MGM Subsidiary to Acquire Assets of Tipico US as it Leaves New Jersey
Another NJ online casino and gambling operator is exiting the United States; this time, it’s Tipico.
The brand released a statement stating that it has entered an agreement to sell its product and technology platform to LeoVegas Group, which is part of MGM Resorts International.
So now, Tipico will soon go offline—or, in their words, “wind down”—in New Jersey and the other states it operates in.
Tipico Group Announcements
“For five years Tipico Group has heavily invested in the creation of its own proprietary sports betting and gaming platform for the U.S., working with some of the best talent to achieve excellence. On behalf of the board of Tipico Group I want to thank the teams in our U.S. operations for the last years of dedication, innovation, and passion, that made our U.S. sportsbook and Online Casino platform the attractive venture it is today.”, says Joachim Baca, CEO of Tipico Group.
Tipico also mentioned that as part of the acquisition, LeoVegas will receive Tipico U.S. “management, technology, and trading teams across the US, Colombia, and Europe.”
The CEO of Tipico US, Adrian Vella, added: “After an exciting journey of constant development, progress and unwavering belief in creating an excellent product offering, today marks the start of a new interesting chapter! 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. Our rise from a start-up to an award-winning platform makes me very proud and I want to thank all my team, who made this story possible!”
MGM Resorts and LeoVegas Statements
We also heard statements from Gary Fritz, President of MGM Resorts International Interactive. He mentioned that the acquisition of Tipico was a “significant milestone in the strategic development of MGM Resorts’ global digital gaming business.” He also said that it would allow them operate a “proprietary sports betting platform.”
LeoVegas CEO Gustaf Hagman added: “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. I look forward to welcoming the talented teams from Tipico’s U.S. business into the LeoVegas Group very soon.”
LeoVegas became a subsidiary of MGM in 2022 and is now available for online casino and sports betting in 10 states. In 2023, LeoVegas also acquired Push Gaming.
In May 2024, Tipico Online Casino NJ finished 20th out of 32 online casinos in New Jersey in revenue at $1,280,961.
Per the press release, the transaction is subject to “customary closing conditions,” but once that’s all set, the deal will be completed during the third quarter of 2024.
Be first to get our exclusive offers!
Join today to stay up to date on your states gambling news and offers.
