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New York is semi-legal and on the cusp to full legalization, and 14 additional states have proposed legislation to legalize sports bets. The time is ripe for a traditional casino to build a betting platform, before ZenSports figures out a way to accurately geo-fence betting by state. Or, online sportsbooks DraftKings, Betstar, and FanDuel figure out a way to facilitate peer-to-peer betting on their sites and apps.
While ZenSports may be ahead of traditional casinos on the technical aspects of a peer-to-peer betting platform, it lacks the institutional knowledge, brand recognition, and data that casinos have regarding sports bets. This competitive advantage may be worth more than the technical product once a casino builds a platform, or they could simply buy ZenSports. Whoever builds a betting platform can easily expand that platform to include residents of states whose betting laws have opened up.
However, time is of the essence as a sports betting platform, like all platform business models , benefits from winner take all dynamics in which one or two winners win the market e. Two additional points must be made about the betting platform. First, non-sports bets can also be easily added around award shows, game shows, political events, and other culture moments, laws permitting. And there is reason to be optimistic that restrictions on non-sports betting will loosen too.
For example, New Jersey decided to allow pre-event wagering for the Oscars only. New Jersey's cautious experimentation with Oscar betting which is still illegal in Nevada and is something The Academy resists seems to signal a willingness to entertain different types of legal betting which can open more markets for the betting marketplace owner. The opportunity both domestically and abroad is huge. Large casino owners like MGM.
Caesar's, the Sands, Crown Resorts etc. Physical casinos can offer product discounts and experience packages with their physical locations, such as discounts on viewing-party tickets for platform bettors, and deals on other gambling products such as on-site and online table games and slots. And this opportunity is as good for the bettor as it is for the casino.
Fun and unusual bets can be made on a peer-to-peer betting platform, bets that casinos wouldn't normally want to make. For a small fee, bettors can use the platform to find counterparties and have a good time betting on some of the more quirky aspects of sports too. Innovate Creativity Invent Design Pivot. Top Stories. Top Videos. In other words, the industry is giving the chance to experience the involvement and flexibility of the traditional pub bet on an online platform.
Peer-to-Peer betting has offered a different layer of betting to the players. It has touched upon values that have surpassed the need for financial gain and has tapped into the psyche of the player and addresses the collective spirit that distinguishes contemporary playing patterns. It has granted the player the luxury of imagination and one can only dream of what the industry has left to offer. With so many dramatic changes in the gambling industry over the past years, we are sure that the next big thing is not even imaginable.
To view current job opportunities in the Gaming Industry, click here. Our client, a specialised legal firm in Malta, is currently looking to recruit an experienced Corporate Executive to join their team. Reporting directly to the Head of Corporate Services, the chosen candidate will be responsible for the Our client, within Financial Services, is currently recruiting for a Project Management to join their team.
We are looking to recruit an experienced and meticulous Accounts Executive to join our finance team. The chosen candidate will be responsible for assisting with the accounting for 3 separate legal entities with elements of inter-company Ideally 20 hours per week Forming part of a small team, the successful applicant will be responsible for the Back to articles.
Featured jobs. Corporate Services Executive RS Our client, a specialised legal firm in Malta, is currently looking to recruit an experienced Corporate Executive to join their team. Accounts Executive YG We are looking to recruit an experienced and meticulous Accounts Executive to join our finance team. Payroll administrator.
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