Canada
Chris Kape: Micro markets: The future of US sports betting?
Author: Chris Kape, Founder & CEO, JAMCO Capital
The global pandemic may have irrevocably defined sport last year, but it has also been the period in which online sports betting was firmly established as a powerhouse in the US market. This year, 19 states will vote on whether to legalise mobile sports betting and around 8 – 10 of those markets are expected to open up before year end. These are exciting times for the north American sports betting industry and its little surprise that its most recent industry forecasts estimate it to be worth over $20Bn within the next 5 years.
Matching the pace with In-play
Undoubtedly, one of the biggest drivers of online sports book growth has been In-Play betting. Across the pond, in more established markets such as the UK, this vertical already accounts for 70-80% of market revenue. Many predict that within the next three years this figure will be closely reflected in the US market.
As a product, In-Play betting is very attractive to operators because it is a great way to expand revenue above traditional offerings, through creating a seemingly infinite amount of betting opportunities for customers. Also, the natural ‘stop and start’ pace of America’s most popular sports including American Football and Basketball means that smaller betting opportunities such as ‘Next player to score a touchdown or a 3-pointer’ are easily created.
Keeping the buzz through Micro markets
Some of the leading brands in the US market have recently commented that traditional sports betting is too complex for sports fans and lacks the instant gratification needed to engage a new, wider audience. The US population is estimated to have a little over 37 million sports bettors, but the number of estimated sports fans is over 150 million. This strongly suggests that there’s a over 112 million US sports fans still waiting to be engaged.
In today’s society, content is a fast-moving commodity, constantly being produced and consumed on a never-ending conveyor belt of news and entertainment. This societal trend has shaped the market landscape to the point where today, players now expect instant gratification throughout their playing experience. The emerging trend of Micro-Markets is the perfect solution for this increasing shift towards fast, easy to consume entertainment.
Micro-Markets are betting markets that are created and resulted in just minutes or seconds, and for U.S. sports, are often coupled with the core engaging moments that drive consumption (e.g., pitches & at-bats for MLB, plays & drives for NFL). Especially since the lockdown, this has been a great way to give sports fans a continuous buzz throughout the games when they’re not physically able to be in the bleachers! Some industry commentators believe that by the end of the decade, over 80% of U.S. sports betting will be In-Play, and over 50% of In-Play betting handles are expected to be micro-betting.
The importance of AI
Micro market betting products are heavily reliant on the quick turn-around of stats to support the bet-type. Data companies optimising the latest technology are the key to the growth and expansion of these live betting opportunities.
The subtle, more minute details about players, teams and the games themselves are difficult to gather. Ultimately, it is the quick and unwavering stats from data companies utilising new technology such as AI, that help sportsbooks set odds, manage profit margins and determine pay-outs on an increasing variety of betting events.
The dynamic nature of In-Play betting means that things can change unexpectedly. This is almost impossible for a human to assess, but machine learning applications can evaluate the data in real time and adjust the odds in micro-seconds to reflect the ever-changing nature of sports events. AI and machine learning algorithms are designed to scour through all the relevant, contextual data that could impact a particular match, such as the participating players, the weather, injury reports, sport betting stats, and trends. Providing users with access to the latest reports within a fraction of a second. As a result, the odds and fixtures created by AI based systems tend to be significantly more accurate when compared to any past modelling systems
At its purest, the US live sports betting landscape, micro markets especially, is a technological battleground and it’s the operators than can deploy technology best – or identify superior suppliers or particular disruptive technologies – that will succeed. As a vertical, micro markets provide the perfect platform to engage US sports fans with simple, fun and most importantly, safe betting opportunities, taking their viewing experience to the next level!
Chris Kape, an iGaming industry veteran of two decades, is the owner of JAMCO Capital,
a family office venture capital firm, and is the founder and ex-CEO of Don Best Sports, which was sold to Scientific Games in 2018.
