Many analysts believe ‘socialization’ will be the next major innovation in sports betting. Social sportsbooks encourage players to share their bets and stay involved with social features that keep them engaged.
Social sportsbook operators hope this will result in free word-of-mouth marketing, organic customer acquisition and better engagement. The belief is that millennials and Gen Z already share everything via social media and direct messaging – including their bets.
Gaming America spoke to Colin Dew-Becker, CEO and Co-Founder of OddFlex, about social sportsbooks and how his company differentiates itself.
OddFlex is a free-to-play (F2P) sports betting application that has already evolved past sports betting alone. It recently added political election betting and is looking to expand into “pop-culture and award-show type markets.”
Colin emphasized that the company is focusing on social engagement – observing “things that people would be talking about in passing anyway,” so they may be inclined to bet on (events like award shows).
Having worked for Scientific Games, Colin has experience with the social casino model and says it will translate easily to the sports betting experience – the focus is not on immediate monetization but instead on gaining a large and loyal customer base.
He commented: “We give you free credits daily. But as you’re wagering and if you run out and don’t want to wait until the next day to get more, you can purchase them. So that’s the standard social casino model and it works in the sports betting world too.
“Some people may never make a purchase but as long as a small percentage does, that can drive a lot of revenue through. And that separate marketplace may be more highly engaged than the non-spenders.”
Ultimately, OddFlex is determined to be patient about monetizing its platform. Colin commented: “There are multiple apps that are trying to do betting exchanges like us in the US market, but it’s always about liquidity and having enough users to make it work; so we’re going to see how it goes.”
Gaming America’s full interview with Colin Dew-Becker will be available to read in the Jan-Feb edition of the magazine.