and Ohio.

LeoVegas CEO Gustaf Hagman said in a MGM Resorts International news release:

“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. 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.”

According to MGM’s press release, the agreement will enable LeoVegas to operate a “purpose-built proprietary sportsbook” across all international markets and brands. In fact, the exceptions are those exclusive to the BetMGM joint venture with Entain.

MGM Resorts International completed its $600 million purchase of LeoVegas in 2022

Moreover, MGM Resorts International President Gary Fritz said:

“The acquisition of Tipico’s award-winning US 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.

“This acquisition gives us control of our entire technology ecosystem, and we are delighted to bring Tipico’s US team, with their track record of developing high-quality product and pricing capabilities, into our business.”

In 2022, MGM completed its purchase of LeoVegas for $600 million. The acquisition marked LeoVegas’s second major investment, after its acquisition of game developer Push Gaming in May 2023.

Last week, MGM Resorts also announced a partnership with Playtech to offer live casino content to online casino operators, including those in regulated markets outside the U.S.

The live casino content, MGM Live, will stream directly from two of MGM Resorts’ most recognized properties – MGM Grand and Bellagio Resort & Casino in Las Vegas.