Chris Reynolds and Jason Angelides developed a remote TV tool that deepened sports statistics (game timing and player stats tracking) to millions of Xfinity subscribers.
Now, less than two years after leaving Comcast Corp., they want part of their online sports betting action.
Reynolds and Angelides Epoxy.ai has launched a start-up in Berwyn to personalized betting experience for 75 million sports fans, experts say they can put more than $ 20 billion a year into betting as more states legalize online sports betting.
Epoxy’s first idea: use a cell phone microphone to determine what game a sports fan is watching, and sync a TV game with a recommended bet. Reynolds said a sports bet would allow synchronization through the terms of service of the Epoxy-licensed technology company. Epoxy’s first customer is betParx, a sister company to Parx Casino.
“Amazon, Instagram, Spotify, these businesses know who you are and put the right things in front of you,” Angelides said. “It simply came to our notice then.. One is because they are so widespread in technology that they are spreading across states. Number two, they are not technology companies.”
In May 2018, the U.S. Supreme Court overturned the Professional and Amateur Sports Protection Act, paving the way for the golden rush of online sports betting. Pennsylvania, New Jersey and 21 other states have legalized online sports betting. Pennsylvania sports fans put more than $ 6 billion into online betting last year.
Experts estimate that the national volume of online sports betting, or “manager”, will grow to between $ 25 billion and $ 30 billion a year as more states legalize online sports betting.
Chris Grove, co-founder of the Las Vegas Sports, Gaming and Technology Venture Fund at Acies Investments, said Epoxy’s founders are “very talented”.
»READ MORE: Comcast Purchases OneTwoSee Sports Information Service
But Grove believes that sports books have more immediate problems to solve before thinking about the innovation that Epoxy offers., including launching sports books in new states, registering sports bets more efficiently, and managing deposits.
“It’s easy to be overly optimistic about the pace of innovation in regulated sports betting,” Grove said. “It’s like talking about putting solar panels on the roof before putting them on the roof.”
Greenwood Gaming and Entertainment, the owner of Bensalem’s Parx Casino, is starting up with Epoxy under the guidance of Matthew Cullen, who was hired four years ago. It is headed by 100 people in Greenwood digital gaming operation, which includes overseeing the company’s online sports betting in Pennsylvania, New Jersey and Michigan. Cullen hopes to expand sports betting to three other states. Parx managed $ 147 million in online sports betting between July and April, according to the Pennsylvania Gaming Control Commission.
“Personalization is the next big thing,” Cullen said, “because people want to bet on what they’ve bet on in the past, or what they like, or what they like to see.” But, Cullen added, echoing Grove, “it’s still the beginning.”
Cullen’s team will measure whether Epoxy results in greater bettor retention, the amount of money a bettor bets, and the longer betParx engagement time.
The NFL football season boosts television sales and ratings and, as the data indicates, online sports betting. Pennsylvania’s online sports betting rose 65% to $ 527 million from August to September 2021, according to gaming board data. September is the start of the NFL season. The month with the highest dollar volume in the Pennsylvania online sports offering was January, the month of the NFL playoffs, with $ 737 million in bets.
Cullen said the plan was to launch the Epoxy app for the NFL season in the betParx betting app.
Angelides said Epoxy would be ready. “It’s what we’re doing. The sport has not waited for anyone. The game has to keep going. ”
Angelides said that Epoxy’s research shows that more than 90% of basic and casual gamblers say “they like the products they use when they tailor their content. It’s easier to find what they want.” and finding new things. ‘
Reynolds, 47, and Angelides, 54, have settled into a post-Comcast life. The media and telecommunications giant worked on the 37th floor of the technology tower, the tallest building in Philadelphia.
They are now renting the second floor of a quaint office building to the east of SEPTA’s Berwyn train station. It’s an easy commute for Epoxy employees living in Philadelphia. The startup employs 12 people, mostly crew members who were followed by Comcast’s Reynolds and Angelides. The company also employs six contractors.
Angelides said the plan over time is for 20 to 30 full-time employees.
Epoxy expects to raise $ 7 million to $ 10 million this summer in venture capital, and has applied for patents on their technology through the Morgan Lewis Law Firm in Philadelphia. The founders of Epoxy technology offer three services: TV and betting synchronization, sports data display and betting recommendations.
Angelides and Reynolds met in the 1990s at Chesterbrooke Traffic.com, a real-time traffic information service for radio and television stations. Traffic.com, bought by Nokia, took traffic data from road and highway sensors and sold it to TV and radio. The business taught Angelides and Reynolds the importance of gathering real-time information for viewers.
At Traffic.com, they thought of other areas where real-time information could be valuable. It was in the early days of mobile phone applications. When a couple they realized that sports fans were always looking for sports statistics on their phones, they developed a business to access and view box-score sports data in real time. Fans can consume data while watching games.
“The idea was if you were a sports fan and you sat there and watched the game and a player came in and you didn’t know who he was or what his stats were. How many home runs does it have? What will happen next? What is the most likely outcome? Need to go check out the box scores? It was a nightmare, ”Angelides said.
In late 2011, Angelides and Reynolds launched OneTwoSee to provide instant sports data. It was their first starting point. Over time, OneTwoSee developed a platform to show up-to-date sports statistics on cable TV and integrated the service into Comcast’s X1 platform. Comcast saw sports data — accessed via a remote TV button — as a major investment in sports rights to make it more attractive to subscribers. In 2016, Comcast bought OneTwoSee for an undisclosed price.
Within Comcast, the OneTwoSee team came together and helped deepen the sports platform for the Olympic Games.
Reynolds and Angelides said they had a great Comcast experience and went in good condition. But they were uneasy and considered online sports betting to be the next important thing.
Angelides told Comcast he would leave in November 2020. Reynolds did the same in mid-2021. Deciding to leave Comcast, Reynolds said that “once you start building things, it’s hard not to.”