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MGM Resorts International (NYSE:MGM) shares are trading slightly higher in premarket today.
The entertainment company announced that its subsidiary, LeoVegas Group, has agreed to acquire the U.S. sportsbook and online casino platform from Tipico Group Ltd.
This strategic move marks LeoVegas’ second major investment, following its acquisition of game developer Push Gaming in 2023.
The deal aims to enhance LeoVegas’ ability to operate a proprietary sportsbook globally, with the exception of the BetMGM joint venture.
Tipico will cease its U.S. operations before the acquisition’s completion. As part of the agreement, LeoVegas will take over certain U.S.-focused management, technology, and trading teams from Tipico across the U.S., Colombia, and Europe.
This acquisition is expected to boost MGM Resorts’ global digital gaming presence by providing a proprietary sports betting platform.
Gustaf Hagman, CEO of LeoVegas, said “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.”
The transaction is subject to customary closing conditions and is expected to be finalized in the third quarter of 2024. MGM held $2.7 billion in cash and equivalents as of March-end.
Price Action: MGM shares are trading higher by 0.24% at $42.10 in premarket at last check Monday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Posted In: MGM
