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SportsTranscript
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.