LeoVegas and Tipico Group Reach Agreement Regarding the Sale of Tipico’s US-Focused Products

Article by : Charles Perrin Jun 25, 2024

• 
• 

LeoVegas Group and Tipico Group have announced that they have reached an agreement regarding Tipico’s US-focused products.

Both companies published separate announcements on their websites on June 24 revealing that LeoVegas Group will take over Tipic’s US sportsbook and online casino platform.

This step is LeoVegas’s second major investment after the company took over Push Gaming in 2023. For Tipico, letting go of the two products announces a slowdown in the brand’s American operations.

Clean and Fast Consumer Experience in the Focus

In the LeoVegas Group’s announcement, the company highlighted how the new sportsbook would enable the Group to operate across all international markets and brands. LeoVegas also mentioned that the sole exception was any exclusive markets tied to the BetMGM joint venture.

LeoVegas pointed out that the focus of its purpose-built proprietary sportsbook would be providing “a clean, fast consumer experience.” The Group didn’t save the good words, referring to the product, functionality, and pricing as “top-class.”

The brand’s official announcement revealed that LeoVegas Group would also get Tipico’s American facial management, technology, and trading teams. These teams are currently based in various destinations, predominantly in the US, Europe, and Colombia.

In addition to the press release, the Group also published a charming video featuring Gustaf Hagman (Chief Operating Officer) and Mattias Wedar (Chief Product and Technology Officer).

In May 2023, LeoVegas Group informed all interested parties that the company was taking over a majority share in Push Gaming. The acquisition was completed in September 2023, after which LeoVegas welcomed the leading game developer to its growing iGaming family.

The Push Gaming acquisition was the Group’s first big investment after it joined MGM Resorts one year earlier.

Transaction Subject to Regulatory and Customary Approvals

The announcement published on the official Tipico Group website revealed a bit more details about the agreement. It also reminded all parties and the public that the transaction was subject to regulatory approvals. As such, it was expected to be fully completed in Q3 of 2024.

Tipico highlighted that it would “wind down” its American operations in the period leading to finalizing the acquisition. Besides mentioning the sportsbook, which got the most attention in LeoVegas’ press release, Tipico also mentioned its online casino platform.

The company also included statements from Tipico Group’s CEO Joachim Baca and Tipico US’s CEO Adrian Vella.

Baca highlighted how the company had been heavily investing in creating a proprietary gaming and sports betting platform for the US market. He mentioned how the best talent helped the brand “achieve excellence.” That’s why he used the opportunity to thank Tipico’s US teams for their years of “dedication, innovation, and passion.” They all helped to turn Tipico’s product into an attractive venture, he concluded.

Vella named the acquisition agreement as the start of “a new interesting chapter” for Tipico US. He highlighted how the moment came only after a period of development, strong belief, and constant progress.

He took pride in the company’s achievement in building a successful proprietary platform in a competitive market like the American one. Vella also thanked his team for the fantastic rise from a start-up to an award-winning product.

While Tipico’s press release named Joachim Baca as the company’s CEO, the brand revealed changes in its key management position on June 16. Namely, Tipico’s COO Alex Hefer was appointed as CEO, succeeding Baca. The latter left his position of eight years to become the Supervisory Board Chairman.

Both gentlemen expressed their delight in receiving their new roles in the company.