Century Casinos Inks Colorado Sports Betting Agreement With Tipico
Posted on: October 13, 2020, 08:48h.
Last updated on: October 13, 2020, 09:56h.
Century Casinos continues solidifying its Colorado sports wagering footprint. On Monday, the company said it inked an internet accord with Tipico.
Century owns two namesake gaming venues in the Centennial State. The deal with Tipico is the casino operator’s third Colorado online sports betting agreement and follows similar pacts with Circa Sports and bet365.
The online sportsbook operations agreement with Tipico is a 10-year agreement that includes a one-time market access fee being paid to the company on contract signing, plus a minimum annual revenue guarantee and a percentage share of net gaming revenue payable to the company each year,” according to a statement issued by Century.
Tipico is looking to grow in the US. In addition to its Colorado collaboration, the company says it will soon debut in New Jersey, the largest domestic sports wagering market, according to its web site. Tipico is one of Europe’s largest sportsbook operators.
Case for Colorado
The Centennial State didn’t join the live and legal sports betting party until May. The state’s entry couldn’t have been more poorly timed, as all domestic sports were shut down because of the coronavirus pandemic.
Still, Colorado bettors showed an appetite for regulated sports wagering, embracing obscure fare, such as darts and international baseball, while waiting for more traditional sports to return.
When that happened in June, monthly handle figures surged. Helped by the return of the NBA and NHL and the start of Major League Baseball, July brought a record sports betting handle in Colorado. But it didn’t last long, as it was easily topped in August.
Home to 5.75 million residents, Colorado is the 21st-largest state in the country. However, because of an influx of Californians fleeing that high tax state, Colorado is one of the fastest-growing states in the West, making it a compelling market for gaming companies and sportsbook operators.
Centennial’s Betting Allure
In addition to a rising population, the Centennial State offers other benefits for participants in the still-nascent domestic sports betting industry. For example, the state is home to franchises in each of the four major professional leagues and several FBS college football teams.
Colorado also offers geographic advantages as just one of the seven states it borders — New Mexico — offers legal sports betting. The rest — Arizona, Kansas, Nebraska, Oklahoma, Utah, and Wyoming — either have dead or no pending sports betting legislation, signaling little chance of imminent passage.
Adding to the allure of the Centennial State for sportsbook operators is that higher-margin online betting was available right off the bat, enticing more than a dozen competitors to enter the market.
That’s an important point, not only because of profits but also because the major population center of Denver is a long enough drive to land-based casinos in Central City and Cripple Creek that it’s not a sensible endeavor for gamblers looking to make small-dollar or a low amount of sports bets.
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