888 Exec: Take caution on US political betting markets
Yaniv Sherman, 888 Holdings SVP Head of Commercial Development, believes that operators should exercise caution before jumping into the political betting market.
Tight regulatory oversight and the risk of appearing partisan are among the reasons Sherman offers as to why it might be best to sit out the 2020 election season.
He tells Gaming America: “From 888’s perspective, I would view this very carefully if I’d like to offer these types of markets because the direct commercial benefit they bring might be quite limited as opposed to the risk you’ll be bearing from a financial and a PR perspective.”
While some operators are more experienced than others at offering political odds, the market offers inherent risks not found in traditional sports betting according to Sherman.
He explains: “You need to take into consideration that it’s much less predictable, and if you can’t translate that into sports betting and gaming success, then you’re running the risk of being considered an outlier.”
For operators who do plan on providing political betting, Sherman’s advice is to package it as a promotional deal.
“Betting is moved a lot by live events and dynamic content,” Sherman says. “At the end of the day the Democratic Convention and the presidential election doesn’t generate a lot of events or contests. If anything it’s more of a novelty or a PR related bet.”
A full question and answer session with Sherman on the subject of political betting will be included in Gaming America’s March/April magazine.
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