Tipico Set to Enter Colorado Sports Betting Market
Tipico is set to enter the Colorado sports betting industry after signing a deal with Century Casinos.
This is the third agreement with a sports betting operator for Century Casinos as the property positions itself to become a leader in the market.
Century Casinos has previously partnered with both Circa Sports and bet365, but they have now added a third player to the list. Century Casinos has already received a master sports betting license, and Tipico is currently awaiting approval to begin offering sports betting.
The agreement between Tipico and Century Casinos is for ten years, and the sports betting operator will pay a one-time access fee. Financial terms of the deal have not yet been announced, and Tipico will not pay until the contract is officially signed.
Tipico will also be forced to pay an annual revenue guarantee, and they will also owe Century Casinos a percentage of net gaming revenue. The official financial terms of this part of the agreement have not been announced, but this is standard practice for this type of deal.
All of the sports betting accounts will be created through Tipico, but Century Casinos will serve as the hub for all of the betting. Century Casinos now has three big-name operators under them, and all three should provide plenty of revenue boost to the company.
An official launch date has not yet been announced by either company, but it is expected to take place before 2021. This deal is the latest in a long line of deals, and it continues to demonstrate the strength of sports betting in Colorado.
Colorado is already starting to emerge as one of the top sports betting markets in the United States, despite getting off to a slow start. Retail sports betting is limited to just three small towns in the state, but CO mobile sportsbook operators continue to launch each month.
Tipico might not be a well-known name in the sports betting industry yet, but launching in both New Jersey and Colorado is a huge advantage for the company.
Expansion Coming Quick For Tipico
This will be the second state where Tipico offers sports betting services when they are finally granted their sports betting license. The German-based operator has already launched sports betting in New Jersey after receiving approval from the New Jersey Division of Gaming Enforcement.
Tipico has expressed its excitement and gratitude to Century Casinos for giving them the opportunity to offer sports betting in a second state. Official approval will likely happen in the next few weeks, giving the company a chance to launch in 2020.
The company also received some extra positive news earlier this week when Germany awarded the company with an online gaming license in its native country. Germany is allowing four companies the chance to offer iGaming as the country waits on a new gaming law to pass.
Scientific Games is set to power the entire online gaming suite for Tipico, even though the operator has its own sportsbook technology. The company is looking to offer online casino games as well, and Scientific Games can roll out everything under one umbrella.
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