European sports betting company Tipico will build a tech hub in Denver, creating some 440 jobs in the coming years, according to Gov. Jared Polis’ office on Wednesday.
The company was also looking to locate in North Carolina, Georgia or Texas, among a hundred metropolitan areas considered. But economic development incentives from Colorado’s Office of Economic Development and International Trade to the tune of $ 7.52 million helped seal the deal.
“The company expects rapid growth as it gains market share in the United States and more states allow online sports betting,” according to official documents.
The company plans to create 441 jobs in eight years, with an average salary of $ 96,315 for jobs such as software and data engineers and customer service. Commissioners approved up to $ 7.52 million in tax credits for job growth.
“We are delighted to announce, in partnership with Governor Polis, our intention to establish a Tipico Sportsbook Technology Center in Denver,” Adrian Vella, US CEO of the Europe-based company, said in a statement. “From world-class universities, to the collaborative tech community, to the high and well-documented quality of life in the state, every step of our nationwide research has taken us straight to Colorado.
“Now that the football season has arrived and our bookie is live in the state, we are confident that Colorado’s vast pool of technological talent will help us take the Tipico brand to the next level in the United States. “
Colorado voters legalized online sports betting statewide two years ago, 51% to 49%, a difference of about 44,000 votes. Voters notably approved a 10% tax on sports betting operations, which legalized gambling.
Colorado allows physical casinos in only three locations: Black Hawk, Central City, and Cripple Creek.
Colorado ranks sixth in the country for sports bettors, and the National Problem Gambling Council estimates that more than 102,000 Coloradans, or about 2.4% of the adult population, have a gambling problem, according to a. Fox Report 31 in May. The national average is about 1%, according to the advice.
The WalletHub online data site Colorado 16th class among the states most addicted to gaming, ranking it 28th for industry usability and eighth for number of people versus resources for processing.
“Compulsive gambling is gambling behavior that causes disruption in any major area of life: psychological, physical, social, or work”, the Problem Gambling Coalition of Colorado explains on his site. “The term ‘problem gambling’ includes, but is not limited to, the condition known as ‘pathological’ or ‘compulsive’ gambling, a progressive addiction characterized by an increasing preoccupation with gambling, a need to bet more. ‘money more frequently, restlessness or irritability when attempting to stop, “chasing” losses and loss of control manifested by continued gambling behavior despite serious and increasing negative consequences. “
The coalition, however, “maintains a position of neutrality of the game, recognizing that most of the people who gamble do so for leisure and do not suffer from serious problems.”
Colorado Gaming Association, Colorado Lottery and various casinos make up the coalition.
OEDIT said the 17-year-old company currently has 42 employees in Hoboken, New Jersey, and had recently started taking bets in Colorado.
Colorado voters voted to make Colorado one of the first states to legalize sports betting and use the revenues generated to protect our way of life and the precious water resources that support our outdoor recreation economy and our farming community, ”Polis said in a statement. “This decision proves what we already know: Colorado is the best place to live and work and 441 new jobs will be created in Colorado as a result of this decision made by voters.”
Colorado House President Alec Garnett, a Democrat from Denver who carried bipartite legislation to put the enabling DD proposal on the ballot in 2019, equated the games with the physical landscape of the state.
The bill was also sponsored by then-Republican leader Patrick Neville of Castle Rock, along with Democratic Senator Kerry Donovan de Vail and Republican Senator John Cooke de Greeley.
“It’s great to see Colorado transform our incredible natural beauty and robust work force into one of the best places in the country to start or run a business,” he said in a statement. “I couldn’t be more excited for Tipico to call Colorado home and jump in. Colorado’s comeback is in full swing, our state attracting new businesses, creating jobs and rebuilding stronger than before. C It’s fantastic to see Tipico betting on Colorado, and I can’t wait to see them grow up in our state.
Online betting went into effect in Colorado on May 1, 2020. The governor’s office said on Wednesday it generated $ 65.9 million in taxes in its first year on bets of around 2.3 billion. of dollars. Game companies have grossed around $ 65 million in profit.
The bill marked $ 100,000 for “” prevention, education, treatment and workforce development … (for) treatment of gambling disorders. “
The decision by gambling company Metro Denver Economic Development Corp. has also been hailed by the expanding gambling footprint.
“We were pleased to support Tipico’s selection process and look forward to helping their team better integrate into the Metro Denver community,” said President and CEO JJ Ament. “And on a larger scale, we recognize that they are poised to make a meaningful impact in our collective efforts to protect Colorado’s water – making it an economic development project that not only creates jobs, but creates life. more sustainable future. For that, we are particularly happy that they chose our State.
Ament Tuesday has been named the new CEO and chairman of the Denver Metro Chamber of Commerce.