Genius Sports announced an automated price tool, Edge. It believes that this is the first product of its type on the market.
Genius Sports will be able to maximize profits on “unlimited” sporting events. Edge, which can factor in the real-time liability of a bet, is able to recalculate odds for maximum profit, even when using products like Bet-Builder.
Thomas Holland, Genius Sports’ product director revealed that early Edge adopters have seen their margins increase by an average of 18%. Genius Trading Services offers the tool as well as standalone solutions.
Holland stated in his announcement that “the explosion of betting content” means that sportsbooks are offering hundreds of thousands events each year. Holland said in the announcement that this made it difficult for trading teams, particularly where there is a high turnover of bets, to optimise prices and squeeze maximum profit out of each wager.
We’re thrilled to introduce this groundbreaking solution across all of our global sportsbooks, which will add incremental profit across the board.
Genius Sports has launched a new product after launching BetVision in September. BetVision, a brand new solution for sports betting that lets players place wagers directly from the live video in sportsbooks’ apps. FanDuel integrated BetVision in its app to enhance its NFL offerings.
Genius Sports’ tool solves “real problem”
Edge aims to provide a better pricing tool than current risk management tools, that “limits players and minimises losses”.
Holland elaborated in a subsequent interview on the Genius’s observations that led to the creation of a better solution.
Holland stated, “We believe that the current services for risk management are limiting both bookmakers and their customers.”
It’s a serious problem. This leaves operators with money they could have made, as they end up rejecting great bets. It also creates frustration for the bettors on their platform.
The Edge empowers sportsbooks
Holland, who is a sportsbook owner in Holland, says that Edge has brought many benefits to the industry.
Holland added, “Edge allows every sportsbook compile odds unique to its sportsbook based on the betting patterns of their customers.”
Edge allows traders to know their odds will always be optimised based on betting statistics.
Edge allows sportsbooks to “make in-play bets more profitable”. Holland stated that this would vary on a per-case basis.
Holland continued, “Edge views a match as an event that includes both the pre-match market and in-play markets.” Holland added: “We will use all the liability data from prematch in order to determine an optimal price for live betting, whereas other products discard all of that information.
Edge instantly adjusts the odds in order to maximize profits when liabilities accumulate on specific outcomes. This will allow operators to make more money in the long-term as they will have better days and less bad ones.
