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MGM Subsidiary Acquires Tipico Ahead of U.S. Exit

Evans Makayla

Updated on June 25, 2024 at 3:47 PM EDT • Read time: 1 min 27 sec. Links to Twitter and Google News.

The LeoVegas sponsor on the Blackpool home shirt as we look at its acquisition of Tipico.
The LeoVegas sponsor on the Blackpool home shirt during the Emirates FA Cup match Bromley FC vs Blackpool on Nov. 4, 2023. Photo by Gareth Evans/News Images via Imagn.

Tipico Underscoreg, a European company, has been in talks with providers to sell its U.S. operations since 2022. The time has now arrived, and the subsidiary of one of our top real-money online casinos is the one finalizing the deal.

LeoVegas, a subsidiary of MGM Resorts International, announced on Monday that they have reached an agreement to acquire Tipico’s U.S. sportsbook and casino platforms. Tipico was previously recognized as one of the top mobile casino apps.

Weeks ago, we covered the connection between MGM and LeoVegas, which was linked to the struggling brand.

The deal 

The financial terms of the acquisition were not disclosed by either party, but we do know the additions LeoVegas has made to its portfolio.

LeoVegas has acquired Tipico’s products and technology platform, as well as its U.S.-facing management and trading teams that work in the United States, Colombia, and Europe.

The purchase will enable LeoVegas to run its own sportsbook in various global markets and under different brands, with the exception of regions where BetMGM operates in partnership with Entain.

Tipico’s future

Starting on June 26, Tipico will no longer be accepting new accounts, bets, or deposits. Any future wagers are still pending resolution, and customers with remaining balances are advised to withdraw their funds promptly.

In a message to customers, Tipico expressed pride in their efforts over the past four years to develop a top sports platform and the leading casino according to Eilers & Krejcik Gaming. Despite challenges faced as a small startup, the company has persevered to expand and enhance their technology, delivering a superior customer experience.

The LeoVegas deal is anticipated to be finalized in the third quarter of 2024, at which point all player accounts will be closed.

LeoVegas

In 2022, LeoVegas was purchased by MGM and has since been utilizing Kambi technology. This acquisition will enable LeoVegas to develop its own exclusive software. Tipico, a highly regarded online casino in New Jersey, was considered on par with industry giants. This acquisition represents a significant gain for LeoVegas.

According to MGM Interactive president Gary Fritz, the acquisition represents a major achievement in the strategic growth of MGM Resorts’ worldwide digital gaming enterprise.

The Sweden-headquartered company provides online casinos, live casinos, and sports betting services in 10 different jurisdictions. CEO Gustaf Hagman expressed excitement about integrating the skilled teams from Tipico’s U.S. business into the LeoVegas Group in the near future.

Written By:
Evans Makayla
Andrew is a Publishing Editor at Underscoreg Review. He graduated from Acadia University with a degree in Kinesiology, working as a personal trainer and in injury rehab, and then attended the College of Sports Media in Toronto to attain a diploma in Radio and Television Sports Broadcasting. Andrew has been involved in the sports betting and fantasy sports space since joining the FNTSY Sports Network in 2014, where he worked as a producer, director, and occasional on-air talent on various shows focusing on sports betting and DFS content. Prior to joining SBR, he spent multiple years with the USA Today Network as an editor and writer. Living in Newfoundland, Andrew frequents grey market sportsbooks, but in the past, when he’s lived in regulated areas, he’s become well-versed with all of our best sportsbooks. As strictly a casual bettor, he enjoys making touchdown parlays with friends (bro-lays), sweating out golf cut parlays during majors, playing same-game parlays for fun, and chasing long-shot bets. He also enjoys using sportsbooks that have solid iGaming and casino platforms. As the old guy on staff, he has an affinity for industry news, which confuses some, but shh … quiet … the news is on.