Betfair announces the arrival of the Colossus Fracpot, the world’s first cash-out slot, to its New Jersey site. The US giant has partnered with leading gaming provider Game Account Network (GAN) and cash-out pioneer Colossus Bets, bringing cash-out to the US market for the first time ever across any gaming vertical.
Where traditional slots are designed to be an ‘all or nothing’ experience, Colossus Fracpot enables players to cash out their position and bank profits in fractions after each reel resolves. Cash-out functionality delivers phenomenal engagement figures with 91% of players offered a cash-out accepting the offer and 83% of those accepting, cashing out 50% or more of their ‘position’. When Colossus Fracpot was first introduced on Sky Vegas in 2015, it became Sky’s second biggest grossing game for that quarter.
Lorcan Kelly, Director of Betfair Casino in NJ said: “We are excited to bring an innovative new slot product to the NJ Casino market with Colossus Fracpot. We feel the Cash Out feature is one that is easy for customers to pick-up and will appeal as a unique, never seen before, product offering in the US”
Tom O’Halleran, Product Director of GAN said: “Working with Colossus Bets to bring this new slot concept to the New Jersey market has been a great experience. Cash Out is a feature that puts control of the game in the players hands, letting them make choices while the reels are still spinning, driving player engagement and stickiness to have them coming back again and again.”
Bernard Marantelli, CEO and founder of Colossus Bets said: “We are thrilled to be bringing Cash Out into the US and even more so with Betfair, a long-standing and successful partner in the UK and we now look forward to expanding that partnership across the Atlantic. We are also extremely excited to team up with GAN on the delivery of this innovation and we look forward to the next phase of our collaboration in the US and throughout Europe.”
About Betfair New Jersey
BetfairCasino.com is the New Jersey offering from Paddy Power Betfair, one of the largest European Sports betting and gaming companies. Launched in October 2013 when iGaming became legal in the state of New Jersey, Betfair has seen marked success since launch, building its brand recognition and competing online against the biggest bricks and mortar brands in the market.
Betfair Casino offers a best in class product with a wide array of online slot and table game content, including the recent launch of Live Dealer, together with excellent customer service and promotional offerings. The casino business is part of the US arm of the Paddy Power Betfair group, which consists of TVG, a horseracing TV channel and pari-mutuel online betting network active in 35 states, a horse-racing Exchange in New Jersey and the recently acquired DFS product; PlayDraft.com. Together, these operations hold a strong position in the nascent US online betting market
For further information please visit https://www.betfaircasino.com/
Neil Halstead (Casino Product Manager)
GAN is a leading developer and supplier of enterprise-level Business to Business gaming software systems and online gaming content. GAN is listed on the ESM Market of the Irish Stock Exchange and the AIM Market of the London Stock Exchange under the ticker: GAN
The Company has developed an Internet gaming enterprise software system, GameSTACK™. The Internet Gaming System, developed in London under a UK Gambling Commission license, is certified to the highest technical standards currently required by gaming regulators.
GAN has an established business in Europe, licensing gaming content to major European gaming operators including Bet365, Betfair PaddyPower, William Hill, Rank, Lottomatica, Sisal and SNAI. In the United States for real money Internet gaming, GAN has partnered with Betfair Plc to provide its Internet Gaming System following the introduction of regulated real-money online gaming in New Jersey in November 2013.
For further information please visit www.GAN.com
Dermot Smurfit (Chief Executive Officer)
About Colossus Bets
Colossus Bets is a multi-award-winning betting operator that pioneered Cash Out and has been granted a series of patents in relation to the functionality across all forms of betting and gaming in the USA and globally. The firm’s product range includes Colossus sports pools, the world’s largest sports jackpots; the Colossus Fracpot, the world’s first cash-out slot; FreePlay+, an innovative ‘free bet’ marketing platform and more recently; Colossus Syndicates, a crowdfunding extension of the core sports pools offering.
Since its launch in 2013, Colossus has distributed more than £80 million in prizes and has gone live with over thirty B2B partners, including Betfair, Betclic and Betway Africa.
For further information, please visit corporate.colossusbets.com
Bernard Marantelli (CEO and Founder)