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 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.
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.