Joe Lee: Data is king when it comes to launching new markets
The use of features such as ‘request a bet’ can be key in ensuring that operators meet the growing demands of personalised markets explained Joe Lee, Head of GB&I – Sportsbook Trading at Paddy Power.
Lee was speaking on the Creativity in market making panel at the SBC Summit Barcelona – Digital, sponsored by Sporting Solutions, where he was joined by Dinos Stranomitis, COO at Altenar, and Philippe Joos, Head of Product & Innovation at Napoleon Sports & Casino. The session was moderated by Bettorlogic CEO Andrew Dagnall.
One theme that was common throughout the panel discussion was the importance of reliable data and a seamless user experience to both ensure that player demands are met but to also guarantee a differentiated offering in what can be quite a saturated market.
However, a mistake often made – said Stranomitis – is to focus upon the quantity of markets available. He explained that “quantity is important, but a stand-out quality is key”.
“When an operator prices up a sport, you then need to come up with a template to decide which markets are best to offer for the punters,” he added. “Of course, in a very competitive market, many decide to create as many markets as possible. While creating as many markets as possible is a good approach, we need to make sure that there is also quality.
“When I say quality, you must have the mathematical models, you must have all of the knowledge on how to derive the markets, and then assume that there is a punter betting from a completely different market – so you have to educate them.
“For example, if you have a customer in Mexico, you need to ensure that the layout of the market is tailored to them. I would say that it is very difficult to add something to an existing offer. It requires a lot of discussion, deep analysis, and a strong understanding.”
Lee explained that one way to gain a deep understanding of player demands, however, is the use of request-a-bet and the ‘Ask Paddy’-type functionalities – pointing out that Paddy Power has witnessed a shift in punter behaviours towards this.
He explained: “We’ve seen a shift in pattern in recent times. We’re all aware of the request-a-bet functionalities that various different operators have been using in the industry. Customers are starting to tell us through that offering what they actually want to bet on. So this has been key for us, and that is what we’re using a lot of the time to understand what markets we should be offering.
“We’ve also seen an uptick in player props and player-related markets from that. With the likes of the NFL and football in the UK, there are many more people interested in markets such as ‘shots on target’, ‘assists’, much more so than they ever have before – and that has certainly come from the request-a-bet mechanic.
“I think the key aspect in terms of specialisation for these markets is data, and people to interpret that information. I’d say they are your two key requirements. Once you have that, you have the ability to build a product which is user friendly.”
While the provision of data is key, Joos highlighted the need for accurate data that meets the speeds of customer demands when it comes to launching a new market – and this is more important when it comes to live betting.
He added: “During COVID, obviously there were a number of the main sports which were postponed or cancelled. But after sports have resumed, I’d say that the quality of data is still ok. When launching a new market, what is also important is high speed data – especially when it comes to live betting.
“If the market is constantly greyed out or there are limits to the markets available, the punter will become frustrated and the market won’t be a success. When it comes to live markets, data should be fast and available to the bettor.”
Further details, including the agenda, full line-up of 200 speakers and list of the 100 virtual exhibitors, are available from the official SBC Summit Barcelona – Digital website.
To join the 10,000 delegates from around the world, click here to register for free.
Source: SBC News