LeoVegas Continues Expansion with Tipico Deal
LeoVegas, the online casino, live casino and sports betting platform, has announced they are expanding their footprint with the acquisition of the U.S. sportsbook and online casino product and technology platform from Tipico Group Ltd.
Tipico is in the process of winding down their U.S. operations. As part of the deal, LeoVegas is acquiring Tipico U.S. management, technology and trading teams across the U.S., Columbia and Europe.
Tipico Moves To Scale Back U.S. Operations
LeoVegas, headquartered in Stockholm, with their operations hub in Malta, is a subsidiary of MGM Resorts International. The company currently operates nine brands in ten jurisdictions. Malta-based Tipico, the leading German sports betting provider, just appointed Axel Hefer as Chief Executive Officer.
“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, MGM Resorts International Interactive, in a statement.
“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.”
Follow-Up To Push Gaming Deal
LeoVegas made a major investment in 2023, with the acquisition of game developer Push Gaming, so the Tipico deal is a follow-up to that. This deal is another significant step in the brand’s international expansion. The acquisition of Tipico will allow LeoVegas to operate a purpose-built proprietary sportsbook across all international markets and brands.
“Tipico has proven in one of the most competitive markets in the world that we can build proprietary technological solutions, whilst running sophisticated lean operations,” said Adrian Vella, CEO of Tipico U.S.
The transaction is expected to be completed in the third quarter of 2024.
Said Gustaf Hagman, Chief Executive Officer of LeoVegas Group: “At LeoVegas Group, we believe in controlling our own technical destiny by having the best tech teams working in-house. Last year, we acquired leading game developer Push Gaming. Now we are taking further steps and investing to control more parts of the iGaming technology eco-system.”
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