The beginning of the week saw the pools betting operator Colossus Bets reveal its partnership with one of the largest gambling companies in the UK – bet365. The long-term licensing agreement will provide the British gambling operator with access to the cash-out patent portfolio and functionality of Colossus Bets, an area in which the US company has been specialising in.
The cash-out offering patents which bet365 will be able to take advantage of cover a number of gaming verticals on the territory of the US, including casino, lottery, poker, and of course, the sports betting offering of bet365. This makes bet365 one of the latest British operators which have chosen to seek further expansion in the US market.
Lately, an increasing of British gambling companies have been willing to get access to the newly-opened sports betting market of the US. Sportsbook offering was legalised in the country after the US Supreme Court lifted the long-year ban on sports betting services that had been imposed under the provisions of the Professional and Amateur Sports Protection Act of 1992 (PASPA).
On the other hand, industry statistics have suggested that if cash-out was a “sport”, it would rank as the third-largest by betting volume for most sportsbook, only behind football and racing. This comes to prove the dominance of cash-out on the market, despite it has been a relatively new feature in terms of historical development.
Previouly bet365 Secures Expansion into the Mexican Gambling Industry
The local partner of bet365 has been considered a pioneer of the cash-out functionality. For the time being, the company holds a number of patents on a global scale, including 12 in the US, which cover all aspects of the feature.
The Chief Executive Officer of Colossus Bets, Bernard Marantelli, shared he was glad that the licensing his company’s IP fitted the commercial objectives of bet365 in the US.
The partnership is also considered an excellent growth opportunity for the British gambling company in the region. Previously, bet365 has unveiled its expansion into the Mexican gambling sector by inking a partnership agreement with Ganador Azteca, the gambling subsidiary of TV Azteca. The deal will complement the further expansion of the British company across the Latin America region and followed bet365’s secured a partnership licence from the competent Mexican authorities.
As Casino Guardian has already reported, the stricter regulatory regime which is being imposed by the UK Government on the country’s gambling industry and the uncertainty surrounding their domestic market has already pushed some British gambling operators to look for new growth options outside the UK. Most of them have been eyeing the US as the most prominent market for them to expand to, considering the fact that the country has recently liberalized its sports betting sector.
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Olivia Cole
