Colossus plots major US expansion after earning Oregon licence
London-based firm aims to bring cash-out to US racing pools for the first time
Colossus Bets has been granted a license to operate a totalizator by the Oregon Racing Commission, in a move that will allow the firm to offer its racing pool betting services to operators across the US.
Following the award, Colossus said it will expand in the US to offer bets on British and Irish racing pools, as well as cash-out on US racing pools.
“The introduction of cash-out will grow racing handle on multi-leg bets after years of decline,” Colossus CEO Bernard Marantelli said.
The firm also aims to launch sports pools, subject to clarification of the recent DOJ opinion on the Wire Act.
Horseracing has existing carve-outs from the Wire Act.
“We are looking forward to bringing the Colossus formula of lotto-sized jackpots with leg-by-leg cash-out and crowdfunded Syndicates, to North American horseplayers,” added Marantelli.
“It will be the first time Cash Out on racing has been offered in the US.
“The Oregon Racing Commission is a progressive and forward-looking regulator with most top-tier operators on its register, so it is especially pleasing to join their ranks.
The Oregon Racing Commission is seen as the gold standard for racing regulation in the US, according to Marantelli, meaning its license is accepted across the 38 states where it is legal to bet on racing online.
The totalizator license also allows Colossus to act as an ADW operator, but Marantelli said the firm would focus on its B2B offering.
Oregon Racing Commission executive director Jack McGrail added: “We are pleased to award this license to Colossus Bets and we welcome the innovation they will bring to pari-mutuel betting on horse racing, for our licensees and their players.”