Colossus Bets announce today a long-term licensing agreement that will allow bet365 to tap into Colossus’ extensive cash-out patent portfolio in the US.
Colossus are considered a pioneer of cash-out functionality and have been granted several patents globally, including 12 in the US, covering all aspects of the now must-have 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”.
Industry estimates suggest 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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bet365 is the world’s largest online sports betting company with more than 45 million customers and employing over 4,300 employees.
bet365 is the original pioneer of in-play sports betting and is passionate about delivering a consistent sports content offering and exceptional value for its customers on the widest selection of markets. The group now streams over 190,000 live events every year and provides its service in 19 languages.