Tipico has struck a ten-year alliance with Caesars Entertainment, which will offer immediate access to launch an online sportsbook in Indiana and Iowa, pending licensing and approvals.
The former would be undertaken via Harrah’s Hoosier Park Racing & Casino, with launch in Iowa to be undertaken alongside the Isle Casino Hotel Bettendorf facility.
The partnership would offer a path to expand into additional states in the future, in addition to giving the rights to igaming market access, pending legislative approval in each state.
“We are excited to announce Tipico’s multi-state market access partnership with Caesars Entertainment, which marks an important step as we continue to expand our US footprint,” said Adrian Vella, CEO of Tipico US.
“We look forward to establishing our brand presence in the midwest, and introducing our highly scalable, proprietary multi-state sports betting experience to players in Indiana and Iowa.”
Tipico’s mobile sportsbook is expected to be launched in Iowa during the final quarter of the year, with its Indiana entry due to take place during Q1 2022, pending regulator approval.
Additional state market access is expected before the end of the year, with the group’s online casino product to launch in New Jersey this autumn.
“This new market access agreement with Caesars Entertainment is another exciting step forward for Tipico as we continue to connect with more US bettors,” said Stephen Krombolz Tipico’s VP of business development and strategy.
“Indiana and Iowa are key states in our early expansion plans but there is certainly more to come, and we look forward to announcing additional partnerships later this year.”
The transaction, which was mooted earlier in the week, will net Caesars proceeds of approximately £835m or $1.2bn, and is expected to close during the first quarter of 2022, subject to receipt of shareholder and regulatory approvals.
Caesars Entertainment announced the delayed completion of its $4bn (£2.9bn) acquisition of William Hill on April 22, 2021, and maintained that the sale of these assets would follow.
The casino operator cited a primary interest in integrating the company’s American operations to enhance its position in the burgeoning US online sports betting and gaming market.