Betfair Chief Technical Officer Paul Cutter, stated that the company was committed to operating in-house product development and innovation in order to maintain its growth and progress in the igaming and sports betting markets.
Speaking at a Betfair Senior Management presentation to investors and key shareholders, Cutter outlined Betfair’s commitment to in-house product development, which the operator views as a key component to its future strategy and revenue generation.
Cutter stated that 86% Betfair product development and output was generated in-house, making the company independent of third party igaming technologies. Cutter compared it in house development rate against that of competitor William Hill, which developed 53% of its product inventory in-house.
Betfair’s CTO stated that the company had restructured and optimised its product operations which are handled by development and delivery teams in London (UK), Porto (Portugal) and Cluj (Romania).
At present Betfair’s product inventory sees the operator utilise payment processing services, fixed odds sports betting markets and select casino games content from third party igaming suppliers.
Cutter pointed to the popularity of Betfair in-play features Price Rush and Cash Out + as examples of popular in-house developed products. Stating that Betfair’s Price Rush feature had driven sports betting player staking averages up 20%.
Betfair’s board and governance have backed the development of in-house products, by committing increased spending on technology and development support. Betfair further detailed that it had grown its technology and product development headcount by 20% to 840 staff.