Staying ahead of time with Sports BettingStories | 19 Mar 2019
Sharing thoughts with Robert Matijevic, NSoft’s Senior Product Manager.
Building up a successful Sportsbook.
Although a relatively young company, initially acknowledged as a provider of excellent retail virtual gaming solutions, NSoft has recognized the dynamics of technology development and its application within the betting world. Consequently, the company’s long term strategy required a niche that resulted with the development of Seven Platform and sports betting as its essential segment.
Keeping up with the fast Sportsbook transition
Sports betting, in spite of decades long tradition, has never lost its attractiveness. On the contrary, its products represent the core business and the leading online gambling profit generator. Most markets consider it legal therefore it is still undergoing a strong expansion. Recent steps towards the regulation of sports betting in the US, Brazil and India have opened up a huge potential for both customers and software providers.
The traditional form of sports betting – “fixed odds pre-match betting” that has previously dominated, enabled most betting shops to operate if having sufficient in-house solutions. However, the revolution brought by the migration from retail to online, then the emergence of In-Play Betting with accompanying stream and data visualization, eSports as the new betting form aimed to target new population, betting cryptocurrencies etc. has brought a variety of, not only technical challenges for NSoft. The answer was to create a sophisticated omnichannel solution that would meet the needs of different customers as well as end users, maximizing the specificity of the markets they are coming from.
What about the development?
There were 4 key preconditions to be met: stability, functionality, flexibility and successful trading tools.
To finish this demanding project successfully, it was necessary, not only the know-how from different areas but also the synergy, collaboration and teamwork of all people involved in the development process – Product Management, UI/UX Design departments, IT development and QA team together with Trading teams and customers who participated as stakeholders, not only in the research phase, but also during the product development itself.
Sportsbook portfolio – ICE 2019
Product opportunities were taken into account regarding the different customer profiles – from those who want a turnkey solution with as fewer operational costs as possible to large developers that need a quality tool in order to create their own trading and risk management strategies. Upon the successful completion of ICE London 2019 the Sportsbook product portfolio was presented with several different products available through different delivery platforms (retail, web, mobile and terminal):
You want plug & play turnkey solution…?
Long-term partnership with the leading sports data provider Sportradar resulted in the development and launch of Live MTS and Pre-Match MTS (Managed Trading Services). These products represent comprehensive solution through the revenue share model offering a full package of Betradar LCoO and Live Odds feed, services of Odds Compiling & Risk Management, as well as the omni channel software solution. Some additional Betradar services such as stream and hosted stats are also supported.
Depending on the competitiveness of the markets in which they operate, we are able to offer our customers to operate with different feed accounts, colloquially called Low, Medium & High, where different profit margins (oddskey settings) can be defined.
These two products have been operating successfully, for the past five years, in the markets of more than 15 countries on four continents with steady growth.
…or to pilot yourself trough Sportsbook Self Managed?
For customers who want to maintain complete autonomy, we have developed a Sportsbook Self Managed solution. The special attention was dedicated to Odds, Risk Management and Analytical reporting with a combination of automated and manual tools that enable the customer to create his own odds & risk strategy that ensures the achievement of desired profit.
In addition to the already integrated Betradar Unified Feed, the application also supports the use of a combination of feeds of different providers, as well as the import of own-account odds scheme, including the possibility to create any custom event of any kind.
The operating costs can be optimized in dependence to customer’s necessities. In case the customer wants to automate the process to the maximum through predefined odds key and liability settings he will need several experienced traders and risk managers. However, the customer can acquire additional control by manual authorization of risk tickets resulting with additional security, but it also requires a slightly larger team that will manage the processes.
This solution offers all the necessary tools aimed for successful trading making it and ideal choice for “know how” users.
The future of Sportsbook
Trends in the future development of software are undoubtedly aimed at the ever-increasing use of Artificial Intelligence in which the Sportsbook is no exception. A huge amount of processed data can be used for multiple purposes. Learning the logic of successful trading or risk management, adopting the collective knowledge of successful players for the purpose of faster and more accurate odds compiling, as well as monitoring the habits of players for the purpose of their more accurate tracking and targeting are just some of the possible applications of AI within the Sportsbook software. At the same time it represents a great challenge for the NSoft Product and Development teams to face in the upcoming period.