MGM Resorts To Buy Tipico Group's US Sportsbook, Online Casino

(RTTNews) - MGM Resorts International (MGM) said on Monday that its subsidiary, LeoVegas Group, has inked a deal to acquire the product and technology platform constituting the U.S sportsbook and online casino of Tipico Group Ltd.

The financial terms of the transaction, to be closed in the third quarter, are not known.

The acquisition will support LeoVegas to operate a purpose-built proprietary sportsbook across all international markets and brands, with the exception of those exclusive to the BetMGM JV.

As part of the transaction, LeoVegas will acquire certain of Tipico's U.S. facing management, technology and trading teams across the U.S., Colombia, and Europe.

Tipico will wind down its U.S. operations prior to the closing of the acquisition.