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Bally Bet Sportsbook & Casino app
Bally’s Interactive Launches the New Bally Bet Sportsbook & Casino App in Ontario
Bally’s Interactive, the digital and sports betting division of Bally’s Corporation, has launched the all-new Bally Bet Sportsbook & Casino app in Ontario, Canada. This latest release marks another significant milestone for the company, following the recent app update in New Jersey and a series of successful app launches in the past year, including the introduction of Bally Bet Sportsbook across multiple states and Bally Casino in Rhode Island.
The updated Bally Bet Sportsbook & Casino app represents a major step forward, as it combines the functionalities of the existing Bally Casino app and Bally Bet Sportsbook app into one comprehensive platform. Powered by White Hat Gaming, this new app allows players residing in or traveling to Ontario to conveniently place wagers on both sports and casino games using a single app, account, and universal wallet.
“We are thrilled to introduce the new Bally Bet Sportsbook & Casino app, marking a significant milestone for Bally’s. This integrated platform merges the features of our previous apps, providing players in Ontario with a seamless experience for both sports and casino betting. Our commitment to enhancing the player experience remains at the forefront as we strive to personalize the enjoyment of playing Bally Bet,” said Robeson Reeves, CEO of Bally’s Corporation.
BCLC reminds adults to gift responsibly this holiday season
With the holiday season in full swing, BCLC is reminding British Columbians to gift responsibly and scratch lottery products from their shopping lists for kids.
“Scratch & Win tickets can make great stocking stuffers for the adults in your life, but they’re not for kids,” said Ryan McCarthy, BCLC’s Director of Player Health. “The research shows that children who have early encounters with gambling are four times more likely to develop riskier gambling behaviour as they grow up. While people are out shopping for those last-minute gifts, BCLC wants adults to be aware of the potential risks associated with gifting lottery products to children and to consider safer alternatives.”
While Scratch & Win tickets are among the most common ways kids can be introduced to gambling, children are increasingly exposed to various online forms, such as gambling streams.
“With the convergence of gaming and gambling, youth are becoming more exposed to gambling content in online spaces like streaming sites, where creators are able to live-stream their own gambling, usually while playing online slots and instant games,” said Dr. Luke Clark, Director for Gambling Research at UBC. “Our research at the UBC Centre for Gambling shows that a higher frequency of watching online gambling streams is associated with a more positive attitude towards gambling and a high intention to gamble in the future.”
In B.C., it is illegal to sell lottery products to anyone under the age of 19 and BCLC encourages adults to have conversations with the kids in their lives about the risks associated with gambling.
“Open and honest conversations are crucial when it comes to navigating childhood exposure to gambling,” said McCarthy, who shared the following tips to adults:
- Monitor for gambling-related lifestyle changes. For example, developing a positive attitude towards gambling or a preoccupation with video games or streaming sites.
- Be a positive role model. Exhibit safer gambling behaviour and talk about the risks.
- Limit exposure. Monitor kids’ online activities and discourage engagement with gambling content. Explain how gambling is based on chance.
Jackpot Digital Inc., a leading provider of innovative dealerless electronic poker gaming solutions, has announced that the Alcohol and Gaming Commission of Ontario (AGCO) has approved the Company to be licensed as a registered Gaming Related-Supplier (the “Supplier License”) under the Gaming Control Act in the Province of Ontario.
This significant achievement allows Jackpot Digital to enter one of the most dynamic and rapidly growing regulated gaming markets in North America. The Supplier License authorizes Jackpot Digital to supply its electronic table games to Ontario’s gaming venues, including casinos and other regulated gaming facilities.
Jackpot Digital’s flagship product, the Jackpot Blitz electronic table game system, offers a modern, dealerless, player-friendly solution that integrates traditional multiplayer poker games with cutting-edge digital technology. The Supplier License will enable the Company to offer its innovative gaming solutions to operators throughout Ontario, driving new revenue opportunities and enhancing player experiences.
“Receiving AGCO’s approval is a major milestone. This approval provides us with the opportunity to offer our top-tier electronic gaming systems to operators throughout all of Ontario, positioning us for further growth in one of the world’s most robust gaming markets. We are excited to bring our innovative products to Ontario’s gaming community and continue our commitment to providing exciting, technology-driven entertainment experiences,” said Jake Kalpakian, CEO of Jackpot Digital.
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