LSports and gripAI launch Play Insurance to secure bets
LSports, a real-time sports data solutions provider, and gripAI, an artificial intelligence company dedicated to real-time betting products, announced a collaboration to bring Play Insurance to sports betting operators worldwide.
Play Insurance is a betting insurance product that allows players to protect a bet in exchange for a small premium calculated by artificial intelligence. Insured players are reimbursed regardless of the outcome, with the amount adjusted based on how close the bet was to winning, according to match statistics. For operators, the proposal opens up an additional revenue stream to existing bets and turns the near miss, the most frustrating moment for a bettor, into a reason to keep playing.
Yoav Ziv, Chief Revenue Officer at LSports, stated that retention is one of the most difficult problems operators face, and it is precisely in near misses that they lose players. He explained that Play Insurance turns that moment into loyalty and a new revenue source without having to give anything away, and described the category as truly new, where combining gripAI's technology with LSports' reach and data gives operators something no one else offers today.
The product is powered by gripAI's proprietary pricing engine, trained on over 2.5 billion bets, which calculates each premium in real-time based on live odds, the number of selections, and the user's profile. As premiums are set per player and per bet, rather than through fixed, generic refund offers, operators maintain control of their margin while offering a personalized product. Additionally, it works alongside existing tools like cash out, so a player can cash out a bet and keep their insurance active. According to company data, 37 percent of players accept the insurance offer, and 39 percent of insured players repurchase it.
Tal Hayon, CEO of gripAI, noted that betting has always been all or nothing, and that is precisely what they set out to change. He explained that their artificial intelligence prices fairly and instantly for every bet, and that with LSports as a distribution partner, they can offer the service to operators worldwide at the pace the industry is moving. LSports distributes the product to its global network of operators and integrates it into their platforms with a setup designed for quick implementation.
Tags: LSports, gripAI, Play Insurance, Yoav Ziv, Tal Hayon, Sports, Odds Traders & Feeds