## Forging a Path in the Fierce World of Esports Wagering
**B**etgenius’ Head of Business Development, Matt Stephenson, explores the burgeoning esports wagering sector.
**Since your arrival at Betgenius ten years ago, how has the company progressed?**
We were a modest group of 10-12 individuals operating from a compact office near London Bridge when I started. Today, we have a global presence with offices worldwide and a team exceeding 150 at our London base. The business has also undergone a remarkable transformation, evolving from a basic odds comparison platform to providing marketing and trading solutions for lotteries and bookmakers. More recently, we’ve expanded into integrity services for sports regulatory bodies. We’ve experienced some wild and enjoyable moments throughout this journey, but the fundamental values of the company remain unchanged since my initial days.
**What responsibilities fall under your current position within the company?**
My role involves overseeing the commercial operations of our sportsbook management product. We offer software and managed services to bookmakers, assisting them in automating their trading procedures. While I previously managed the sales team, my current focus lies in serving key accounts and attracting new clientele.
**In recent times, what notable shifts have occurred within the sports wagering sector?**
Over the past decade, one of the most significant trends in the sports wagering industry has been the transition from pre-game to live betting.
The realm of in-game wagering is booming, and it’s no longer confined to conventional athletics. We’ve progressed from providing a couple hundred live soccer matches per month to exceeding six thousand! This craving for real-time action is present across the spectrum, but soccer is undeniably spearheading the movement. Tennis has witnessed a comparable surge, and now basketball is gaining traction as well – we’re discussing over 30,000 live basketball contests this year alone.
At Betgenius, we’re dedicated to remaining at the forefront. It’s insufficient to merely satisfy our clientele’s requirements today; we must foresee what they’ll desire six months, a year into the future. That’s the reason we’ve been intensely concentrated on competitive gaming. We perceive a substantial prospect to contribute to molding the destiny of esports betting, particularly concerning live wagering.
What makes bookmakers so attracted to esports? Well, over the preceding year, I’ve been immersing myself in this domain, familiarizing myself with the games, the competitors, and how it all relates to the world of sports betting. I’ve conversed with chief executives and trading directors at some of the most prominent betting enterprises globally, and let me assure you, when you begin discussing thousands of live matches annually, with schedules that ideally accommodate European viewers, their interest is truly piqued. This is a market brimming with immense potential.
One more factor driving enthusiasm among wagering providers is the way esports connects them with a fresh demographic – a younger, tech-literate group primed for spending. This explains the surge of companies plunging into this sector, aiming to establish their own presence.
Who exactly are these esports enthusiasts? Imagine a young individual, captivated by their display. They possess digital fluency, disposable income, and a passion for competitive thrills. Their engagement goes beyond mere gameplay; they follow tournaments, consume content, purchase merchandise, and pledge loyalty to favored teams and players. Mirroring traditional sports, it cultivates a devoted fanbase. Successfully tapping into this fervor with enticing wagering options guarantees their attention.
So, where is this gold rush transpiring? The most substantial esports communities reside in regions like the United States, China, and South Korea. The obstacle? The legal landscape for wagering in these nations isn’t precisely esports-conducive (at least not yet!).
However, fret not, as a treasure trove awaits in Europe, particularly its eastern regions. Australia and South America are also experiencing a surge, with enthusiasts shattering wagering records monthly.
What then should a wagering enterprise do? First and foremost, they must ensure their offering is exceptional. This entails providing a comprehensive range of wagers, both pre-match and in-play. They can collaborate with specialized entities like Betgenius or onboard experienced esports traders to achieve this.
To thrive in competitive gaming wagers, platforms can’t simply add it to their platforms and anticipate success. They must address the specific needs of esports enthusiasts.
This involves precise targeting, attracting them from esports platforms and communities. It also means crafting a dedicated area that feels genuine, both aesthetically and in its user interface. Think less like a conventional betting platform and more like a polished esports news hub – Betway and Pinnacle are prime illustrations of those who’ve mastered this.
Incorporating live broadcasts is another significant prospect. Unlike other sports, esports wagers and live streams are intertwined, although navigating the legal complexities of rights and ownership among developers, tournament organizers, and platforms like Twitch can be challenging.
A major obstacle is bringing traditional bettors up to speed. Grasping the complexities of games like League of Legends, an intricate MOBA (Multiplayer Online Battle Arena), isn’t always straightforward. Platforms need to invest in user education to boost conversions.
Other games, like CS:GO (Counter-Strike: Global Offensive), have a more straightforward appeal – two squads, an array of weapons, with the objective being elimination. That’s a concept anyone can grasp!
Our collaboration with Sky Bet has been incredibly positive, and we’re enthusiastic about its future prospects. Additionally, we’re collaborating with other industry leaders such as Betfair, Codere in Spain, and Danske Spil in Denmark. We also have approximately six more agreements in progress. Our presence in the wagering sector is still in its infancy, and it’s been a wild ride! We can’t anticipate immediate, overwhelming success. It requires time to cultivate strong relationships with our collaborators, ensure an exceptional user experience, and seamlessly integrate with their systems. However, agility is crucial in this field, and we’re rapidly working to solidify our position.
Currently, in-play esports wagering is our primary revenue generator, contributing to roughly 90% of our income.
In terms of advancing the esports betting market, we’re strategically positioned. Our offering is genuinely distinctive, providing us with a significant advantage. Our current priority is raising awareness and expanding our footprint. We’re actively exploring the inclusion of additional esports titles and intend to provide a broader spectrum of wagers within those games. We’ve embarked on a global tour, engaging with key players in the betting and lottery sectors to showcase our capabilities. It’s a thrilling period!”
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