BetMGM's Strategic Moves, Sports Betting App Development Tips, and a New Sports Betting Conversations Episode feat. Michael Adams of Caerus
Welcome to the Sports Betting Biz Insider, a monthly wrap-up of updates in the sports betting industry. Here's a summary of noteworthy reads and moments we witnessed in July.
BetMGM Invests in Market Expansion and Customer Acquisition
BetMGM has made significant investments in marketing and customer acquisition in the first half of 2024, aiming to solidify its third-place ranking in the US market and close the gap with industry leaders DraftKings and FanDuel.
The company expanded its reach by launching online sports betting in North Carolina in March and across Washington, DC in July, now operating in 29 markets in North America. They also collaborated with sports analytics company Angstrom to introduce new markets and features such as in-house same-game parlay and SGP+ products. In May, BetMGM became the official odds provider for the Associated Press.
Adam Greenblatt, CEO of BetMGM, commented:
"2024 is a year of investment, focusing on enhancing our customer experience and increasing player investment. We are encouraged to see this strategy delivering accelerating momentum.”
Check out this throwback article featuring Ursula Grosser, Senior Director of Program Management at BetMGM, where we discuss the company's expansion strategies, partnerships, and market-specific campaigns: The Road to Opening New States
Notable Reads
1. Sports Betting App Development: Differentiating Your Platform. How can sportsbooks differentiate their platforms in the competitive betting space? In my latest article, I delve into the key strategies for developing a sports betting app that not only attracts users but also fosters long-term engagement. Discover how customization, personalization, and innovative features can transform your platform into a market leader. Read the article.
2. AI in Sports Betting: AI-Powered Tools and Leaders' Perspectives. How can sports betting platforms harness AI technology while navigating ethical concerns and ensuring user data protection? In my new article, I explore how innovative tools such as Angstrom Sports, Juice Reel, and Invincible GG successfully leverage AI-powered solutions to enhance fan engagement and retention. Read the article.
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3. Sportradar Integrates Live Betting Odds into Social Media Ads. Sportradar is enhancing the potential of social media as a performance marketing channel for sportsbooks with more engaging and effective video ads. By integrating live sports data and betting content into social media video ads, the company aims to create new opportunities for social advertisers. Discover more.
4. Genius Sports and X Launch Innovative Ad Spending Product. Genius Sports has partnered with social media giant X, formerly known as Twitter, to launch an innovative product aimed at accelerating ad spending. The new technology, called Trend Genius, leverages real-time conversations to help advertisers pinpoint optimal ad allocation using X’s Ads and Trend APIs. Discover more.
Sports Betting Conversations
1. Caerus: Leveraging Machine Learning for Precision Pricing in Global Sports Markets. In the latest episode of Sports Betting Conversations, Kevin Twitchell and I met with Michael Adams, Co-Founder at Caerus Risk Solutions, to explore the innovative use of machine learning and proprietary models in sports betting. Michael shared fascinating insights into how they provide accurate predictive analytics for global leagues and their unique approach to precision pricing. Watch the full episode feat. Michael Adams.
2. Building Long-Term Customer Relationships to Foster Loyalty. In this short video, Jai Maw, President and Co-Founder of Betting Hero, discusses how building personal connections and relationships fosters long-term customer loyalty in sports betting.
3. The Story of Jamie Mitchell & Low6. In this throwback video, Jamie Mitchell, CEO and Co-Founder of Low6, shares the story of his company and how it was born from the idea that gamification could harness big data for users of free-to-play games. Watch the full episode feat. Jamie Mitchel.
That's a wrap for now. Stay tuned for the next updates!
💡 Please share your views on the July digest topics in the comments below or contact me if you would like me to cover a particular topic next time.
Great to find this insightful newsletter, Russell . The sports betting industry is evolving rapidly, and your updates provide valuable perspective on the latest developments. Looking forward to more enriching content from you.
Executive CRM strategist driving 2x-digit retention and loyalty membership growth.
2moI love the insight regarding customer loyalty in sports betting from Jai Maw from Betting Hero - "In five or ten years from now, CPAs in the space won't sustain an acquisition-only model...Consumers don't yet have loyalty to operators...The operators that will ultimately win out will be the ones who listen to their customers and build products that their customers are actually demanding. If they do that, those customers will remain loyal, more so than they are today. And today, they're not very loyal at all." Terrific monthly wrap-up Russell Karp 🇺🇦 DataArt - I'm glad I'm subscribed. I would have missed that post.