Get Out AHEAD, a technology company that provides products and services for the casino, horse racing and fantasy sports industries announced the launch of its first product -- Fantasy Sports Hedging Xchange. Dominic LaRocca, Get Out AHEAD Co-Founder and Chief Technology Officer made the announcement.
Directly targeting the rapidly growing fantasy sports industry, Get Out AHEAD's proprietary software can integrate with popular platforms, such as DraftKings and FanDuel, creating a closed virtual marketplace in which anyone who has registered with the fantasy sports site can offer all or a designated fraction of a live team for resale to anyone else in the same platform.
"This is a completely new and innovative product. It is unique in that it benefits both the players and the host company," said LaRocca. "It allows players to keep their play liquid and reduce risk, while adding a new revenue stream to the fantasy sports site."
Fantasy Sports Hedging Xchange is a white-label product that is branded and incorporated seamlessly into the "ecosystem" of the daily fantasy sports site.
It creates exponential opportunity for additional revenue through a commission on each transaction and the potential for advertising. The site maintains control of each traded position without incurring additional payout exposure for any given contest.
LaRocca continued, "We chose fantasy sports for our first product launch because the sport fantasy platforms are technology-dependent, and daily fantasy sports players are savvy and enjoy new technology. Daily fantasy sports platforms are updating their offerings as quickly as possible to stay fresh and maintain high user growth rates, so this product is a perfect way for them to increase action."
Sale or purchase prices may be based on a number of factors, including, but not limited to: current real-time odds, percentage of wager offered and maximum payouts. This helps the seller set a realistic price quickly and allows buyers to better evaluate entries they are considering before buying.
Get Out AHEAD's Fantasy Sports Hedging Xchange is designed to integrate into a platform's existing information technology infrastructure at a nominal expense. 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.
In addition to the fantasy sports industry, Get Out AHEAD will soon announce similar products for casino sports betting and the horse racing industries. Get Out AHEAD's betting exchange technology has a number of patents pending on its products.