{"id":239808,"date":"2022-10-27T15:18:48","date_gmt":"2022-10-27T20:18:48","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=239808"},"modified":"2022-10-27T15:40:02","modified_gmt":"2022-10-27T20:40:02","slug":"ex-ny-bankers-launch-web3-sports-betting-rewards-program","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ex-ny-bankers-launch-web3-sports-betting-rewards-program\/","title":{"rendered":"Ex-NY Bankers Launch Web3 Sports Betting Rewards Program"},"content":{"rendered":"

A couple of ex-New Yorkers who left Manhattan after developing a sports betting hedge fund have taken that technology and turned it into a Web3 superwallet product. The wallet rewards users for the bets they are placing at their favorite sportsbooks.<\/p>\n

Whether those bets are placed within New York\u2019s borders or in neighboring states does not matter. What matters is that keeping track of everything is easier, and it comes with a rewards program. Think of it as universal frequent flyer miles for sports gamblers.<\/p>\n

The brains behind Scrimmage are Dan Taren and Matt Dever, a pair of young finance savants who previously worked in Manhattan for Bank of America and Citigroup. In 2019, they exited Wall Street and launched a sports betting hedge fund, Fremont Capital Partners, out of Gibraltar.<\/p>\n

Fremont employed a sports gambling approach of putting an entire bankroll into play over the course of time by making as many \u201cedge\u201d bets as possible on any given day, usually somewhere between 120 and 150, depending on what sports are being played, and then having that edge and that volume multiply exponentially over a long period of time.<\/p>\n

\u201cWe found as many games as possible that we have a slight edge on, and kept betting, attempting to bet through our bankroll as many times as possible,\u201d Taren told Casino.org. \u201cIf you have a 1% edge and you bet 100% of your bankroll, you have a 1% rate of return. But if you bet through all of your money 30 times and still have a 1% edge, instead of a 1% return you now have a 30% return.\u201d<\/p>\n

What Happened After Fremont Shut Down?<\/h2>\n

That is the stuff investment bankers and MENSA types can figure out with ease. The casual gambler? Not so much.<\/p>\n

But like the statistical analytics people who have taken over front offices in professional sports, the quants also have a place in the evolving sports gambling universe. Turns out Sam Hinkie was a trendsetter when he was tanking for the Sixers. James Click of the Astros is another numbers guy who may not be on the same page as Dusty Baker, but the Astros sure do get results.<\/p>\n

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You got us? Bet. pic.twitter.com\/KmyWxc8ODE<\/a><\/p>\n

— Houston Astros (@astros) October 22, 2022<\/a><\/p><\/blockquote>\n