Where is the platform currently live?
- not pivoting to newly regulated markets in Latin America, Europe, or elsewhere?
You're right, it is. Te first country you think of immediately is Brazil. Let's get over there. Once you set a strategy such as ours to be strictly North American-focused, you cannot then operationally or tactically change it whenever a new market opens. Tat means you end up being sales driven rather than product driven. You end up with an inferior product in the long haul because you cannot maintain standards and it's certainly not a scalable way of running a business.
I can understand why people have made changes to go and chase those types of markets because of the operator dominance amongst a few in the US, particularly FanDuel, DraftKings and BetMGM, perhaps there is just not enough operators, maybe there isn't enough opportunity for us to go after in a market that is quite saturated. But it's horrible for developers.
If you're running a development organisation, the contextual change of working to enter Michigan and then Brazil is
We're live in Colorado with Betsafe, in Arizona with Desert Diamond Casinos and Golden Nugget, in Ontario with Bettson, and we're expecting to go live imminently with PointsBet. Other agreements hinge on operators getting their own licence and going live before we can get our licence rubber-stamped.
PointsBet have an experienced management team who understand what we want to achieve, particularly around online casino and with our own apps. Tese are the relationships and deals the commercially enhance us. With PointsBet, we've got a unique tech set up where we are integrating some of our powerful bonus capabilities and integrations with game studios to link within their own wallet. Tis demonstrates to other leading operators the modularity of the tech stack we have. Tere is more than just what you might expect to be there, ie. a monolithic PAM. We're very open to having conversations with leading operators on what we have to offer so long as they're not disrupting our ability to be scalable.
But if they are interested in our modular setup, that widens the net to bigger commercial operators. For tribal operators, our PAM represents a great opportunity to compete with market leading online casinos providers. Tribal operators have vast databases and very loyal customers, so the opportunity is there to lower your CPAs Tere is a significantly higher
Sportsbook is one of the greatest tools to try and facilitate cross sell to online casino. If you interviewed off the record a lot of the leading operators about their PAMs capabilities to cross sell within one single wallet on an app, you'll find operators out there that have a different app for sports and casino.
stark, and in the background, you have also got to fix something in the Netherlands and solve regulatory complexities that need working through in the UK. You end up with a mishmash of a platform and I think you end up failing at it all. We know that if we stay in our lane, we're going to specialise in being very good in North America. Tat will ultimately bring the company to the destination we want to take it and have incredible value for our shareholders.
What are you working on now?
We have more deals and licences in the works. We've got a provisional licence in Michigan and we're deep into licence proceeding in New Jersey, Pennsylvania, and other states. We're preparing ourselves to be ready to enter quickly. If there is a new state to regulate quickly, we can get our PAM and a new operator ready to market faster than anyone else. Tat's what we're working towards and ensuring that our product enables that to be achieved.
Mainly they are, but conversion of customers is a big conversation as well looking at how you utilise cross sell more effectively. How do you convert them from land based to online? Another topical conversation being played out is how to navigate end users to playing more through education. Our CMO, Jamie Shea, who was VP of Sportsbook at DraftKings and launched in many states post-PASPA always stresses the importance of educating the player.
It's critical to ensure that you have not only an app that's very usable, but also everything that you would expect from a top notch app in terms of payment methods, CRMs, integration partners, the right games, the right tool set so that you can actually engage with customers in
lifetime value sitting there, you just need to know how to activate them for an omnichannel experience and loyalty integrations. Tey can create a very exciting experience that regulators were hoping for to see for their citizens where customers can shop the brand rather than the channel. Tis is the message we are emphasising to tribal operators, and I think it's resonating.
Are conversations now centred more around retention than customer acquisition?
real time in a fashion that is directed to where they want to play and what they're interested in. Tis requires quite a sophisticated setup, but that is the focus of trying to get these end users engaged effectively and ensure that once they're on they are being retained and not attracting negative players through the wrong offers.
Out of all PAMs in the US, Strive has the most experience and exposure to a diverse range of operators with the likes of Jamie who has an inside track of what it takes. We're also able to provide more of a consultative piece. If operators ever have a question or want a discussion about how they should set up product technology or marketing wise, we are available to give guidance and support. We see ourselves as a holistic all-round provider in the space.
Many of the biggest US operators are incapable of cross selling between casino and sports. How fundamental is the platform in maximising the cross-sell opportunity?
I think sportsbook is one of the greatest tools to try and facilitate cross sell to online casino. If you interviewed off the record a lot of the leading operators about their PAMs capabilities to cross sell within one single wallet on an app, you'll find that there is still, somewhat unbelievably, operators out there that have a different app for sports and casino, or users must be logged in and out to process them. For players it's a horrible experience and operators struggle to even put the put the wallets together so it's a massive area for improvement.
One of the things we're looking at is what else we could integrate that goes beyond the standard ecosystem of gaming. I think North America is quite a leader in looking at how else you can reward customers. Whether it's worked or it hasn't worked, you have seen companies like Fanatics utilise their fan cash and merchandise as a way of trying to push and pull people to convert in different ways. Te same with DraftKings with their NFT marketplace.
Some things will work, others won't, but you need to have a PAM that can plug all those elements in a multifaceted way. Tat is one of the key points when you talk about product we've been really focusing on. Because I do believe that's where we are going. If you can cross-sell across channels and different verticals you're hitting a sweet spot. Read the annual reports of different operators and you'll see they are trying to achieve that. Of course, there are complexities about what they can do because of market access deals and what they can reward or brand as their own. But anything that's real-time, automated, and relating to data is continually being enhanced so we're ready.
Clearly, we've got to be operator-led. We're not going to force people to take anything. We keep agnostic. We've got more sports integrated to us than any other PAM. I encourage operators to try and have the full ecosystem which may be beyond the gaming verticals they would standardly expect because it's hugely beneficial for end users, so that'll be part of our strategy this year.
NEWSWIRE / INTERACTIVE / MARKET DATA P209
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