Following the recent news that leading US provider Don Best has entered into a contract with Scientific Games to focus more on the North American sports data market, all eyes are on thought leaders who are opening the door and gaining insights into the myriad opportunities and opportunities Obstacles can be granted in US sports betting.
Ahead of this year’s sold-out ICE Sports Betting USA (Convene, New York, November 27-28, 2018), where he will be featured as part of the “Understanding the business of sports wagering” and how it can complement your current stakes panel, Benjie Cherniak, general manager of Don Best Sports, explores why the Clarion event in North America is an important meeting place for the US gambling industry, where economic growth lies and how he believes that sports betting is becoming taboo on both the consumer and the media.
How can companies prepare for potential regulation approval in new states and what are the economic possibilities?
When it comes to the US market and sports betting, it is best to regard each state as a separate country, each with its own laws, tax rules, barriers to entry, etc. In view of this, it is important for market participants to get ahead of the curve when it comes to positioning oneself for success in a particular state. Depending on how proactive you want to be, it can range from updating legal changes, to preparing for license requirements, to participating in lobbying to help shape legislation. The key is to be prepared to take the right path when opportunities arise.
In relation to this, what are the obstacles which both land-based and online need to overcome in terms of technology?
The obstacles are not purely technical. Rather, challenges in a governmental approach relate to different approaches and legislation from state to state. It is difficult to formulate a multi-state strategy if some states continue to be a channel and / or maintain inadmissible tax systems. From a technological point of view, whether online or in retail, one of the challenges is to ensure that the platform and product offering are as American as possible, and in particular that much of the technology used comes from beyond the pond, where the core is less familiar US sports. We will see further progress in this regard as the market matures and we all gain more experience with the growing US customer base.
How significant is it that Clarion has confirmed the launch of ICE North America for May 2019?
The London ICE Conference is still a “go to” event for the global gaming industry, listed in the annual calendar of all space participants. Extending the scope to the US market makes sense at this point, as ICE is a brand with the credibility of attracting a wide range of stakeholders, not just the usual suspects such as operators, suppliers and platform providers, but legislators as well. the investment community and the professional sports leagues.
The younger millenial market is a key focus for sports betting, how is Don Best targeting this part of the US population responsibly?
Our focus is exclusively on American sports, which in and of themselves are specific to US players of all ages. The differentiation to the younger population group is due to the product mix. We regard the next generation of players as analysis-oriented, player-statistically, and probably with a shorter attention span than their predecessors. To this end, our product development cycle focuses on in-play betting products, player supports and variations thereof that will appeal to the next generation of betting.
How do you see the Sports Betting sector impacting the wider industry in the coming years?
We believe that the advent of sports betting in the US has massive cultural implications. While sports betting used to be considered a taboo, it is now gradually gaining social acceptance. As the big media companies inevitably lock in more space, so will the American public. As a result, the iGaming industry as a whole will gain increasing cultural acceptance in conjunction with the growth of its grip and its proliferation as more states join. The entire industry is well positioned to leverage the dynamics of sports betting for the benefit of collaboration.