OpenBet The future of sports betting entertainment
In September, Scientific Games announced the company had reached an agreement to sell its sports betting business to Endeavor Group Holdings. The move resulted in the rebirth of OpenBet and ensured that the sports betting landscape would change once again with one of the industry’s leading providers heading in a new direction.
5 Star recently caught up with OpenBet CEO Jordan Levin to discover more about the new-look OpenBet and the vision the company has to evolve its product offering and operations over the coming months and years.
Scientific Games recently announced it has agreed to sell its sports betting division. What does this mean for OpenBet and the industry in general?
It is exciting news for all elements of the value chain, all the way from our operator partners to the end user. With OpenBet soon becoming part of Endeavor, the move enables us to up our game and take sportsbook solutions to the next level. With OpenBet now in position to be fully unleashed under the Endeavor banner, customers can expect us to be more flexible and quicker with our operations, as well as being even more innovative.
Everyone associated with OpenBet is thoroughly looking forward to the next chapter in this company’s illustrious history. The rebrand has been well-received by the industry and there is real energy from within that we are about to embark on something special. The rebirth of OpenBet has also come at a pivotal moment in sports betting entertainment, particularly as the U.S. market is expected to grow exponentially over the coming years. When we use the phrase sports betting entertainment, it is all about addressing the modern player who consume sports and the betting experience in an all-encompassing way.
More states are likely to embrace legalized wagering, while those with frameworks already in place are expanding their offering to meet public demand for sports betting. We are ready to build on our initial success and remain at the forefront of delivering the world’s leading sports betting technology, content and services, as well as providing a safe and responsible betting experience for players.
OpenBet has a strong affinity within the industry, was this the main driver behind using the brand as the name for the newly-carved business?
Absolutely, OpenBet has a proud heritage of powering the world’s leading sports betting operators and the strength of its brand cannot be underestimated. When you think of OpenBet, the first words that spring to mind are trustworthy, scalable, robust and responsible. That’s what our product offering is known for and that will remain part of our core values. Moving forward, we want to build on those positive perceptions and make everyone see OpenBet as a forward-thinking company with innovation at the heart of its operations. We are sport. And we are best positioned to offer true innovation that makes a real difference.
OpenBet is celebrating its 25-year anniversary, and what better way to mark the milestone than by laying the foundations for its future. Our modern and modular technology, content and services are utilized by sports betting’s biggest brands, including the likes of FanDuel, William Hill, Sky Bet, Wynn, Bet MGM and many others. We have ambitious plans to grow our operator network and enter even more markets across the globe.
Can we expect any changes to the OpenBet product offering?
Operators can expect a clearly defined product offering from OpenBet that is split across three key areas: technology, content and services. Our transformed and modern technology is what sets OpenBet apart from the competition. Operators trust our technology stack to produce robust performance that delivers on every occasion, including peak times around the biggest sporting events. The OpenBet platform was the only solution in our industry to report zero downtime during this year’s Super Bowl.
There is an insatiable demand from operators for engaging content at present, which is why we have recently expanded our offering in this space. One obvious example of this is our acquisition of SportCast, the pioneers behind the revolutionary BetBuilder/same-game parlay product that is hugely popular with bettors around the world. SportCast co-founder and Managing Director Ryan Coombs and his team have some exciting plans to take the concept further, including a concept that will shake up the in-play experience. In addition, our Arena platform is the industry’s only sports betting content marketplace and provides operators with a wealth of content options to upgrade their offer, all via a seamless integration.
Both our technology and content products are complemented with a wide range of services that deliver a comprehensive sports betting solution. This includes our Managed Trading Services, which sees us manage and run the day to day business of an operator’s sportsbook. Above all else, the OpenBet portfolio is fully modular, meaning operators can select exactly what they need to take their business forward.
Are you looking to expand OpenBet’s operations at all?
We have plans to expand our workforce, particularly as demand for our products continues to grow. As we enter more markets and expand our operations, securing the right talent that can support our growth strategy is hugely important. We are actively looking for like-minded individuals who are passionate about sports to join us on our exciting new journey.
We recently opened a new trading hub in Tampa, Florida, which will significantly enhance our trading capabilities. The hub provides us with greater time zone coverage within the U.S. and complements our existing trading operations in Las Vegas and Athens, Greece. We are looking for experienced traders who are keen to work with new technology and play a leading role in our full risk and liability management service powered by Don Best Sports. We are sports betting’s equivalent of an F1 team’s pit crew – supporting our partners at every step of the way and winning together. We are eager to grow that pit crew with technicians who can take us to the next level.
What can we expect from the new OpenBet in 2022 and beyond?
Ambition and determination to bring through innovative concepts that deliver the next generation of sportsbook provision. For 25 years, OpenBet has had a track record of introducing industry-first products to the sector. We were the first to introduce cash-out, a feature that has become a necessity for sportsbooks in today’s marketplace. Becoming part of the Endeavor family will inject even more energy and momentum into our strong offering, and now we are more enthusiastic than ever to produce an innovative solution that will take the sports betting entertainment experience to new heights.