MGM Resorts’ Big Move: Acquiring Tipico’s US Sportsbook and Casino Platform 🎉
MGM Resorts International is gearing up for a major win by acquiring Tipico’s US sportsbook and online casino platform. This exciting deal is expected to wrap up in the third quarter of this year. Curious about what this means? Let’s dive in!
What’s the Deal? 🤔
MGM Resorts has struck a deal to grab Tipico’s US sportsbook and iGaming product and technology platform for an undisclosed amount. This acquisition, facilitated by MGM’s LeoVegas subsidiary, promises to give MGM a cutting-edge sportsbook for use in all its international markets—except for those exclusive to the BetMGM joint venture with Entain.
Why is This a Big Deal? 🚀
Gary Fritz, president of MGM Resorts International Interactive, had this to say: “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.”
With this deal, MGM will have full control over its tech ecosystem, welcoming Tipico’s U.S. team known for top-notch product and pricing capabilities.
What’s Happening to Tipico’s US Operations? 🛑
As part of the deal, Tipico will shut down its operations in the United States ahead of the acquisition’s completion. However, many of Tipico’s U.S. facing management, technology, and trading teams in the U.S., Colombia, and Europe will join the LeoVegas team.
LeoVegas’ Perspective 📈
This isn’t LeoVegas’ first rodeo. Following their acquisition of games developer Push Gaming last year, they’re more than ready to take on Tipico’s assets. Gustaf Hagman, CEO of LeoVegas, stated: “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.”
He also expressed enthusiasm about integrating Tipico’s talented teams into the LeoVegas Group.
The Financial Buzz 💸
Before the news broke, shares in MGM Resorts International Inc. (NYSE) had already seen a slight bump, closing at $42.00 per share in New York on Friday. This morning’s announcement is likely to stir up even more excitement among investors.
Wrapping It Up 🎁
This acquisition is set to reshape the landscape of digital gaming for MGM Resorts. By harnessing Tipico’s technology and talent, MGM is poised to offer a superior sports betting experience across its international brands.
Stay tuned for more updates as this deal progresses. Want to keep your finger on the pulse of the gaming world? Keep an eye on MGM Resorts and LeoVegas.
