European sports betting operator Colossus Bets is aiming to revolutionize the way horseracing fans ante up online. Speaking to Gambling Insider during the recent ICE gaming convention in London, COO David O’Reilly said that bringing cash out technology to the US was high on this year’s list of priorities.
The news comes as Colossus Bet confirmed that it has received a totalizator license from the Oregon Racing Commission. After being granted the license at the end of January, Colossus Bets got the green light to offer horseracing pools within North America. For O’Reilly, this has not only given his company new opportunities but bettors in the US a chance to enjoy cutting-edge technology.
Cash Outs to Draw in More Customers
As well as offering US tote companies the ability to offer British and Irish racing odds, Colossus Bets hopes to introduce cash out technology.
“Cash out has been a huge success in the UK and Europe and it is inevitably going to be a big success in the US; when sports betting takes more of a foothold in the US, existing horseracing pools need to modernize,” O’Reilly said at ICE London 2019.
Like in-play betting, Europe bettors have been able to end multiway bets early for the last three years. After making multiple selections and covering them with a single bet, the customer can choose to cash-in their money before the conclusion of the final event.
In this instance, Colossus Bets wants to apply the technology to horseracing. This would mean bettors could choose to settle at any point during a multi-leg wager.
Adding Another Element of Skill to Sports Betting
For regular bettors, cash out technology has not only proved popular in Europe but highly lucrative if used correctly. Multiway bets are more lucrative than singles because you need each pick to be correct in order to win.
If just one selection is wrong, you lose the entire bet. Therefore, by having the option to cash out early, skilled customers can to earn a return on their investment before things turn against them.
For Colossus Bets, this innovation will not only put the US sports betting industry on par with its European counterparts but make it more lucrative for operators.
What’s more, as local businesses expand their relationship with British betting brands such as William Hill, Ladbrokes and Paddy Power, more transatlantic innovations will creep into the mix.
Although the future of US sports betting is still unclear, the potential for growth is there. As US operators form partnerships with overseas providers and feed off of their experience, customers will be afforded more opportunities.
This, in turn, will increase revenue and confirm the long-held belief that sports betting can significantly boost the US economy.