Revenues of the global sports betting industry are expected to increase by 140 billion euros by 2024, demonstrating the enormous size of this extremely important market, says Jordan Levin – CEO of OpenBet, in an interview with APE-MPE. Mr. Levin estimates that there are great opportunities in Greece for the company to further expand its international footprint.
Since 2021, when the relevant regulatory framework was implemented, more providers and suppliers have entered the market and we believe that there is a lot of room for further improvement of the overall experience around sports betting in the country. OpenBet is constantly examining possible commercial opportunities in all markets with a regulatory framework similar to Greece, he says.
He also adds that in Greece, the Development Hub of Athens remains an important part of its overall operations, consistently providing innovative solutions that allow it to constantly evolve its product line. In fact, Athens is regularly recognized by GreatPlacetoWork® Hellas as a leading workplace in Greece thanks to its culture, which fosters innovation, he says.
“The overall message about secure gaming is stronger than ever. We want to operate in markets with strong regulatory frameworks, ensuring that providers and suppliers like us do what they can to ensure that gamblers “They interact with our products in a secure environment,” he said.
Following is an interview with Jordan Levin
-How would you define the gambling and entertainment industry in simple words? What areas of activity does it cover and what is its audience?
At OpenBet we provide responsible and exciting experiences for players around the world, based on sports betting. For our audience, the recreational aspect of watching a sport is further enhanced by placing bets on possible outcomes. As more and more countries institutionalize sports betting, the popularity of this form of entertainment is growing.
As a leading provider of sports betting technology, content and services for over 25 years, we have been instrumental in the way gamblers interact with both the retail and digital environment. From placing bets with a physical presence at a point of sale, or via a mobile device, even the content it consumes, we participate in all the steps of the customer’s journey.
In recent years, the importance of content has grown significantly among sports betting providers. With sports betting competing with other forms of entertainment to attract the attention of the public, the content we offer must be attractive and aimed at a wider audience. This is an important reason why we decided to acquire the pioneering company SportCast last year. The company has created the original BetBuilder product, which allows players to place bets on multiple markets in a single game, with instant pricing that offers a seamless user experience. The product has revolutionized the personalization of the sports betting experience, and both OpenBet and SportCast continue to improve services and add new dimensions to the overall experience.
-Can you give us an indication of the size of the global market?
The revenues of the global sports betting industry are expected to increase by 140 billion euros by 2024, demonstrating the huge size of this extremely important market. The recent acceleration of sports betting legislation in the US is driving most of the current growth, with more than 30 States adopting regulations. In Canada, Ontario recently introduced its new regulatory framework and the province is expected to be an important market for industry, while progress in Brazil is also a cause for optimism, given the love of the country’s people. for sports.
-How important is technology in the development of the industry?
The way we are constantly evolving our technology is fundamental to providing the next generation of sports betting entertainment. Last year, we invested over € 100 million in our technology, which shows our commitment to keeping our products and services at the highest level in the world.
In the industry, OpenBet has a strong reputation as a trusted provider of the world’s leading sports betting platforms for over two decades. This is largely due to our unrivaled technology, which consistently delivers at the highest level during major sporting events, when platforms are under tremendous pressure due to increased public demand. To ensure our continuous improvement, we strengthen our technology base with cutting-edge technologies and services designed for absolute reliability. In fact, our approach was recently justified after our success during the Superbowl and the CheltenhamFestival, with the technology of our platform achieving zero downtime for the benefit of our partners.
-What is the position of Openbet in the market? What markets does it focus on and what are its plans for the Greek market? What is the size of the investment in Greece?
OpenBet is the leader in some of the major sports betting markets in the world. We have an impressive market share in the US, UK, Australia and Canada, and over 75 of the top sports bookmakers trust our products, including FlutterEntertainment, Entain, WilliamHill, BCLC, Loto-Québec and many more.
In Greece, the Development Hub of Athens remains an important part of our overall operations, consistently providing innovative solutions that allow us to constantly evolve our product line. In fact, Athens is regularly recognized by GreatPlacetoWork® Hellas as a leading workplace in Greece thanks to its culture, which fosters innovation.
Regarding the market, we see great opportunities in Greece to further expand our international footprint. Since 2021, when the relevant regulatory framework was implemented, more providers and suppliers have entered the market and we believe that there is a lot of room for further improvement of the overall experience around sports betting in the country. OpenBet is constantly examining possible commercial opportunities in all markets with a regulatory framework similar to Greece.
-What impact do the current events have on the disposable income of consumers in the company and in the industry in general?
At OpenBet, we are committed to providing secure and responsible betting experiences to players around the world. We really appreciate the entertainment value of sports betting and we want to make it as entertaining as possible. The overall message about safe games is stronger than ever. We want to operate in markets with a strong regulatory framework, ensuring that providers and suppliers like us do everything possible to ensure that gamblers interact with our products in a secure environment. When we look at the data we receive, we find that the majority of players work responsibly. During the Cheltenham 2022 Festival, the average bet was around 9.80 euros, indicating that in the UK players enjoy the entertainment aspect of sports betting, rather than betting high to secure big winnings.
Source: AMPE
Source: Capital
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