Zona de Azar USA – Insights from Industry Experts: Uncovering the Influence of Social Betting

USA.- June 22nd 2023 www.zonadeazar.com “Social betting” has quickly become a buzzword heard throughout the industry and has become an integral part of the day-to-day betting experience of many. To better understand how social betting lends itself to enhancing the customer experience, G2E talked with some industry experts to get their perspectives.

How do you define social betting?

Chris Grove, Partner, Acies Investments: Social betting is still very much a to-be-defined term. Different people use it to mean different things. When I as an investor describe something as “social betting,” I’m referring to aspects of the product that invite discussion, dialogue, collaboration, or other interactions between individual bettors. This includes features like shared bet slips, internal chat features at sportsbooks, peer-to-peer competitions, and so on.

Cooper Lycan, CEO and Founder, Sobet: For us, the term social betting goes beyond the definition of betting among friends to include the shift of the entire sports wagering ecosystem to online social environments that give you access to a global audience of like-minded individuals at your fingertips. Whether it is the act of placing bets on various outcomes, or just sharing the experience on social media to discuss strategies and tips, social betting is characterized by an experience that blends physical, in-person entertainment with an online community on social media.

How might the evolution of socially betting with friends enhance a bettor’s experience?
CG: Humans are generally social creatures. Placing a bet usually drives two forms of investment: an investment in the underlying sport, and obviously an investment in the outcome of the bet. When you add social elements to that experience, you provide a third dimension of investment.

Some people will value the social layer more than others. For some, the engagement of the wager is the primary driver of their experience. For others, the wager is an add-on to their sports fandom. There’s no one formula for explaining exactly how most, or even many, bettors will have their betting experience reshaped by a social layer, but it seems reasonable to generally conclude that there is likely to be a meaningful impact in the aggregate.

CL: The evolution of social betting we’re seeing today puts an even greater emphasis on entertainment and has brought about the rise of creator content in the industry. This makes information more readily accessible to new bettors and younger generations, who are using social media as their primary search engine for information and have more familiarity with short-form, video, and influencer content.

Usually, the avid sports fan is betting on more than one sport. Having betting content live on social platforms builds community by bringing all sports fans together under one umbrella. This can be hugely beneficial for sportsbooks and operators who are looking to keep the momentum going as one major league season fades and the next picks up steam.

In light of the focus on social betting, operators and sportsbooks, whether online or in-person, are actively exploring the incorporation of social betting within the user experience. From your perspective, how do you envision the future landscape shaping up as a result of these developments and what is driving it?

CG: Casinos have known for a long time that gaming can be enhanced by the presence of other people, so it’s not as if this is a terrifically new idea. What’s really new is the underlying technology that can facilitate the rapid formation of groups, ranging from small to massive, and allow those groups to interact in creative and compelling ways. The most critical piece of the whole shift is consumers are signaling that they want more community in their daily lives, even if those communities are largely digital.

That meeting of technological capability, consumer demand, and the existing proof of the power of the social layer for gaming all strongly suggest that we’re just getting started with social betting innovation.

CL: The direct link between creators and their audiences should inform what content gets produced, distributed, and consumed – we’ve seen it in other industries. Whether it is sportsbooks, operators, or teams, those that want to capture attention over prolonged periods of time and maintain fan engagement need to get comfortable with shifting their content strategies to incorporate a better mix of social and creator content. This is especially true as emerging audiences place more value on a seamless convergence of the online and offline experience. In the future, successful gaming spaces will need to seamlessly integrate virtual and physical touchpoints, incentivize real-life experiences, and integrate currencies or loyalty points that are redeemable in both online and offline settings.

—

Explore social betting, omnichannel gaming, and all aspects of emerging gaming technology and trends at G2E 2023. Join the global gaming community in Las Vegas from October 9-12 at The Venetian Expo.

Edited by: @MaiaDigital www.zonadeazar.com