Karl Danzer, Sportradar Managing Director, Odds Services, believes that in the newly legalized post-PASPA sports betting space, rapid markets are the way to go to best utilize live wagering.
With the repeal of PASPA now well over a year ago, as of July there were 18 legal jurisdictions in the US, with more on the horizon. As such, more fans are licking their lips at the chance to place a legal wager on the game, their favorite team or player.
It’s an opportunity that licensed sportsbooks, casinos, and associated businesses, will be wide-eyed about too. Many of the major US sports show just how impactful live in-game wagering can have on sports fan engagement and entertainment at both a local and international level. As legalized betting continues to spread its wings in the US, more and more of such prospects will continue to be realized.
At a niche level, one of the best ways to utilize live betting is through rapid markets. They are the perfect tool to leverage the statistically strong and action-packed nature of US sports. Basically, they allow punters to bet on each play live throughout the game. As such, fans are given a bigger variety of options to bet on play by play in football, pitch by pitch in baseball and score by score in basketball, for example.
Higher numbers of live bets means increased turnover
No matter if you’re a regular wager or casual sports fan, the prospect of being able to take a punt on what you think will play out next during a game, especially given the number of variables in live sport, is truly exciting. For bookmakers it can be just as rewarding. By offering a higher number of live bets with rapid markets, you can not only find new ways to get customers to visit, stay, engage and, essentially, want to come back for more, but also, and, as a result, increase turnover.
This is important not just for those in the US, but globally too, as more and more new legalized markets increase the competition of the international betting industry. Gone are the days where you had a set of linear pre-match odds for a handful of sports. These days that just won’t cut it. With globalization and technology continuing to influence the betting market too, we’re increasingly seeing operators having to compete across boundaries with so many betting opportunities and content now available.
There are many ways to add to a sportsbook offering – streaming and other methods of betting stimulation come to mind. Keeping up with technology and customer demand in this manner can increase engagement and commercial prospects.
But its important to get the core offering right too. This means looking at your odds and betting markets and working out ways of enhancing it. It’s essential in emerging markets, like the US, given at this early stage of legalized betting, some really may just want to be able to simply jump on their mobile, laptop or into a store or casino and place a bet or two.
The perfect way of capturing punters
Rapid markets makes this easy. With Sportradar’s rapid markets offering, for example, new bet cycles are provided every minute. It’s the perfect way of capturing punters and keeping them engaged throughout an entire match, no matter what device they’re on.
Let’s look at how this plays out. Punter sits down to watch a game, logs on to his licensed sportsbook to make a wager, the game plays out, as it does, more opportunities to take a punt on what happens next are offered each minute of the game. Punter not only gets to witness the game, but has an additional opportunity to be part of the action, whilst staying engaged with his favorite sportsbook for longer. Win win.
Again, the prospects of legal, live in-play betting are plentiful. Basketball and soccer, for example, offer plenty of betting options that can be enhanced with a rapid markets offering. When you give your customers the opportunity to bet on goals, corners, penalties and offsides in a soccer match as it plays out, or whether it will be a two-pointer, three-pointer or a free throw in basketball, for example, it not only makes it a much more exciting betting experience but again also increases engagement and understanding of the sport itself.
Rapid markets are another facet of live, online in-game wagering that makes it a whole lot more enticing and, for operators in areas in or outside the US where this is offered, it’s an opportunity that shouldn’t be missed.
