Genius Sports’ tool will allow sportsbooks to maximise profits over “unlimited” sports events and bets. Factoring in real-time liability, Edge can recalculate odds at a fixture and market-type level for maximum profitability, including bet-builder products.
Genius Sports product director Thomas Holland revealed early adopter partners of Edge have enjoyed an 18% average rise in margins. The tool is available now through Genius Trading Services or as a standalone solution.
“The explosion of betting content means sportsbooks offer hundreds of thousands of events every year,” Holland said in the announcement. “This makes it almost impossible for trading teams to truly optimise pricing and ensure they are squeezing maximum margin out of every bet, especially where turnover is highest.
“We’re excited to roll this ground-breaking solution out across our sportsbook partners worldwide, adding incremental profits across the board.”
Genius Sports’ new innovation comes after its September launch of BetVision. BetVision is a new sports betting solution that allows players to place bets from within live video on sportsbooks apps. FanDuel incorporated BetVision into its app in November to improve its NFL offering.
Genius Sports’ tool solves “real problem”
Edge is aiming to offer an improved pricing tool over current risk management solutions, which “limit players and minimise losses”.
In a follow-up interview, Holland expanded on what Genius saw that prompted the company to devise a more efficient solution.
“We feel that current risk management services are managing risk by limiting bookmakers and customers,” Holland said.
“That is a real problem. It leaves money on the table for operators, who end up rejecting good bets and [it] creates a frustrating on-platform experience for bettors.”
Edge “empowers” sportsbooks
With early adopters enjoying such a rise in margins, Holland is delighted with the benefits provided to sportsbooks by Edge.
“Edge empowers every sportsbook to compile a set of odds that are unique to their sportsbook and driven by how their customers are betting,” Holland continued.
“Market price and in-game data remain important, but Edge means traders will know that their odds are always being optimised for profit based on betting data.”
Edge will allow sportsbooks to make in-play betting “more profitable”, although Holland said this will differ on a case-by-case basis.
“Edge sees a fixture as a singular event comprising of both pre-match and in-play markets,” Holland added. “That means that we will carry all liability information through from pre-match to create the optimal in-play price whereas some products throw all that pre-match information away.
“Edge instantaneously adjusts odds to maximise profits as soon as any liabilities build up on specific market outcomes. In the long run, this will make in-play betting more profitable for operators as their good days will be even better, while losses will be minimised on bad days.”
Original article: https://igamingbusiness.com/tech-innovation/genius-sports-launches-first-of-its-kind-edge-automated-pricing-tool/
