Bet365 license Colossus Bets' cash out patent portfolio eyeing US expansion
Colossus Bets announced Monday a long-term licensing agreement that will allow bet365 to tap into Colossus’ extensive cash-out patent portfolio in the US.
Colossus is considered a pioneer of cash-out functionality and has been granted several patents globally, including 12 in the US, covering all aspects of the feature. The patents cover offering cash-out on several gaming verticals in the US, including poker, casino, lottery and, most notably, bet365’s world-leading sportsbook offering.
Colossus’ CEO, Bernard Marantelli, commented: “bet365 are known not just for their size but also their commitment towards user experience and we are pleased that licensing Colossus’ IP fits their commercial objectives in the US.”
The company highlights industry estimates suggesting that if cash-out was a ‘sport’, it would qualify as the third biggest by betting volume for most sportsbooks, right behind football (soccer) and racing, which is telling of the significant dominance of what is a relatively new feature in betting history terms.
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