Sports startup, Layup, aims to merge parlay betting with personal finance management, offering users potential winnings alongside savings strategies.
Published: May 1, 2025, 04:52h.
Last Updated: May 1, 2025, 04:52h.
@ToddShriber #etfgodfatherIn-Depth AnalysisFinance & GamingA Fresh Spin on Parley Betting with a Financial Edge
- Bettors' savings on the line, not their wallets
Sportsbetting enthusiasts have long raved about parlays, but it's the sportsbook operators that walk away as the real winners, thanks to their long shot wagers. A financial technology company is set to shake up the sports betting scene by offering a unique take on parlays that puts the punter's pocketbook first.
Enter Layup, a startup hailing from the Big Apple, who've unleashed a mobile app that dishes out daily sports picks in the style of an accumulator. Rather than risking their deposits, customers bank them safely and securely in a savings account. With each pick, punters stand a chance to win real money, but their principal always remains intact. This model mirrors the National Savings and Investments (NS&I) Prize Bonds - a popular lottery-style savings scheme in the founders' home country, Ireland.
The core concept is built on the Foundation of the NS&I Prize Bonds, which are essentially a thrilling way to enjoy the prospect of winning sans the peril of losing one's hard-earned cash, states a press release. However, in Ireland, the Prize Bonds function on a considerably larger scale, serving as a secure, enjoyable, and trusted means of entertainment.
Layup can be accessed via both the Google Android and Apple iOS mobile platforms, and users' deposits are transferred to accounts held at nbkc bank, a bank under the watchful eye of the Federal Deposit Insurance Corporation (FDIC).
Layup: Singing a Different Tune
The platform doesn't promise guaranteed winners, but it does ensure bettors won't take a loss. According to Layup's website, the profits to payout winning bets come from a fee nbkc bank charges for the influx of deposits.
While Layup's concept doesn't guarantee wins, it sure as hell shields bettors from losses. But, it's worth noting that the accounts don't yield interest, implying that punters' cash sits in a bank account without any potential growth, but with the potential payout for winning bets on the horizon.
The lack of interest return could be a tough nut to swallow considering the high-yield savings accounts in the United States currently offer an average APY of 4.40% on risk-free investments, with some banks offering more than that. However, Layup presents an intriguing intersection of betting and financial security, a combo that's seldom witnessed on traditional betting platforms.
Newbies and veterans alike could benefit from Layup since it removes the need for bettors to sift through games and make their own selections. The platform follows a chance-based algorithm to assign customers either side of the wagering line. The company notes that there are approximately 21 50/50 lines each week, generating around 2.09 million unique picks.
Layup: A Solution to the Parlay Problem
Parlays have long been a magnet for bettors due to their potential for massive paydays on small stakes, but these wagers are essentially the Vegas equivalent of buying a lottery ticket. Statistics reveal as much - in 2024, Americans alone lost a whopping $8 billion on parlay bets. This same demographic is also grappling with historically low savings rates and escalating financial stress, presenting Layup with an opportunity to turn the odds in their favor.
Indeed, Layup seems to be onto something. Co-founder and CEO, Owen Monagan, remarks that after a month, 60% of Layup clients reported decreased activity on traditional sportsbook apps. Could Layup be the secret weapon that makes parlays great again?
Notes:
- [1] Layup, "Layup is Here to Change the Game" (Press Release), May 1, 2025.
- [2] National Savings and Investments, "Prize Bonds" (Website), accessed May 1, 2025.
- [3] Federal Deposit Insurance Corporation, "Bank Finders" (Website), accessed May 1, 2025.
- The unique sports betting app, Layup, offers daily sports picks in an accumulator-style format, promising wins without the risk of losing deposits.
- Founded in New York, Layup resembles the NS&I Prize Bonds, a popular and trusted means of entertainment in Ireland.
- The Layup mobile app is accessible on both Google Android and Apple iOS platforms.
- Deposits made on Layup are securely held at nbkc bank, insured by the Federal Deposit Insurance Corporation (FDIC).
- Layup doesn't guarantee wins, but it ensures bettors won't take a loss, as its profits come from a fee charged by nbkc bank for deposit influx.
- Bettors' cash on Layup doesn't yield interest, but they have the potential to win payouts on their bets.
- High-yield savings accounts in the United States currently offer an average APY of 4.40% on risk-free investments, making the lack of interest return a potential downside for Layup users.
- Layup removes the need for bettors to sift through games and make their own selections, as the platform follows a chance-based algorithm to assign sides of the wagering line.
- Each week, there are approximately 21 50/50 lines on Layup, generating around 2.09 million unique picks.
- Traditional sportsbook apps have seen decreased activity among Layup clients after just one month, according to Layup co-founder and CEO, Owen Monagan.
- In 2024, Americans lost a staggering $8 billion on parlay bets, indicating a need for an alternative platform like Layup.
- By addressing the common pitfalls of parlays and offering financial security, Layup presents an intriguing intersection of sports betting and finance, potentially benefiting both newbies and veterans alike.