Tipico to Enter Colorado Sports Betting Market
Tipico Strikes Deal with Century Casinos to Enter Colorado Betting Market
German bookmaker Tipico has inked a deal with Century Casinos to offer online sports betting services to its Colorado casinos. Century Casinos, which operate properties in Central City and Cripple Creek, Colorado, have added another internet sports betting partner to make it three in the Colorado sports betting market. The other two operators who are have partnered with Century Casinos in the Centennial State are Circa Sports and bet365.
Colorado will become the second state in which Tipico will have a presence, as it looks to establish itself in the emerging United States sports betting market. The bookmaker recently received a license to operate in the New Jersey sports betting market, where it has partnered with Ocean Casino and Resort Casino in Atlantic City. Tipico has also sought to ensure it will offer quality games for its customers, reaching a deal with software provider NetEnt to provide online casino games.
Tipico will now complete the formalities of the application and approval process in Colorado to operate an internet and mobile sports betting application.
Adrian Vella, managing director, U.S. Business, Tipico, said the company was “thrilled” to reach an agreement with Century Casinos. He describes Century as a “highly respected name in North American casino entertainment” and said they are excited to bring their mobile sports betting experience to Colorado.
The agreement between Tipico and Century Casinos is for ten years, including a one-off market access fee given to Century upon the formal signing of the contract. Century will also receive a yearly percentage share of net gaming revenue and a minimum annual revenue guarantee.
The co-chief executive officers of Century Casinos, Erwin Haitzmann, and Peter Hoetzinger said they were “very excited” to be named as the partners of Tipico. They describe the bookmaker as one of the “top sports betting companies in the world.” The pair also praised the work the Colorado Division of Gaming has done in launching the sports betting market in the state. They feel Colorado will be an “ideal” market for Tipico to continue to expand in the United States.
Tipico Group Ltd is a large organization and employs over 1,800 people worldwide and 4,200 people who work in the Tipico associated franchise network. For its U.S. operations, Tipico has set up its headquarters in Hoboken, New Jersey.
Colorado Sports Betting is Thriving
The Colorado sports betting industry, which includes both retail and online betting, has seen a good level of growth since its debut in May 2020. The reported sports betting handle for August was $128.64 million, which was higher than the total handle for the first three months combined. There are currently 20 online and retail sportsbooks active in the Centennial State, including big names like BetMGM sports and DraftKings Sportsbook.
The online sports betting market has enjoyed the most success so far in Colorado. Mobile sports betting handle at Colorado sportsbooks made up 98% of all sports wagering in the state for August. It remains to be seen if retail sportsbooks enjoy a boost when customers feel more comfortable returning to physical casinos, but for the moment, online betting is king.
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