BETBY
Leonid Pertsovskiy, Chief Executive Officer at Betby, discusses the changing face of the US sports betting market as we head into 2021
Is the US sports betting market maturing as expected in a post-PASPA world?
I don’t think there were any expectations as to how the US sports betting market would develop. Everyone understood that if and when legal sports betting occurred across the United States, it would become the largest and most attractive regulated market for players and providers alike.
We’re also seeing a knock-on effect around the world, with companies pivoting their plans to focus on entering the United States ahead of Latin America, Europe or Asia. However, when we talk about the US, we’re not talking a singular market but 50 states with different regulations and different legal approaches. This means that while there are more challenges faced, there are also significantly more rewards. One state, such as New Jersey, can bring in more revenue for a betting company than half of Europe if entered correctly. Regulators in the US immediately set the bar very high for the level of compliance, which can scare off small companies because the process isn’t easy or cheap.
Often, expensive compliance specialists are required, which can give the impression that the market is more accommodating to ‘big business’ rather than disruptors. However, we’re seeing a lot of start-ups and Silicon Valley tech businesses start working on betting data and sports feed products. It will most likely be two to three years before they catch up with ‘Old World’ companies that have significant experience with betting products.
This puts investors into the American market in a difficult position. They will spend more money and time creating their own solutions if they ignore the existing technology companies and their expertise.
Is the sustained regulation of states vital to continued growth in the US, or is the lure of exclusive ‘sports betting states’ such as New Jersey the way forward?
It is only a matter of time before the vast majority of states introduce their own rules to legalise and regulate online betting. The more unified that regulation is, the more efficient the industry as a whole will be. If companies have to engage in development and jump through new legal hoops with every state it becomes a time-consuming and costly process.
Equally, instead of focusing on developing products, bringing innovation and optimising offerings for the US audience, companies will be spending resources meeting regulatory requirements. While it is important to protect players, convoluted legislator demands can be significant hurdles in a fast-paced industry.
It’s not to say it is a barrier to entry or development, but a smooth, sustained roll-out of regulation across the states will enable fast-paced maturation of one of the most exciting territories in the sports betting world.
What will be the next innovation for sports bettors in the States?
The first ‘innovation’ will be a change in mindset in the US, allowing or attracting innovative European companies to partner with not just the big beasts of land-based casino, but with the entire industry. Companies such as ourselves have enough technological and product developments that would appeal to the American end-user while also offering something really new to the market.
As competition increases in the market and the player pool grows, competition will change focus from a ‘speed of entry’ centric market to technology and efficiency. Operators who take this into account now and uses the latest innovations and developments will be in a prime position to capitalise on this. Moving away from a reliance on legacy technology and creating agile, player-friendly betting environments will allow them to be more reactive for the challenges and opportunities that will occur in the American market in the near future.
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BETBY, a pioneering provider of top-tier B2B sportsbook solutions, has unveiled a strategic alliance with Cactus Gaming, a prominent iGaming platform renowned for its strong foothold in the Latin American market. This partnership heralds the integration of Betby’s advanced sportsbook into Cactus Gaming’s platform, utilizing a shared API framework. As a result, the time-to-market for Cactus Gaming’s operator partners is significantly shortened, enabling them to launch the sportsbook within a matter of days.
United by a common commitment to innovation and excellence, Betby and Cactus Gaming aspire to redefine the landscape of iGaming by setting new benchmarks for quality and pushing the boundaries of online betting. This collaboration represents a fusion of expertise, creativity, and ambition, with a collective goal to provides a first-class sports betting experience.
Chris Nikolopoulos, Betby’s CCO, said: “We are thrilled about our collaboration with Cactus Gaming, which reaffirms Betby’s dedication to partnering with industry frontrunners. This strategic alliance enables us to extend Betby’s sportsbook solution and services to Cactus Gaming’s partners, enhancing their betting experiences by granting seamless access to the most current and exceptional sports content alongside cutting-edge technology. I am confident that both companies will realize substantial long-term advantages from this partnership.”
Tiago Silva, Cactus Gaming’s CRA, said: “We are thrilled to initiate this partnership with Betby. This collaboration empowers us to harness Betby’s vast expertise and state-of-the-art sportsbook solution, enabling us to deliver the ultimate sports betting experience to our partners in Latin America and worldwide. We anticipate that this partnership will set the stage for further innovative collaborations in the future.”
