EDGE Boost Innovates Instant Sports Betting Access

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Transcript

00:00So, let's talk about how you came up with this idea for Edge Boost.

00:03For people who are not familiar with the product, this is basically a way for anybody to be

00:08able to bet on sports quickly, easily, and also without having to wait for any sort of

00:15verification, wait for a card to come in the mail, and it gives you the opportunity, I

00:19think, that people haven't had in the past, which is basically if you feel good about

00:22a certain game and you want to bet on it, not everybody is giving you access to the

00:27money that you want to bet immediately, and you guys are providing that access.

00:30How did you come up with this idea?

00:32That's a very good question.

00:34So, I actually don't come from the gaming industry.

00:36I had two previous startups in advertising technology, and I was kind of exposed to the

00:42sports betting world when we did a deal to acquire the media rights for Sports Illustrated.

00:48Fascinating market.

00:50Obviously, there's a lot of growth there, and we were just looking at kind of what are

00:53the big problems to solve.

00:55When you look across all gaming, you know, money movement has always been a challenge.

01:00It's been slow, clunky, expensive, both for the user and the operator.

01:05And what we really realized, though, is that the fundamental problem was not about creating

01:09some other payments system or a new wallet.

01:12The real bottleneck in all of this is actually the bank account itself.

01:17So this is something that we thought naively would take, you know, about 18 months to do,

01:21but four and a half years later, what we've been able to do is actually launch the first

01:26bank account dedicated for gamblers.

01:31And so what that means is that no more headaches, no more, you know, block transaction calls

01:35at 3 a.m., and you literally get an FDIC-insured checking account.

01:41The funds are held, you know, at CrossRiver Bank.

01:45And you sign up in less than two minutes, you get your checking account, you instantly

01:49get your Visa debit card.

01:51And that debit card is compatible at every single gaming establishment out of the box.

01:56That's sports betting, daily fantasy, sweeps, prediction markets, lotto, you know, runs the gamut.

02:03And you can actually push up to $250,000 a day.

02:07It's the highest debit limit in history.

02:09It's actually...we're in the process of getting that increased further.

02:12And then on top of that, just for doing what you're already doing, we're actually giving

02:16up to a half a percent cash back.

02:18So our whole business model is that every time that card is swiped, Visa actually pays

02:23us a fee for that.

02:24It's actually what pays for, you know, all of your airline points and everything else.

02:27It's called an interchange fee.

02:29We take some of that.

02:31We pass through a good chunk to our users.

02:34It's a completely no-cost, no-minimum platform.