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Posted: Oct 24, 2022 at 11:06 am.
Last updated: Oct 24, 2022 at 11:15 am.
LAS VEGAS – Joey Levy doesn’t plan for Betr to be like FanDuel or DraftKings.
And it’s not just the sports betting aspect. As the co-founder of the microbetting startup said in the first part of a conversation held at Resorts World Las Vegas earlier this month, he believes the entire sports betting experience needs to be revisited.
Part 2 of our conversation focuses on what Levy thinks about the current sports betting industry landscape and what the industry will look like in a year from now.
If you missed Part 1, you can find it here.
Casino.org Edited Levi’s answer for length.
Back at the Global Gaming Expo (G2E) next year, what do you think the US sports betting industry will look like by then?
Joey Levy: “Knock on Wood, if we succeed, people will ask a lot more questions. Like, what do you see on Bet MGM or Caesars Sportsbook? What should your product experience be like?
Hopefully, I think we’ll get a lot of traction with this new reimagined experience, so people will ask questions.I think that’s generally a good thing for the industry. , there are companies doing new and different things. It’s not just us. I find it very interesting what Mojo has launched in the sports stock market. There are new fantasy companies doing interesting things, like Underdog and PrizePicks. So in general, having a wide variety of game and product innovations is good for consumers and good for the industry.
“There will also be more questions and interest not only about brand awareness, but also how to pursue it. We have a job, everybody knows those brands, right?We’re advertising like a car insurance company, but I don’t think it’s as interesting as GEICO.They have brand recognition, but You have an industry where homes always win. It is inherently difficult to establish brand affinity with consumers when all they want in the long term is to lose money on your site is.
“How do you build lasting relationships and develop a community with your audience? It’s about increasing the value of, not to make money, then build a cool media company or content, everything Betr does in terms of distribution is all original content. Don’t flood your linear TV with generic ads like those car insurance companies and sports bettors. For creators to become more credible and build better relationships with consumers, distribution needs to be rethought. ”
Younger sports fans are consuming content differently than their parents, especially through social media. I know that’s where the betters go…
JL: “It’s not just the younger demographic. Millennials and older generations are all on social media and now consume content differently. When Jake released the video announcing Betr , everyone from all walks of life watched that video. They found a way to get it. That’s what we’re all working on right now.”
You alluded to this before. I think DraftKings and FanDuel were in many ways post-PASPA industry disruptors. Do you think they have now moved out of that disruptor mode and become a legacy company?
JL: Yes, I say that because I think they’re going to be successful, but again, I don’t think they or anyone else is from a product perspective. , the only one I think has potentially done a good job is Barstool Sports. But in terms of products, no one has built something that mass-market consumers can pick up and operate intuitively. For someone who has never bet on sports, this is like a foreign language.
“And I don’t think they have the right incentives to go out and radically change the look and feel of the consumer experience. Their brand is already synonymous with traditional sports betting. I think that’s what it will be called in 10 years.
As for Betr, I still don’t know what Betr is. Today it’s a microbetting app. We don’t know what will happen to us tomorrow or in the future. But everything we do is for mass-market casual fans to intensify their consumption of sports.
“We’re not looking for anyone better than whales. What I’m trying to say is we don’t even know if we cannibalize their business or hijack what they’re doing.” They are targeting a smaller subset of consumers who are verified to spend a lot of money on sports betting and make a lot of money doing it. We are chasing 147 million people who are not engaged in sports betting today because the product experience is not very good or intuitive, out of the current industry’s 3 million monthly active users. I’m trying to be a gambling age sports fan Delta.
Details from Levy will arrive on Wednesday.
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