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bet365 pens US-facing cash out deal with Colossus Bets


Online gambling operator bet365 has signed a long-term licensing agreement that will enable it to utilise Colossus Bets’ cash-out patent portfolio in the US.

Colossus holds a total of 12 patents in the US covering cash out functionality on various gaming verticals including poker, casino, lottery and sportsbook.

bet365 is already active in the New Jersey market under the Hard Rock Atlantic City operating license. The operator launched its online gambling services in the state in August.

“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,” Colossus Bets’ chief executive Bernard Marantelli said.

Aside from New Jersey, where it partnered EML Payments to launch a prepaid credit card, bet365 also has an agreement in place to launch in New York via a partnership with Empire Resorts.

Under a 20-year strategic deal agreed in November last year, bet365 will launch a retail sportsbook at the operator’s Resorts World Catskills venue.

As part of the arrangement, bet365 will also acquire up to $50m of Empire Resorts’ common stock, via its Hillside, New York subsidiary.