Benzinga | May 20, 2021 09:00AM EDT

Esports Technologies Announces Exclusive Patent License Agreement, New Alliance With Colossus Bets

Esports Technologies, Inc. (NASDAQ:EBET), a global provider of advanced esports wagering products and technology, today announced an exclusive alliance with Colossus Bets, a global sports jackpot operator and provider.

Agreement grants Esports Technologies exclusive license for Colossus' extensive cash-out patent portfolio for esports

The agreement grants Esports Technologies an exclusive license for the majority of Colossus' extensive cash-out patent portfolio for esports applications, enabling Esports Technologies to improve its cash-out user experience across all of its products thanks to Colossus' leg-by-leg cash-out options. The patents include:

* U.S. Patent No. 8,602,884

* U.S. Patent No. 8,734,241

* U.S. Patent No. 8,721,438

* U.S. Patent No. 8,721,439

* U.S. Patent No. 8,708,811

* U.S. Patent No. 9,117,341

* U.S. Patent No. 9,196,126

* U.S. Patent No. 9,275,516

* U.S. Patent No. 9,424,716

* U.S. Patent No. 9,704,338

* U.S. Patent No. 10,102,716

* U.S. Patent No. 10,431,044

* U.S. Patent No. 10,997,822

* Australian Patent No 2019201870

* Australian Patent No 2013311319

* Japanese Patent No. 5977454

* Japanese Patent No. 5977453

* Japanese Patent No. 6258941

* Japanese Patent No. 6526165

* South Korea Patent No. 10-1736754

* South Korea Patent No. 10-1726203

* Singapore Patent No. 11201501682Q

* Singapore Patent No. 10201510450T

* Philippines Patent No. 1-2015-500504

* South African Patent No. 2015/01552

* Nigerian Patent No. NG/PT/C/2015/952.

Bart Barden, Esports Technologies Chief Operating Officer, said, "We believe our alliance with Colossus will herald the arrival of industry-leading cash-out technology, both in free-to-play and real money formats in one platform, helping us grow to become a broader 'best in class' esports offering. The exclusive patent license bolsters our offerings with strong IP protection and customization, resulting in a potent package that spans across data, technology and product, particularly in the context of our North American Business-to-Business ambitions. We look forward to our continuing alliance with Colossus to provide our customers with the best possible experiences on our platforms."

Eva Karagianni-Goel, Colossus Chief Operating Officer, said, "We are excited to join forces with Esports Technologies to unlock the value of our patents for esports audiences. Their IP-led approach mirrors ours and presents us with an exciting opportunity to marry our know-how with what is probably the most forward-looking content area, esports. By marrying our two technologies we believe we are able to create truly best-in-class experiences for bettors, and we look forward to our continued alliance."

The announcement comes on the heels of Esports Technologies' NASDAQ listing, and is in line with the company's stated strategy to "provide the most advanced product, platform and marketing solutions" for esports wagering, continuing to build on the Gogawi platform in the Asian-Pacific region.