Tipico to Launch Debut US Sportsbook
The German sports betting giant Tipico has announced plans to launch its services in the New Jersey sports betting market in autumn 2020. This marks the first time a German sports betting company has moved into the US sportsbook market.
As initially reported by EGR, the German sports betting brand Tipico has applied for a sports betting license to operate within New Jersey. It’s partnered with the Ocean Casino Resort to launch an online sports betting service.
It aims to open its online platform in time for the brand new NFL season, which begins in September. Customers are already able to sign up for the waiting list.
It’s also widely expected that it will launch an additional online casino platform. However, Tipico has yet to announce which technology company it will partner with.
A New Face for American Sports Bettors
Americans may be unfamiliar with Tipico as it’s never entered the US market before. It’s the biggest sports betting company in Germany. In terms of sportsbooks, it’s the 6th largest sportsbook in the world, which makes it larger than other big names, such as William Hill, which already operate within the US.
German law makes it difficult to ascertain exactly how much revenue the company earns. It’s a private company owned by the private equity giant CVC Capital Partners, which is the majority stakeholder.
A company representative spoke about the move into the American market, “Our trading team and bookies are excited about the prospect of increased volume for American sports. The team we have in place has deep American sports knowledge, and we are actively recruiting for a New Jersey sportsbook manager.”
Tipico Making Preparations for its NJ Sports Betting Launch
Tipico has already taken steps to prepare for the launch of its new sportsbook. It’s established an office in Hoboken, New Jersey, and has taken on 13 members of staff.
One such figure heading up Tipico’s operation is Steve Krombolz, the former CEO of FantasyDraft.
Krombolz is the most senior figure so far and has been accorded the title of Head of US Business Development and Strategy. His major role in the company will be to establish market access deals in states outside of NJ.
This demonstrates Tipico’s ambitions and sends a clear signal that Tipico intends on using New Jersey as a launching point to expand to other states, such as Delaware, Pennsylvania, and states which are planning on legalizing online gambling.
The firm also has active job listings in marketing, trading, and technology.
Adrian Vella, the MD of Tipico US said, “With nearly 15 years of European sportsbook experience, Tipico is one of the few on the B2C side of the industry using our own proprietary technology. We are very excited to debut the product our hardworking developers have put together for the US market.”
Although US citizens may not have heard of Tipico yet, things are expected to change going forward. Tipico is already planning on a major new marketing campaign set to launch this coming fall.