Yahoo Finance Century Casinos Inks Deal With Tipico for Sports Betting
Century Casinos, Inc. CNTY recently reached an agreement with Tipico for sports betting. Tipico — a sports betting company — will become Century Casinos’ third internet sports betting operator partner in Colorado. It is worth mentioning that Century Casinos is already in partnership with Circa Sports and bet365 for sports betting in Colorado.
Per the 10-year agreement, a one-time market access fee will be paid to the company on contract signing. Moreover, Century Casinos will also pay a minimum annual revenue guarantee and a percentage share of net gaming revenues every year.
Erwin Haitzmann and Peter Hoetzinger, Co CEOs of Century Casinos said “We are very excited to be partnering with Tipico Sportsbook, one of the top sports betting companies in the world, and we look forward to a long and prosperous relationship. The Colorado Division of Gaming has done an excellent job launching Sports Betting and we believe Colorado will be an ideal market for Tipico as they continue their expansion and growth in the United States.”
Year to date, Century Casinos, which shares space with Boyd Gaming Corporation BYD, Caesars Entertainment Corporation CZR and Las Vegas Sands Corp. LVS, has decreased 31.6% compared with the industry’s decline of 20.6%.
Century Casinos carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Wrapping Up
Legalization of sports betting outside Nevada has given the industry a new lease of life. The scope for casino operators will grow as illegally the activity is valued at billions of dollars annually in the United States. Sports betting has been legalized in Delaware, Mississippi, New Jersey, New Mexico, West Virginia, Pennsylvania, Rhode Island, Montana, Indiana, Tennessee, Illinois and New Hampshire. Moreover, Connecticut, Kentucky, Michigan, Massachusetts, Maryland, Minnesota, Missouri, Kansas, Louisiana, Oklahoma, South Carolina, California, Oregon, Arizona, Montana, Colorado and other states are likely to follow suit in the coming months.
Most of the gaming companies are focusing on sports betting to drive growth. We believe sports betting market is likely to witness sharp growth in the days ahead. Moreover, the US iGaming market is estimated to attain revenues of nearly $6.9 billion by 2025.
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Las Vegas Sands Corp. (LVS) : Free Stock Analysis Report
Caesars Entertainment, Inc. (CZR) : Free Stock Analysis Report
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Century Casinos, Inc. (CNTY) : Free Stock Analysis Report
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