Bet365 to license Colossus cash-out patents
Colossus claims cash-out could be the fourth largest ‘sport’ by turnover for most sportsbooks
Bet365 has agreed a deal to license Colossus Bet’s cash-out IP in the US market.
The long-term agreement covers cash-out patents on several gaming verticals in the US, including sportsbook poker, casino, lottery.
Colossus owns 12 patents in the US covering all aspects of cash-out, according to the firm.
The US corporate legal system has a much stricter adherence to intellectual property rights meaning concepts like cash-out can be patented and licensed.
Colossus CEO Bernard Marantelli said: “bet365 is 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 said in a press release today that if cash-out were a sport, it would qualify as the fourth biggest by betting volume for most sportsbooks, right behind football (soccer) and racing.
“This is telling of the significant dominance of what is a relatively new feature in betting history terms,” Colossus said.
Bet365 launched in New Jersey a little over a month ago and also has access to the New York market through a deal with Empire Resorts.
Several other firms have claims to patents on various cash-out functionality in the US.