LeoVegas, a Subsidiary of MGM Resorts, Acquires Tipico’s U.S. Sportsbook Technology

Monday, June 24, 2024

MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) announced today that its subsidiary, LeoVegas Group (“LeoVegas”), has signed an agreement to acquire the U.S. sportsbook and online casino product and technology platform from Tipico Group Ltd (“Tipico”).

This marks LeoVegas’ second major investment following the acquisition of game developer Push Gaming in 2023. This new acquisition will enable LeoVegas to manage a purpose-built proprietary sportsbook across all international markets and brands, except those exclusive to the BetMGM JV. The focus will be on delivering a seamless, fast consumer experience with top-quality products, pricing, and functionality.

Tipico will wind down its U.S. operations before the acquisition is finalized. As part of the deal, LeoVegas will integrate Tipico’s U.S.-facing management, technology, and trading teams across the U.S., Colombia, and Europe.

Gary Fritz, President of MGM Resorts International Interactive, commented, “Acquiring Tipico’s award-winning U.S. platform is a significant milestone in developing MGM Resorts’ global digital gaming business, allowing us to operate a proprietary sports betting platform. This acquisition gives us control over our entire technology ecosystem, and we are excited to welcome Tipico’s U.S. team, known for their high-quality product and pricing capabilities, into our business.”

LeoVegas CEO Gustaf Hagman added, “By owning our sportsbook technology, we ensure we deliver the world’s best iGaming experience to customers across all our markets and brands. Enhancing our strong brands with a competitive and innovative sports product will help us expand and strengthen our sportsbook offerings in new and existing markets. We look forward to welcoming Tipico’s talented U.S. teams to LeoVegas Group soon.”

The transaction, subject to customary closing conditions, is expected to be completed in the third quarter of 2024.

About MGM Resorts International

MGM Resorts International (NYSE: MGM) is an S&P 500® global gaming and entertainment company with locations worldwide, featuring top-tier hotels and casinos, advanced meeting and conference spaces, exceptional live and theatrical entertainment, and a diverse array of dining, nightlife, and retail options. MGM Resorts offers immersive, iconic experiences through its Las Vegas-inspired brands, encompassing 31 unique hotel and gaming destinations globally. Its 50/50 venture, BetMGM, LLC, provides sports betting and online gaming in North America via leading brands like BetMGM and partypoker. The subsidiary LV Lion Holding Limited delivers sports betting and online gaming through top brands in several European jurisdictions. MGM Resorts is also pursuing targeted expansion in Asia, including an integrated resort opportunity in Japan. Committed to sustainability and community impact, MGM Resorts follows its “Focused on What Matters: Embracing Humanity and Protecting the Planet” philosophy. The company is proud to be named one of FORTUNE® Magazine’s World’s Most Admired Companies®.

• MGM Resorts’ LeoVegas Bolsters International Market Presence With Tipico Technology Acquisition