Waterhouse VC: Find a wagering edge
Summary
Tom Waterhouse profiles Bernard Marantelli, a bettor-turned-builder who has industrialised wagering advantage. From a bookmaking upbringing in Melbourne to algorithmic trading on Betfair and an options desk at Deutsche Bank, Marantelli moved from exploiting inefficiencies to creating products that the market now relies on.
Key milestones covered: founding Colossus Bets (and pioneering cash-out), building White Swan Data to scale quantitative advantage across sports, orchestrating a near-total coverage play on the 2023 Texas lottery that yielded a US$57.8M cash prize, and launching iBankroll — a bankroll-as-a-service that underwrites operator volatility for challenger brands.
The piece frames Marantelli’s career as a loop: find inefficiencies, build systems to exploit them at scale, then package that capability as products other market participants adopt.
Key Points
- Marantelli turned early betting successes into scalable products and businesses rather than remaining a sole advantage hunter.
- He helped popularise cash-out via Colossus Bets, a feature now industry standard and the subject of major IP disputes.
- White Swan Data grew into a large quant operation covering many sports and fantasy markets, monetising proprietary data and models.
- In 2023 his team bought 99.3% of combinations in a Texas lottery draw, converting near-total coverage into a US$57.8M cash win.
- iBankroll offers bankroll-as-a-service: it pays operators expected GGR up front and assumes volatility, enabling higher limits and instant withdrawals for challengers.
- Marantelli’s approach packages risk management as a financeable product, allowing smaller operators to compete with high-stakes incumbents.
- Waterhouse VC highlights the practical value of having market operators and builders like Marantelli in their network for deal flow and collaboration.
Why should I read this?
Because this isn’t just a rags-to-riches story — it’s a short course in how one operator turned raw betting edge into repeatable, sellable tech. If you work in iGaming, payments, or fintech, this explains why products like cash-out and bankroll-as-a-service matter. We skimmed the detail so you don’t have to: learn how scale, coverage and risk packaging change the game.
Source
Source: https://igamingbusiness.com/lottery/waterhouse-vc-find-wagering-edge/
