Century Casinos Partners with Tipico for Internet Sports Betting in Colorado

Rhea-AI Summary

Century Casinos, Inc. (CNTY) has finalized a 10-year agreement with Tipico to launch internet sports betting in Colorado. The partnership will provide a one-time market access fee, a minimum annual revenue guarantee, and a percentage of net gaming revenue for Century Casinos. The company already holds a master license in Colorado and has previously partnered with Circa Sports and bet365. Tipico, a leading sports betting provider founded in Europe, aims to leverage this partnership to enhance its market presence in the U.S.

Positive

• 10-year agreement with Tipico enhances revenue streams.
• One-time market access fee plus minimum annual revenue guarantee.
• Master license already obtained, supporting a swift market entry.
• Partnership with a reputable global sports betting provider.

Negative

• None.

COLORADO SPRINGS, Colo., Oct. 12, 2020 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) ("Century Casinos" or the "Company"), announced today that it has finalized an agreement with Tipico to become the company's third internet sports betting operator partner in Colorado. The Company, through a subsidiary, has already obtained its master license with the State of Colorado. Tipico will complete the necessary application and approval process with the State of Colorado and will operate an internet and mobile sports betting application under the Tipico brand.

"Tipico is thrilled to partner with Century Casinos, a highly respected name in North American casino entertainment, to bring our fully mobile sports betting experience to Colorado and introduce sports fans throughout the state to our brand and proprietary technology," said Adrian Vella, Managing Director, US Business, Tipico.

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.

"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," said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos.

The Company has already signed two other internet sports betting partnerships in Colorado with Circa Sports and bet365.

About Tipico
Tipico is a U.S. sportsbook originally founded in Europe in 2004. As the leading sports betting provider in Germany and one of the top sports betting companies worldwide, the company offers digital and mobile betting entertainment across 30 different sports and invests heavily in the development of technologies that make the sports betting experience better and safer, placing the highest value on player protection. Tipico Group Ltd. employs over 1,800 people worldwide and another 4,200 people working in the Tipico associated franchise network. In the United States, Tipico is currently licensed by the state of New Jersey, and has established U.S. operations and business headquarters in Hoboken, New Jersey. For more information, please visit www.tipico.com/us, or www.tipico-group.com.

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, in Calgary and St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; the Century Mile Racetrack and Casino ("CMR") in Edmonton, Alberta, Canada; and Century Bets! Inc. ("CBS"). CBS and CMR operate the pari-mutuel off-track horse betting networks in southern and northern Alberta, respectively. Through its Austrian subsidiary, Century Resorts Management GmbH ("CRM"), the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos throughout Poland; and a 75% ownership interest in Century Downs Racetrack and Casino in Calgary, Alberta, Canada. The Company operates four ship-based casinos. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. 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 may contain 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, 2019 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.

View original content to download multimedia:http://www.prnewswire.com/news-releases/century-casinos-partners-with-tipico-for-internet-sports-betting-in-colorado-301150177.html

SOURCE Century Casinos, Inc.

FAQ

What is the latest partnership Century Casinos has finalized?

Century Casinos has partnered with Tipico for internet sports betting in Colorado.

What are the financial benefits of Century Casinos' agreement with Tipico?

The agreement includes a one-time market access fee, a minimum annual revenue guarantee, and a percentage share of net gaming revenue.

How long is the partnership agreement between Century Casinos and Tipico?

The partnership agreement is for a duration of 10 years.

What prior partnerships has Century Casinos established in Colorado?

Century Casinos has already signed partnerships with Circa Sports and bet365 in Colorado.

What is the significance of obtaining a master license in Colorado for Century Casinos?

Obtaining a master license allows Century Casinos to operate legally in the state and facilitates their entry into the sports betting market.