Sportsflare’s guide to Bet-on-Yourself (BoY)
Introduction
The world of gaming and esports has enjoyed explosive growth in the past decade. With tournaments being played in front of sell out stadiums for multi million dollar prize pools, it’s not surprising to see sports betting operators putting more emphasis on their esports offerings and branching out into innovative esports betting products.
The gaming market
There’s an estimated 2.9 billion gamers in the global gaming market which is expected to generate $175.8 Billion USD in 2021. This gaming population is composed mostly of the younger generations with 87% of Gen-Zs, 83% of Millennials, and 79% of Gen-Xs playing games on a regular basis. However, of the 2.9 billion gamers, only 10% or less have placed a bet on an esports event. This presents both a massive opportunity and a challenge for sports betting and iGaming operators to develop products and set up infrastructures to target the lucrative and underserved gaming population.
What is Bet-on-Yourself?
Sportsflare’s Bet-on-Yourself infrastructure is an extension of the natural gaming experience for casual and hardcore players where the experience is enhanced through wagering on their own games. The gaming format remains exactly the same, but the variation comes with the wagering aspect. Players not only get to enjoy their usual gaming experience, their engagement is elevated through the potential to win real-money, or earn points towards rewards and prizes.
Unlike current platforms offering Bet-on-Yourself in a player vs. player format, Sportsflare’s BoY infrastructure offers a player vs. everyone format with fixed-odds which allows players to bet on-demand, rather than forcing players to queue, match, and add other betting players which disrupts both the gaming and betting experience of players.
Difference Between Free-to-play and Real money
The free-to-play version of Sportsflare’s BoY product offers similar upsides to other free-to-play products in the sports betting industry which acts as a customer acquisition and as a real-money betting conversion tool. Players can wager a virtual currency to earn points which can be exchanged for prizes. This further presents opportunities for operators to upsell their traditional sports and esports betting markets.
The real money iteration operates in a similar manner, but instead of a virtual currency, players use real money for transactions. As with the free-to-play BoY version, Sportsflare’s real money BoY product gives sportsbook operators the opportunity to expose players to esports and sport betting markets to further drive action to their platform.
BoY vs Regular Esports Betting
BoY highlights the massive betting opportunities which lie with gaming. BoY is truly 24/7 in the sense that a player can choose to play whenever they wish, rather than being limited to events and tournaments which are the standard for esports betting. On top of being a 24/7 betting product, BoY operates at high margins of ~15%, further increasing turnover and profit for operators.
As BoY is a game of skill, it’s a particularly enticing product for smaller operators as there are different licensing requirements to esports betting markets. It presents a perfect opportunity to break into a competitive esports betting market while differentiating the brand from larger competitors.
In terms of engagement, pre-match betting is surpassed by live betting as bettors feel part of the action while betting on the events in real-time. With BoY, the engagement levels are incomparable to any kind of esports betting as the player is now the action. Instead of betting on outcomes outside of their control, they are directly in control of their own betting outcomes. This makes BoY truly engaging and memorable as the in-game actions and live bets converge for an entirely new experience.
Sportsflare: the perfect partner to launch your Bet-on-Yourself product
If you operate a sportsbook, fantasy, or a player vs. player BoY platform and want to be an early adopter of the new Sportsflare BoY infrastructure, Sportsflare have a complete turnkey solution to get you up and running in no time.
Tags: Bet on Yourself, What is Bet on Yourself
Categorised in: Blogs