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Colossus Bets takes £1M off rival jackpot operator Coral14 November 2013(PRESS RELEASE) -- David may have slain Goliath, but it would have been sweeter had he picked up a cool million for flooring him, too. Because that is exactly what new August 2013 betting start-up Colossus Bets – home of the £10 million weekly football jackpot bet at www.colossusbets.com, which includes Michael Owen as its ambassador – did when winning £1 million off rival bookmakers Coral Sportsbook last night, courtesy of Watford’s controversial 1-1 draw at Brighton. What gives this extraordinary win extra spice is that both betting companies run rival weekly football pool bets. Whereas Coral offered £1 million to the first single person to predict the results of 15 matches - it is unclear if they will offer that amount again - Colossus Bets guarantees a lottery-sized £10 million potential pay-out every week if punters successfully forecast the correct scores of seven matches. But while Coral doesn’t offer their customers the chance of taking a profit if the bet is going well – increasingly known in the trade as “cash in” or “cash out” – Colossus Bets offer punters that vital option. In fact, it even allows punters to trade in a percentage of their bet (known as fractional cash-in; i.e., you can sell back your bet to Colossus Bets, in increments of 10% should you so wish) if it is going to plan. Colossus Bets CEO Bernard Marantelli explained: “We spent just shy of £35,000 on the bet with Coral last weekend. If the bet had offered a cash-in option like Colossus Bets itself offers to our players, we would have banked some profits before the match last night. “Instead, we sat and sweated through the 90 minutes with the Watford supporters! “In a business sense giving the player cash-in flexibility is also good risk management practice for the betting operator. “For example, Coral could have reduced their liability by around £450,000 last night if they offered cash-in. It will be industry-standard soon and a win-win for punters and bookies alike. “We had a Watford win and the draw running for us in the final leg, but we had little option but to sit and suffer. Though in fact we stood and suffered as we travelled down to Brighton for the game from our London offices! “It was certainly a controversial match and my head nearly exploded when Watford’s second goal wasn’t given. “I am sorely tempted to give the Championship the £1 million winnings to introduce goal-line technology so no-one again has to go through what we did last night! “To be serious, fair play to Coral for giving us the chance to win £1 million. They were great sports on the night, as the two rival companies had very different results hinging on the game. “But I think the betting industry needs to follow our lead and offer fractional cash-in on multi-leg bets. “What if you were a small-staking £2 punter last night, and were watching that match knowing you were going to walk away with £1 million or nothing, with nothing in between. That can’t be right in this day and age. “If a new firm like ours can offer a cash-in option on £10 million every week as part of our offering, the rest can, too.”
Colossus Bets takes £1M off rival jackpot operator Coral
is republished from Online.CasinoCity.com.
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