Develop an Optimal Sports Betting Approach
Move the line odds in your favor by building and selecting the right sports betting model for your operation.
- Obtaining and retaining the millennial generation has been a difficult task for operators, but millennials are drawn to sports betting where offered.
- Many operators are providing sports wagering to customers, requiring organizations to offer the amenity to stay relevant.
- The sports betting landscape is an evolving one, making it much more critical for operators to be aware of the future of sports betting in terms of both legislation and technology.
- Scope: Operators need assistance understanding what vendors operate in this space and how those vendors can support the organization’s intended sports wagering business model.
- Challenge: Frequent changes are occurring in the segment as a result of governing bodies, vendors, and customer demands.
- Pain/Risk: Not offering sports wagering to customers could prevent your organization from capitalizing on revenue and remaining competitive.
Our Advice
Critical Insight
- Risk tolerance is one of the most important aspects of a sportsbook. Choose a business model based on the amount of risk you wish to take.
- Select a sportsbook vendor that understands not just the sports wagering segment of the industry but also specific jurisdictional requirements.
- The sports betting market is transforming more rapidly than ever before. Stay ahead of changes to regulations and be on the lookout for vendor mergers and acquisitions.
Impact and Result
- Understand what will comprise your sportsbook business model and how that can impact the benefits to your business.
- Assess the vendors in the space to make an informed decision on your sportsbook vendor partner.
- Develop an RFP and be prepared for the negotiations that will take place during the vendor selection process.