SPORTS BETTING
Placing ‘e’ at the forefront of Sports
s we can imagine, sportsbooks have been extremely busy this summer with the likes of the European Championships and Wimbledon. Now with the return of the Premier League, bettors will be looking to bank in on their favourite team’s team week in, week out. According to Statista, the revenue in the online sports betting market is projected to reach $45.18 billion by the end of 2024, highlighting what is up for grabs for these companies. Coinciding with the rapid growth of sports betting, the category that often is under-looked by sportsbooks
Oddin.gg believes esports has just as much potential.
A
Oddin.gg CEO,
Vlastimil Venclík, spoke to Rory Kuypers at Gaming International about the emergence of esports betting, and how player preferences differ from regular sports betting.
Traditional sports and esports are similar in many aspects, it highlights the importance and impact of star players, strategy and tactics. Vlastimil Venclík, CEO and co-founder at
Oddin.gg compared the two fields, “The main difference dwells in the 100% digital character of our industry, with the massive volume of data points flowing nonstop from the game to our infrastructure, models, and subsequently products. Sports betting has a long tradition and there were many fun and engaging things invented and tested for decades. We get inspired by these, but we are doing our best to adjust to the new generation of bettors.”
Esports has experienced remarkable growth in recent years. However, its recognition from online gambling companies has been slower due to the unique nature of esports betting, requiring specialised odds and risk management models, robust infrastructure, and deep knowledge of user-centric design. Traditional sports betting operators require time to research the fast-paced and data-driven world of esports. However, Venclík stated, “As the esports audience expands and matures, and with companies like
Oddin.gg providing the necessary tools and expertise, we’ve seen a significant shift. Online gambling companies are beginning to recognise the immense potential of esports betting, and we’re excited to be at the forefront.”
Technological advances have also assisted online gaming and gambling companies excel with their products. Venclík commented on
Oddin.gg’s technology repertoire: “I would say our success is based on top-level technology and our ability to
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utilise it in a business context. Machine learning is at the core of our operations. “We also use complex mathematical models to generate real-time odds and manage risk, ensuring we stay ahead of the market. Additionally, we leverage machine learning and advanced data science to refine our algorithms and improve our predictions constantly.” The company has also explored new technologies like blockchain, to enhance transparency and security in the betting process.
Achieving high uptime in live esports betting can be a challenging task for a betting company, this is a priority for Oddin. gg and forming a trading team of former esports players cultivates the knowledge and expertise needed to succeed in the market. Asia is already a region where sports has flourished and is a “massive market fuelled by passionate esports audiences that hold significant promise,” according to Venclík, who aims to keep an eye on the emergence in markets in Brazil and the MENA regions. He continued: “Our goal is to be a truly global company, and we’re actively expanding our reach to meet the demands of the growing esports betting industry worldwide.”
Already well-established in Europe and Latin America,
Odinn.gg has also expressed its to expand into North America. In July, the company received a temporary licence from the West Virginia Lottery Commission, after obtaining licences in New Jersey, Colorado, and the Canadian province of Ontario.
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