One of the world’s largest but most private sportsbooks is setting up shop in the NJ sports betting market.
As first reported by EGR, German sports betting giant Tipico has applied for a New Jersey sports betting license, in partnership with Ocean Casino Resort.
Tipico aims to launch its online US sportsbook in time for the NFL betting season in September. Customers can sign up for a waiting list now.
There is also an online casino product on the way, with Tipico expected to announce a technology partner for that in the coming weeks.
Who is Tipico?
Tipico is the largest sports betting operator in Germany and one of the largest sportsbooks in the world. It ranked sixth on the 2019 EGR Power 50 list of online gaming operators – one spot ahead of William Hill.
That said, Tipico’s exact revenue figures are hard to come by as the company is privately owned. Private equity giant CVC Capital Partners is a majority stakeholder.
The company uses its own pricing and technology in Europe, and said it will do the same for the US.
“Our trading team and bookies are excited about the prospect of increased volume for American sports,” a company representative told LSR. “The team we have in place has deep American sports knowledge, and we are actively recruiting for a New Jersey sportsbook manager.”
Prep under way for NJ sports betting launch
Tipico currently has 13 staff in a Hoboken, NJ office, including former FantasyDraft CEO Steve Krombolz.
Krombolz is head of US business development and strategy for the operator. His main role is finding opportunities and market access deals in states beyond NJ.
However, the company declined to specify which other states it was looking into.
The firm is also hiring for a several roles in technology, trading and marketing.
“ 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,” said Adrian Vella, MD of Tipico US. “We are very excited to debut the product our hardworking developers have put together for the US market.”
The firm will back up its launch with a new brand campaign for NJ sports betting in the fall.