Waterhouse VC is a fund that specialises in global publicly listed and private businesses related to wagering and gaming sectors. The fund is only available to wholesale investors.

Since inception in August 2019, Waterhouse VC has achieved a gross total return of +3,766% (annualised at 82%), as at 30 September 2025, assuming the reinvestment of all distributions.

Find an Edge

In wagering, edge comes from studying what others ignore. Even “robust” systems have cracks. Slot machines with fixed returns to players (RTPs) and roulette wheels have been beaten by those who questioned the machinery and hunted for inefficiencies. Profit in wagering is common; scale is the true differentiator.

This month we spotlight Bernard Marantelli - one of the few who can industrialise edge. In 2023 he orchestrated a coup on the Texas lottery for US$57.8M - arguably the largest single advantage play on record.

He’s also a builder. Someone who moved from solely hunting inefficiencies to building infrastructure that others depend on. Across White Swan Data, Colossus Bets, Colossus Fantasy, and most recently iBankroll, his career has been a systematic search for scalable edge. Waterhouse VC is fortunate to have him as an investor and collaborator in our network.

Pedigree

Marantelli grew up in Melbourne in a bookmaking family. His father, Gavin worked (and still works) on-course; his uncles and cousins were also bookies. As a teen he clerked and helped his father with greyhound form. Hours of race replays taught him that to beat the market, you must know more than everyone else.

He studied Genetics and Biochemistry at UWA, but punting stayed central. Like many university students, bankroll discipline was thin. He might stake A$500 on a dog with only A$2,000 to his name. He gravitated to pools where careful preparation exposed mispriced combinations in exotics. However, pre-internet seeing the local bookmaking trade and betting in general on the wane, he moved to London for biotech in 1998.

*Flemington Rails circa 1991. Gavin (back), Adrian (center), and Bernard (right) Marantelli with Boris Bertschik (left).*

Exchange

Betfair launched two years later. With a university friend, he built algorithmic bots to attack inefficient prices. The approach is commonplace now; then it offered real edge. By 2004 he was betting systematically at volume. Still unsure whether to pursue a full time career in betting, the trading experience sent him to finance. He finished an MBA at London Business School and joined Deutsche Bank’s options desk in 2007.

Scoop 6

Despite the full time job at Deutsche, he was still hunting for gambling opportunities, and his attention turned to the UK Tote’s Scoop6 jackpot. Because of the rolling nature of the jackpot, positive expected value (EV) situations can arise for those who can price races well and execute at scale with bankroll to support the volatility.

Back home, when the Big 6 swelled, his father and friends pooled capital and fired at seven-figure pools. Marantelli won his first Scoop6 attempt in 2004, netting about 150K and doubling his bankroll in a week. In late 2009, he won the Scoop6 and bonus solo on two successive series netting about £1 million each time. He warned his boss there might be publicity. The reply was blunt. “What the **** are you doing still working here?” He took the hint and left in 2010.

Six years later, the jackpot hit record territory. He organised coverage, landed one of eight winning tickets, and the following week his syndicate shared the £5.5 million bonus when Top Boy won at York - the biggest scoop rollover and bonus ever.

Player to Product

Playing the Scoop6 religiously highlighted a structural flaw. Multi-leg pools trap players between legs and there is no ability to hedge. Win four of six and you're holding a ticket worth millions or nothing.

In 2012, Marantelli founded Colossus Bets to fix that. He introduced what is now standard across the industry: cash-out (then branded “cash-in”), giving players a way to realise value mid-bet. He patented the idea, and the world quickly copied it. Cash out is now industry standard, and he is in the middle of a multi-million dollar infringement case against DraftKings.

He also built syndicates, so bettors could combine stakes and share returns in proportion to their contributions - the cooperative model he knew was essential for landing outsized jackpots.

*Million-pound pools put up by Colossus for football accumulators. Source: Colossus Bets*

*Marantelli’s latest venture takes Colossus principles to Fantasy with $1 million jackpots and has gone live in the U.S. Source: Colossus Fantasy*

White Swan

The pursuit of edge continued. In 2019 he started White Swan Data, a formalisation of his betting group, initially to focus on better models for betting for himself, but more recently to monetise that data and knowledge on either side of the fence.

The focus is on exploring any vertical that can be monetised, investing heavily in data collection to widen that edge over time. Today White Swan runs proprietary models across most sports including soccer, boxing, MMA, tennis, cricket and horse racing, as well as daily fantasy. The team has grown from 10 to 150 plus today, split evenly across quant, engineering and commercial.

Texas Showdown

In the spring of 2023 his dedicated lottery-tracking team flagged an opportunity in Texas where the jackpot had swollen to US$70 million. Six numbers from a field of 54, with 25.8 million combinations at one dollar per line. It was “school boy maths” - but to maximise value, Marantelli would need near-total coverage while avoiding obvious sequences to reduce the risk of a split pot.

With a tested playbook after other smaller wins overseas, Marantelli gathered a 30-plus-person team for a round-the-clock operation. They secured access to official ticket-printing terminals and ran a three-day print across multiple official sites. Every combination became a scannable code, rotas ensured 24/7 production; boxes were indexed so the winner could be found quickly. Marantelli’s airport Uber driver, was even enlisted, with wages tripled to keep the lines running.

