Casino-operated program permits live sports & horse bets to be legally sold and bought
LAS VEGAS (January 14, 2016)— Dominic LaRocca, Co-Founder and Chief Technology Officer of Get Out AHEAD, today announced the company has launched Hedging Xchange, a software program that integrates into a casino’s sports book, horse track or advance deposit wagering ecosystem to create an online marketplace for anyone who has placed a wager with the participating entity “hedge their bets.” Bettors can offer to sell all or a designated fraction of a live bet to a third party with a registered account with the entity. Alternatively, it gives buyers the opportunity to enter into positions (potentially with increased odds of winning) that in the past they would have been locked out of.
Get Out AHEAD’s proprietary software assimilates seamlessly into a casino’s existing infrastructure to create a closed marketplace. It would be branded and marketed by the hosting property.
Get Out AHEAD’s Hedging Xchange would be part of a casino sports book, horse race track or off track betting location network, so wagers that have been bought and sold are documented and would not be turned away, as could happen with current swap programs that deal with physical paper tickets.
“This is a completely new concept in casino sports betting that will breathe new life into a industry that has not fundamentally changed since its inception,” said LaRocca. “Hedging Xchange allows bettors to keep a play liquid, add action or reduce risk, while permitting new players get into action on what would be considered a closed bet.”
The programming supports existing regulatory reporting requirements and allows for full tracking of each transaction, including an audit trail of the original position upon which secondary trades are made.
According to LaRocca, “The benefit for the hosting entity is that Hedging Xchange creates a completely new, untapped revenue stream through a commission on each transaction and the potential for advertising.”
The Hedging Xchange patent pending technology assists in setting sale or purchase prices on wagers based on several factors including current real-time odds, percentage of wager offered, odds of the original wager and maximum payout. This helps sellers to set realistic prices quickly and allows buyers to better evaluate potential opportunities. The host entity maintains control of each traded position without incurring additional payout exposure for any given bet.
The Hedging Xchange’s virtual marketplace enables an account holder to render payment for the purchased ticket via electronic funds transfer. Once a bid is accepted, funds are immediately transferred from the buyer’s account to the seller’s account and a digital transfer of the wager takes place.
Additional benefits of Hedging Xchange to the host entity include: increased player activity without incurring supplementary liability; a new revenue stream on a previous transaction; closely monitored transactions which guards against potential money laundering activity; and full tax/accounting reporting.
For more information or to request a product demonstration please visit, www.getoutahead.com/. Follow on Twitter, @getoutahead and Facebook at https://www.facebook.com/Get-Out-AHEAD-516759608488836
About Get Out AHEAD LLC
Get Out AHEAD is a technology company that develops products for the casino, horse racing and fantasy sports industries. Gaming and sports betting has not changed much over the last century, but Get Out AHEAD intends to lead the way in innovation as new technologies make it possible to reinvent betting both online and off. Its principals have extensive experience in the gaming industry, financial transaction audit and control, application of advanced technologies and new business formation. Privately held, Get Out AHEAD is based in Las Vegas, with offices in Michigan and Florida.
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