SBC News Voice of the Sports Betting Industry
As esports markets grow in wagering popularity, PandaScore’s Head of Sales Oliver Niner, details why the ‘catch-all-model’ of the traditional BetBuilders will not serve esports unique audiences.
With 2022’s product development behind many suppliers in the space, 2023 is the year for suppliers and operators to harness the power of esports-specific BetBuilder products.
Feature-wise, BetBuilders are all about building narratives and storylines. Bettors feel a greater sense of choice and involvement when they build a bet that’s theirs. It’s an expression of a bettor’s individual tastes and preferences.
For operators, the product allows you to sell those stories to customers, like combining player markets with match markets to create a more engaging and rewarding wager. In a sector like esports where providing a high-quality customer experience is essential to success, BetBuilders are a key tool for operators in 2023. Especially if operators wish to cater to broader audiences to match growing esports viewership.
Moving away from sharps
As esports betting audiences continue to scale, operators would be wise to move away from the needs of sharps and be sure to cater to more casual play.
BetBuilder is exactly the kind of tool that encourages engagement from more casual bettors. Rather than simply betting on a match-winner, combining it with your favourite player to top the kills list gives that fan another thing to root for and follow. In some esports matches where a 30-minute match can be decided in the first 5-10 minutes, this is a tremendous value add for viewership and engagement.
Long-term, dedicated BetBuilders will be an important factor in aligning an operator’s esports betting offering with sports products in their broader book to create a more uniform experience. In jurisdictions like the US where parlays are already an entrenched part of sports betting culture, having an esports-specific BetBuilder available from the get-go will be key to acquiring new esports bettors.
BetBuilders need precision
Suppliers, operators and players alike all know why BetBuilder products are on the market – they’re more engaging, a value add, and ultimately good fun. But what’s essential for operators looking for a successful BetBuilder product is understanding how the final outcome of the product – the total bet itself – is created.
Some products on the market are touted as BetBuilders when all they’re functionally providing is a combo bet based on a multiplier. Although a simpler version of BetBuilder, combi-bets have already proven to be highly successful – hitting double-digit margin numbers. Betbuilder takes the opportunity presented by combi-bets and elevates it further, allowing players to combine markets from the same esports match for a more catered experience.
At PandaScore, we’ve developed models specifically created for a BetBuilder product. Our modelling allows us to accurately measure the combined probability of all the outcomes a bettor includes in their bet to create pricing that’s closer to the true chances of a wager paying off.
In traditional sports, a lot of companies want to have a general BetBuilder which works for all sports. This makes sense for simplicity’s sake, but potentially loses out on accuracy and appealing to different types of customers – arguably leaving money at the door. Esports betting is a sector that rewards specificity, and we’ve created BetBuilder models for each individual esport rather than a catch-all esports model.
Suppliers offering BetBuilder products of this depth not only help operators cater to these customers, but also open up more marketing opportunities. Some operators may want to silo off their esports offering as a separate vertical for more precise targeting and messaging. With more complex models, operators can be more confident in marketing deeper BetBuilder offerings through the channels and places their customers inhabit.
Acquiring new customers and growing the overall audience of esports betting is what will keep this sector growing in 2022, and BetBuidler products will be an essential drawcard for casual players – a currently under-utilised segment.
