Startup launchpad Defy the Odds is teaming up with a gambling-specific financial platform to promote responsible gambling and provide personalized payment processing.
Defy the Odds, a women-led launchpad with a focus on founders from underrepresented backgrounds, has landed a strategic partnership with EDGE Markets. Earlier this year, EDGE Market launched EDGE Boost, an RG solution that provides users with a dedicated debit card and bank account to separate gambling transactions from normal finances.
“EDGE Boost is focused on providing bettors with financial tools that enhance their experience while keeping responsible gaming at the forefront,” said EDGE Markets CEO Seni Thomas. “Working with Defy the Odds will allow us to introduce our technology to many more eyes and innovators in the betting and iGaming space, giving them the financial flexibility they need to succeed while also promoting responsible gaming.”
As part of the partnership, Defy the Odds will advise EDGE Markets and provide development services to foster growth.
EDGE Markets has expanded its portfolio of partners after a funding round earlier this year.
The New York-based company closed a $17.2 million seed round in March as an RG solution that has no maintenance costs while providing frictionless wagering for operators.
The round was led by VC fund Bullpen Capital with contributions from Step Stone Group, Suro Capital, Impulsum Ventures, Mantis VC and Indicator Ventures.
EDGE Boost has processed more than $300 million in transactions since its soft launch late last year. Each bank account on the platform is insured up to $250,000 with the FDIC.
Credit cards scrutinized by Illinois regulator
EDGE Boost is providing its users with a safe financial platform for gambling following a change in payment processing rules for sports betting by the Illinois Gaming Board.
Last month, the board adopted a proposed rule to ban credit cards to fund gaming accounts for online wagering to protect players and promote RG. The rule aligns with the board’s stance against the use of credit cards to fund casino and video gaming wagers.
The board adopted the new rule as Illinois reached the five-year market as a regulated online sports betting market leading to a review of sports wagering rules and practices.
The regulator’s proposed rule to ban credit cards will receive public comment before its final approval by the General Assembly’s Committee On Administrative Rules.
