UK-licensed online sports betting operator Colossus Bets has chosen WorldPay for the company’s end-to-end payment services including payment processing, acquiring, alternative payments and risk management.
Colossus Bets launched at the end of last month, providing customers with a mobile optimised online betting service which includes its headline bet, ‘The Colossus’, offering a guaranteed £10m prize fund.
The Colossus is a multi-leg pool bet requiring players to select seven correct scores in football matches across the top five leagues in Europe. The Colossus Bets pools will rollover and grow if not won, and they provide players with the option to cash-in their live tickets in full or in part as matches complete.
WorldPay has been selected by Colossus Bets for end-to-end payment services including payment processing, acquiring, alternative payments and risk management. Colossus Bets will be using the High Capacity Gateway, which processes up to 200 simultaneous transactions per second.
Colossus Bets’ chief operating officer David O’Reilly said: “We have a unique proposition compared to our competitors in the sport betting industry because of the scale of our prizes. We therefore needed a payment expert that could manage the processing and settlement of transactions not only on a large scale but globally.
“WorldPay is the market leader in the gaming and gambling industry and we wanted a provider with this level of expertise. WorldPay offers end-to-end services, which means we can focus on innovation with the confidence our payment needs are being managed.”
Colossus Bets offers players the option to pay for transactions via credit and debit cards, PayPal (in the UK and Ireland), Skrill and bank transfers.
Colossus Bets will also benefit from the use of WorldPay’s RiskGuardian, an enhanced risk management service that offers additional fraud and risk management features.
WorldPay’s VO Gambling Sector Alan Watson said: “It is important in this industry to have a successful and efficient process of paying out winnings, collecting from users and managing the risk of fraud and security. Colossus Bets’ use of our end-to-end services allows them to benefit from a managed service meaning their in-house resources are not stretched and can be focused on other areas of the business.
“Our expertise in the gambling and gaming industry enables Colossus Bets to offer an efficient payment process to its players helping to deliver a better customer experience and optimum acceptance levels at the most cost effective rates, enabling them to spend more on growth.”