Entering the regulated Brazilian market
This article first appeared on GMB.
“Brazil will be one of the biggest regulated markets in the world and OpenBet prepares for entry”
Global sports betting provider OpenBet has its sights set on entering the regulated Brazilian market. Talking with Games Magazine Brazil, CEO Jordan Levin opens up about the company’s strategy for the region, including the importance of its reg tech and overall modular product suite to match the specific requirements of all operators.
Games Magazine Brasil - What plans do OpenBet have in place for the Brazilian market?
Jordan Levin - Entering Brazil is a top priority for OpenBet and we are more than ready to deliver our globally renowned sports betting experiences to operators in the country. Brazil is unique compared to the other regulated jurisdictions in which we are live, and we are genuinely excited about launching our content, platforms and services in this newly regulating and promising market. It is estimated that operations in the country will generate over $4 billion in online gross gaming revenue (GGR) and become one of the biggest regulated markets in the world.
We have been clear about our aspirations to build a prominent position in the region and have already had discussions with several entities interested in our modular suite of product solutions. Operators have observed the power of our match-winning offering and are seeking our support to succeed.
The company has recently launched a new geolocation product. What was the thinking behind this development and how does it support regulatory requirements in Brazil?
With final regulations now released for Brazil and the market set to launch very soon, it is vital for operators to prove their commitment to player protection and compliance. We identified a need for a compelling geolocation product for the industry that differentiates from what is already available to the marketplace. This is how OpenBet Locator™ was developed and is completely ready for Brazil.
OpenBet Locator™, powered by the tried and tested technology of Amazon Web Services (AWS), is underpinned by our industry-specific expertise, which has been gained over more than 25 years. The product offers a strong proposition that ensures superior operational compliance. Our new low latency solution is dependable, scalable and compliant and was developed with a gaming-focused business logic at its core.
We know what operators’ compliance pain points are and for Brazil specifically, we have the adaptability and know-how to tailor to the market’s local regulations. This product is already ready to support the needs of Brazilian operators and will ensure they have the security and confidence to succeed in this highly competitive market.
Football is king in Brazil, will your BetBuilder solution be a key component of your content offering for sportsbooks?
BetBuilder by SportCast has been an enduring success in regulated markets worldwide since its launch and year-on-year contributes to notable upticks in margins for sportsbooks. We anticipate this trend to continue in Brazil, with the revolutionary power of BetBuilder elevating the user experience further.
The product gives bettors the ability to create their own narrative both pre-match and in-play. For many operators, BetBuilder has fundamentally changed the betting landscape and significantly increased bet slip counts during major sporting events. We will continue offering compelling new products to Brazilian operators when the market opens.
The OpenBet product suite comprises of several pillars, can you elaborate on what they offer exactly?
OpenBet’s modular product offering is made up of several key pillars, including Bet, Trade, Transform and Protect.. This evolved structure reflects our expansion as a provider and allows operators to identify which products suit their needs with ease. Operators can select the full end-to-end solution, or simply use our expertise in a particular business area.
Bet is the turnkey version of our sports betting ecosystem. This pillar includes our powerful betting engine technology, along with our player account management (PAM), which enables operators to manage individual customer accounts using sophisticated software. Additionally, our frontend has undergone an investment of approximately $20m in the past four years to ensure a seamless user experience that is intuitive across mobile, web and retail channels.
Trade covers all things trading, risk management and content - everything needed for a successful trading function. This service features end-to-end odds spanning outrights, pre-match, in-play and an unrivalled player prop offering. Our revolutionary BetBuilder sits within this pillar and averages more than 22% margin across all sports and partners, which is the best margin in the industry.
Within this pillar, we also have a one-stop shop trading system, risk manager and trading screens that augment the capabilities of our partners and drive operational performance. Our Managed Trading Services (MTS) are available to those looking to outsource their trading function by offloading the management of their trading and risk strategy, content management and daily trading tasks. The team boasts a rich heritage of experience, a multi-jurisdictional presence and offers 24/7 support.
Now integrated under the OpenBet umbrella, IMG ARENA delivers engaging sports content through its high-quality data and streaming solutions to sportsbook brands globally. The supplier’s unmatched streaming content and FastPath Data, which is collected within stadia by trained scorers or match officials, covers 12 sports and more than 68,200 events.
Following the acquisition of Leap Gaming, IMG ARENA also integrated high-end omnichannel virtual games with cutting-edge 3D motion capture technology, including football game Virtual Brazilian League, which opens up new revenue streams for operators and boosts bettor engagement.
For both of the above pillars, Transform is the icing on the cake and emphasises the flexibility of our brand. We provide tailored solutions for customers who prefer a service-based pricing model in addition to our modular and productized solutions.
Protect, has undergone significant growth in the past 12 months, with OpenBet’s acquisition of player protection software provider Neccton greatly elevating our Responsible Gaming capabilities. Add to this our proprietary geocompliance technology, OpenBet Locator™, and we have unrivalled solutions to help operators comply, detect and protect customers. Safer gaming is a core commitment of our company and we are passionate about creating a sustainable and safer player experience. These products will empower Brazilian operators to showcase integrity, security and responsibility in the new market.
What makes OpenBet a compelling proposition for potential customers?
OpenBet is a global leader in sports betting technology, boasting over a quarter-century of industry experience. Our deep expertise and cutting-edge technology enable us to deliver world class sports betting entertainment to global customers. We are proud of our track record in understanding customers’ needs and delivering flexible solutions across many established and newly-regulated markets.
Our wealth of knowledge is combined with robust, scalable and modern platform technology that reports zero downtime during major sporting events and continues to evolve. The award-winning product suite provides unparalleled flexibility that can be tailored to specific market demands and preferences. This adaptability empowers operators to create engaging betting experience that drive customer loyalty and target localised campaigns.
Lastly, what have been the key highlights for OpenBet in H1 2024?
OpenBet has enjoyed a stellar first half of the year and grown its customer base by over 40%. In the past six months, we have solidified our position as a leading provider through the successful and error-free execution of major sporting events, including Euro 2024, Grand National, and Cheltenham Festival, all of which reported zero downtime.
Notable highlights include the launch of our Managed Trading Services (MTS) with long-term customer Danske Spil and the signing of a landmark sportsbook platform deal with Australian market leader Tabcorp. It has been a successful year so far for SportCast’s BetBuilder with numerous deals penned, and the soft launch of our in-play BetBuilder solution for Euros 2024.
All of this is underpinned by our commitment to safer gaming and player protection, with Neccton now working with even more partners as they seek to elevate their player protection capabilities.