Digital Chain chief strategy officer Oleg Profatylo explains how to maintain perspective yet recognise opportunities as sports betting steadily finds its feet again.
The first half of 2020 was a rollercoaster for all business categories and betting was among the most affected ones. As all offline sports events were canceled without any clear dates for a comeback, the industry had to adapt by shifting everything online to esports and non-conventional bets. Overall, it succeeded, albeit with some missteps and global market shifts, but it got through.
Now, as global sports slowly come back, it’s interesting to think about their place in the industry that's changed. Let’s dive in and see what trends to expect and how betting companies can use them to their advantage.
The global quarantine and concomitant absence of TV broadcasting of traditional sports led to huge contractual debts of leagues and teams. Of course, no one could know about the pandemic and how hard it would hit, so generally, it all could be qualified as force majeure. Still, TV channels would want to make up for lost profits, while sports organisations would compete for reallocation of airtime and new beneficial agreements. In the unstable times to come, teams, leagues and others will welcome any chances to strengthen their positions, like with new potent sponsorships and collaborations.
For betting companies, it may be quite a valuable opportunity to strike a new profitable deal and increase media presence.
New ways and approaches may be useful in optimising work in normal, post-COVID conditions, bringing new perspectives and competitive advantages. Some tips and tricks used during the quarantine period may now be transformed and used to enhance people’s experience of interaction with offline sports betting
It’s even more promising considering the fact that most countries don’t yet allow people in sports stadiums, meaning that for a while, the bulk of the audience will watch matches on TV and online. Despite the fact that the world is trying to gradually return to normal, it still makes sense to redirect marketing budgets in ‘quarantine ways’. They will be relevant for quite some time.
Fans, though, are definitely warmly welcoming the comebacks of their favourite sports after an unusually long pause. Audiences will be highly emotional, which can be used in a smart “emotional targeting” technique that we effectively tested out in the past. In the new context, it promises to be extremely efficient and bring great results. Reaching the audiences through an emotional approach, one can achieve a big and rapid income amplification.
During the pandemic, betting companies have gained invaluable experience of working in instantly changing circumstances. New ways and approaches may be useful in optimising work in normal, post-COVID conditions, bringing new perspectives and competitive advantages. Some tips and tricks used during the quarantine period may now be transformed and used to enhance people’s experience of interaction with offline sports betting. The main task here is to be able to see complexities and challenges as new opportunities and to use them accordingly.
As for traditional sports and sports betting, I am sure that despite a sharp increase in esports and the general adaptation to a purely online era, betting on offline sports events will return triumphantly. It would take a lot more than even this global disruption to take down or seriously impact an industry nearly as old as civilisation itself.