*Boxes stacked high filled with 25.8 million lottery tickets. When the numbers were announced, the search began. Source: WSD*

*Cumulative total spend on Lottery Tickets. Source: WSD*

They bought 99.3% of the possibilities and one of the tickets hit. The prize was claimed anonymously through a limited partnership and the US$95 million annuity collected as a cash-value jackpot paid US$57.8 million.

iBankroll

Marantelli’s latest venture flips him from hunter to game keeper. For wagering operators, especially for challenger brands, the biggest risk is bankroll. A small share of users drives most GGR, and the same cohort can wipe you out overnight.

iBankroll absorbs operator variance. Partners stream wager-level data, receive a fixed share of expected GGR upfront. In return, iBankroll shoulders the volatility. That underwriting lets operators raise limits, fund instant withdrawals, and compete for VIP play without stressing the balance sheet.

It also gives challenger brands day one credibility to take “Stake sized stakes” and brands such as Klub28 already bannering their website with iBankroll for customer assurance, and Marantelli believes it will become industry standard.

“Cash out was win win, and was globally adopted - I think iBankroll will be equally dominant for 1000s of challenger brands, once 100 challengers take this those without it will truly be left behind”

He believes that number will be reached in less than six months, with 15 already signed and 20 more in discussions.

Marantelli’s core skill is risk management. Here it’s packaged as bankroll-as-a-service: a safety net that converts edge into stable, financeable revenue.

Power of the Network

Marantelli's career is a loop: find inefficiencies, build systems to exploit them at scale. White Swan hunts edges. Colossus lets bettors monetise pools. iBankroll now underwrites operator risk. He plays both sides of the table and raises the bar for the market.

The tools he's built are practical and competitive. Having individuals like Bernard in our network is incredibly valuable - people with deep, cross-market know-how and a willingness to collaborate on real opportunities.

Pitch Us

If you know any gambling tech companies seeking capital or distribution support, our new 'Pitch' page makes it simple to connect with our investment team.

Media

Tom joined Ausbiz to discuss the rapid rise of prediction markets, Flutter’s sudden exit from India due to new legislation, and how the UK Government’s strict gambling regulations are fueling the growth of black-market operators.

Waterhouse VC hosted a webinar with Brandt Page, CEO and founder of Bitblox Games. We discuss how Bitblox is innovating with unique, fast-paced crypto-based games, the huge market they are targeting, and their expansion plans.

For wholesale investors interested in following wagering and gaming industry news and trends, please follow our updates on Twitter (@waterhousevc) and WaterhouseVC.com.

DISCLAIMER AND IMPORTANT NOTES

Please note the above information in relation to Bernard Marantelli, White Swan Data, Colossus Bets, Colossus Fantasy, Klub28, Texas Lottery, Scoop6, Stake, and DraftKings is based on publicly available information and should not be considered nor construed as financial product advice. The information provided in this document is general information only and does not constitute investment or other advice. Readers should consult and rely on professional investment advice specific to their individual circumstances.

Not for Release or Distribution in the United States of America

This material may not be released or distributed in the United States. This material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would be illegal. The units in the Fund have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act) or the securities laws of any state or other jurisdiction of the United States. Accordingly, the units in the Fund may not be offered or sold in the United States unless they are offered and sold, directly or indirectly, in transactions exempt from, or not subject to, the registration requirements of the U.S. Securities Act and any other applicable United States state securities laws.

General Information Only

This material is for general information only and is not an offer for the purchase or sale of any financial product or service. The material has been prepared for investors who qualify as wholesale clients under sections 761G of the Corporations Act or to any other person who is not required to be given a regulated disclosure document under the Corporations Act. The material is not intended to provide you with financial or tax advice and does not take into account your objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by Sandford Capital, Waterhouse VC or any other person. To the maximum extent possible, Sandford Capital, Waterhouse VC or any other person do not accept any liability for any statement in this material.

Financial Regulatory Oversight and Administration

Waterhouse VC is an Australian Unit Trust denominated in AUD and available to wholesale institutional investors worldwide with a minimum of AUD 500,000 or USD / EUR / GBP / JPY / CHF equivalent. This material has been prepared by Waterhouse VC Pty Ltd (ABN 48 635 494 861) (‘Waterhouse VC’, ‘Trustee’, ‘us’ or ‘we’) as the Trustee of the Waterhouse VC Fund (the ‘Fund’). The Trustee is a corporate authorised representative (CAR 1278656) of Sandford Capital Pty Limited (ABN 82 600 590 887) (AFSL 461981) (Sandford Capital) and appoints Sandford Capital as its AFS licensed intermediary under s911A(2)(b) of the Corporations Act 2001 (Cth) to arrange for the offer to issue, vary or dispose of units in the Fund.

Performance

Past performance of Waterhouse VC is not a reliable indicator of future performance. We make every endeavour to ensure results are accurate. Waterhouse VC Pty Ltd does not guarantee the performance of any strategy or the return of an investor’s capital or any specific rate of return. No allowance has been made for taxation, where applicable. We encourage you to think of investing as a long-term pursuit. Waterhouse VC’s results are indicative only and subject to subsequent year end external financial review.

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