WorldPay, a global leader in payment processing, risk and alternative payments, has today announced that Colossus Bets, an online sports betting website, has chosen its end-to-end payment services due to WorldPay's expertise in the gaming and gambling industry.
Launched on 30th July, Colossus Bets is a unique, mobile optimised online betting service with 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 offers players the option to pay for transactions via credit and debit cards, PayPal (in the UK and Ireland), Skrill and bank transfers. As the number of global transactions increases, Colossus Bets will review further alternative payment methods to offer in the future. WorldPay's expertise in alternative payments and portfolio of 200+ means it can provide support and guidance on new payment methods.
The integrated delivery of payment services and WorldPay's understanding of the gambling and gaming market will enable Colossus Bets to maximise transaction acceptance globally. Colossus Bets will also benefit from optimised business cost and risk through the use of WorldPay's RiskGuardian, an enhanced risk management service that offers additional fraud and risk management features.
David O'Reilly, Chief Operating Officer, Colossus Bets, commented: "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."
Alan Watson, VP Gambling Sector, WorldPay commented: "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."