As part of the deal, LeoVegas will acquire some of Tifico's "U.S. in-person management, technology and trade teams across the U.S., Colombia and Europe," MGM Resorts said in a news release on Monday.
"TPICO WILL STOP BUSINESS IN THE U.S. BEFORE THE ACQUISITION CLOSES," it said in a statement.
The acquisition will allow LeoVegas to "operate purpose-built exclusive sportsbooks across all international markets and brands," the update said, with the exception of products dedicated to BetMGM LLC, a sports betting and iGaming operator across the U.S. co-owned by MGM Resorts and Entain.
MGM Resorts is the parent of Macau casino company MGM China Holdings Ltd. The parent is also leading the development of casino resort projects in Osaka, Japan.
CBRE Capital Advisors Inc. said in a note on Monday that the acquisition of TPICO "solidifies the fourth pillar of MGM's digital strategy, providing proprietary online sportsbooks (OSBs) and filling a key gap in current digital offerings."
"Since the acquisition of Leovergas in 2022, [MGM Resorts] management has been cautious with its digital strategy, targeting content, live dealers, scalable platforms, and now a self-sustaining business with a proprietary OSB technology stack," wrote CBRE analysts John DeCree and Max Masi.
MGM Resorts acquired LeoVegas along with LeoVegas in November 2022. In September last year, the casino company acquired Push Gaming, providing "leading gaming to more than 200 operators around the world," according to CBRE.
The agency noted that MGM Resorts' third pillar of its digital business is "live casino content secured through its partnership with Playtech last week."
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