The Colorado Office of Economic Development and International Trade (OEDIT) has announced that Tipico Sportsbook has selected Colorado as the home of its new technology hub.
Established in Europe in 2004, Tipico expects its Colorado location to add as many as 441 jobs over the next eight years. It currently has a 42-person office in Hoboken, NJ, and recently launched its proprietary sports betting product to consumers in the Centennial State.
Colorado Governor, Jared Polis, commented: “Colorado voters paved the way for us to become one of the first states to legalize sports betting and use the revenue generated to protect our way of life and precious water resources that support our outdoor recreation economy and agricultural community.
“This move proves what we already know: Colorado is the best place to live and work and 441 new jobs will be created in Colorado thanks to this voter-driven decision.”
In November 2019, Colorado voters approved a measure to legalize sports betting. Online betting came into effect in May 2020. In its first year, sports betting generated approximately $8m in tax revenue for the state.
Colorado’s regulation of online sports betting has attracted companies such as Tipico and PointsBet over the past year, as well as generating additional direct tax revenue.
Adrian Vella, Tipico US CEO, added: “We are thrilled to announce, in partnership with Governor Polis, our intention to establish a Tipico Sportsbook technology hub in Denver.
“From the world-class universities and collaborative technology community, down to the well-documented high quality of life in the state, every metric during our nationwide search pointed us right to Colorado.
“Now that football season is here and our sportsbook is live in the state, we’re confident that the deep pool of technology talent in Colorado will help us take the Tipico brand to the next level in the US.”