Century Casinos' Partner bet365 Launches Internet Sports Betting in Colorado

Rhea-AI Summary

Century Casinos (CNTY) announced that bet365 has launched its internet and mobile sports betting application in Colorado using one of the Company's master licenses. This 10-year agreement includes a minimum annual revenue guarantee and a share of net gaming revenue, with an advance fee paid at contract signing in May 2020. Bet365 is a leading online sports betting company with nearly $4 billion in annual revenues. The partnership aims to enhance Century Casinos' revenue through a stable and lucrative sports betting market.

Positive

• Long-term partnership with bet365 for 10 years.
• Includes a minimum annual revenue guarantee.
• Revenue-sharing model enhancing potential income.

Negative

• None.

COLORADO SPRINGS, Colo. , Sept. 6, 2022 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) ("Century Casinos" or the "Company"), announced that bet365 went live with its internet and mobile sports betting application using one of the Company's master licenses with the State of Colorado.

The online sportsbook operations agreement with bet365 is a 10-year agreement that includes a minimum annual revenue guarantee and a percentage share of net gaming revenue payable to the Company each year, with an advance fee, which was paid at contract signing in May 2020.

About bet365:

bet365 is the world's largest online sports betting company with annual sportsbook revenues of almost $4 billion and over 6,000 employees around the globe.  On its world-class proprietary product, bet365 offers the industry's widest range of 'in-play' sports betting events with over 75 sports covered and over 600,000 events being live video-streamed annually to 80 million registered customers from over 160 countries across the world. Cultural and linguistic zones around the globe are serviced using geo-specific content and 21 different languages to enhance the customer experience, which is further improved through the offering of 23 different deposit currencies and 50 payment methods. The bet365 brand is licensed in the UK, Malta, Gibraltar, Buenos Aires City, Buenos Aires Province, Bulgaria, Cyprus, Denmark, Estonia, Germany, Greece, Ireland, Italy, Mexico, Netherlands, the Northern Territory of Australia, Ontario, Spain, Sweden, and operates under a transactional waiver in the state of New Jersey.

bet365 has extensive experience working with local licensing, regulatory and reporting requirements across its global footprint and pays substantial duties and license fees in each of those jurisdictions. bet365 is recognized as an industry leader and is regularly celebrated for its expertise as the winner of prestigious industry awards, including the eGaming Review Operator of the Year and Sports Betting Operator of the Year. Currently, they are ranked #3 on the EGR Power 50.   

About Century Casinos, Inc.:

Century Casinos, Inc. is a casino entertainment company. The Company owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada; the Century Casino in Cape Girardeau and Caruthersville, Missouri, and in St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; and the Century Mile Racetrack and Casino in Edmonton, Alberta, Canada. Through its Austrian subsidiary, Century Resorts Management GmbH, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos throughout Poland; a 75% ownership interest in Century Downs Racetrack and Casino in Calgary, Alberta, Canada. Through its United States subsidiary, Century Nevada Acquisition, Inc., the Company owns a 50% membership interest in Smooth Bourbon, LLC, which owns the land and building of the Nugget Casino and Resort (the "Nugget") in Sparks, Nevada. The Company has an agreement to purchase 100% membership interests in the Nugget and an agreement to purchase 100% of the equity interest in the Rocky Gap Casino Resort operations. The Company also has an agreement to operate one ship-based casino. The Company continues to pursue other projects in various stages of development.

Century Casinos' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos, visit our website at www.cnty.com.

This release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expect," "anticipate," "believe," "intend," "estimate," "plan," "target," "goal," or similar expressions, or future or conditional verbs such as "will," "may," "might," "should," "would," "could," or similar variations. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements including: risks related to the sports betting business; the timing for commencement of the sports betting business; the possibility that the anticipated operating results and other benefits of the sports betting business are not realized when expected or at all; local risks including proximate competition, potential competition and legislative and regulatory risks; and other risks described in the section entitled "Risk Factors" under Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, and in subsequent periodic and current SEC filings the Company may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.

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SOURCE Century Casinos, Inc.

FAQ

What is the significance of the bet365 launch for CNTY?

The bet365 launch signifies a long-term partnership that includes revenue guarantees, enhancing Century Casinos' income potential.

How long is the agreement between Century Casinos and bet365?

The agreement is for 10 years.

What revenue model is included in the CNTY and bet365 partnership?

The partnership includes a minimum annual revenue guarantee and a percentage share of net gaming revenue.

When was the bet365 agreement signed?

The bet365 agreement was signed in May 2020.

How much annual revenue does bet365 generate?

Bet365 generates almost $4 billion in annual sportsbook revenues.