BETBY, a leading provider of sports betting solutions, is pleased to announce the release of a comprehensive industry report titled “The Winning Bet: Navigating Brazil’s Evolving Sports Betting Market”. This insightful report provides a deep dive into the intricacies of Brazil’s dynamic sports betting landscape, offering valuable insights for businesses looking to capitalize on this burgeoning market.
The report covers various key aspects, including:
· Historical background of sports betting regulations in Brazil;
· The state of digital connectivity in Brazil, including internet usage and mobile connectivity;
· In-depth analysis of player betting behavior, revealing trends and preferences among Brazilian sports bettors;
· Market potential and growth projections for the Brazilian sports betting industry;
· Recommendations for businesses aiming to succeed in the Brazilian market.
With Brazil’s recent regulatory changes opening up new opportunities in the sports betting sector, understanding the nuances of the market has never been more critical. This report equips businesses with the knowledge and insights needed to navigate Brazil’s evolving sports betting landscape successfully.
For businesses seeking to establish a presence or expand their operations in Brazil’s sports betting market, Betby offers tailored sportsbook solutions and expertise to meet their needs.
BETBY is firmly focused on making a splash in Latin America and recently attended the inaugural SBC Latinoamérica Summit. COO Eva Berkova talks about the key takeaways and plans for the region in 2024.
From a BETBY perspective, what are some of your key takeaways from the SBC Latinoamerica Summit?
After visiting this exhibition, it has become even more evident to us that Latin America rightly deserves to be a key focus for us, and we look forward to making a concerted effort to capitalise on the excitement this market brings. We already have several big partners here, but the region is very dynamic, and we are firmly convinced that we are going the right way, putting LatAm as one of our key focuses.
At the exhibition we saw genuine interest in our product from delegates who know the workings and nuances of the LatAm landscape, and such are the opportunities in Latin America, we do not want to veer away from the territory and enhance our product portfolio to its passionate sports betting audiences.
With a wide range of operators, affiliates, regulators, and many other industry delegates in attendance, were there any key learnings that will influence your decision making for planning a long-term strategy for any expansion into the region?
For some time now we have been planning to introduce BETBY into the local market with a physical presence, and showcase the power and ingenuity of our products. After visiting the exhibition, our opinion was validated, personal connections and everyday communication are the cultural norm in this region, which really appeals to our company, and not only in business terms.
Constant communication is a key characteristic of the people of this region. Visiting the exhibition reaffirmed our belief that in order to strengthen BETBY’s position here, we need to expand our physical presence in the form of our own LatAm office with a Spanish-speaking team.
The untapped potential of the Latin America market is well-documented, what is it about the market that excites BETBY most?
The LatAm market appeals to us because of its breadth and appetite for sports. In this market, there is also a huge opportunity to promote esports. Esports in LatAm is still a niche that is not very saturated with content and offers, as there is a sustained promotion of traditional sports that are hugely loved in the region like basketball, baseball, and soccer.
The potential of the market is truly enormous, without exaggeration. With our mentality and extensive sportsbook solution, BETBY’s products and ethos weave perfectly into the local fabric – both in terms of our company values and business approach.
How do you go about setting yourself apart from other competitors who are targeting the LatAm region?
For much of the LatAm population, sport is their life, exuding passion and love for their favourite teams and individuals. Many championships and tournaments are held here on a regular basis, which are of interest to local bettors. As BETBY has its own trading department, we can offer odds and markets for these local tournaments. This is one of our many unique selling points that sets our company apart.
Esports in LatAm is becoming increasingly popular, how will your Betby.Games offering cater capitalise on this growth?
The role of esports in LatAm is not that big yet, but it certainly has the potential to be. FIFA and Valorant are generally popular here, and BETBY offers three types of FIFA content in addition to a large esports package, which also includes Valorant.
But the greatest interest is in Betby.Games – BETBY’s own product. An AI-powered sports feed with game mechanics that excludes human interference on the outrights, Betby.Games offers fully localised and customisable leagues and tournaments that includes the Libertadores Cup and South American Cup, which are of particular interest to local bettors.
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