- 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.
- 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.
Onsite Workshop: Develop an Optimal Sports Betting Approach
Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.
Module 1: Sportsbook Business Model Understanding and Selection
- Understand the characteristics that define the sports betting business models and select a business model for your sportsbook.
Key Benefits Achieved
- Gain insight into the primary characteristics that define a sportsbook.
- Gain awareness into how your tolerance for each characteristic will impact your business model.
- Learn what other businesses are doing.
Assess current challenges and drivers.
- Identification of why a sportsbook is needed and what the potential roadblocks are.
Review your organization’s tolerance toward each characteristic.
- Clear indication of how your organization can or will support each characteristic.
Conduct a strategic analysis and use the Sports Betting Business Model Selection Tool.
- The ideal sportsbook business model for your organization.
Module 2: Sportsbook Vendor Evaluation and Solicitation
- Be prepared to go to market with an RFP and have the resources needed to get your organization through the RFP and contract negotiation process.
Key Benefits Achieved
- Clear and objective insight into the different vendors that operate in the sports betting space.
- A series of tools and templates that can be used to get through the process of selecting a vendor.
Review the Sports Betting Vendor Landscape and use the shortlist tool.
- A sports betting vendor shortlist to send your RFP to.
Conduct requirements gathering.
- Documented requirements to indicate who is responsible for each role.
Map the customer journey.
- Detailed understanding of what the customer touchpoints are and if there are any components not yet considered for your sportsbook.
Create an RFP.
- A completed RFP to send to the vendors on your shortlist.