Saturday January 16, 2021
Jul-16-2020 13:17TweetFollow @OregonNews
What Oregon Sportsbooks Can Learn from Their UK CounterpartsSalem-News.com
Oregon is one of four US states that allows sports betting.
(SALEM, Ore.) - In the UK, it’s safe to say that the betting industry is currently thriving.
With live sports proving hugely popular in the betting and gambling industry, more and more online betting sites, as well as bricks and mortar betting shops are opening up for business and the profits and these new betting companies are speaking for themselves.
Because of the fact that the gambling industry is proving to be so lucrative and popular in the UK and indeed, in many other parts of the world as well, more and more countries are looking to get their own slice of the pie and take a page out of the UK’s book.
More About Oregon sportsbooks
In the United States of America, sports betting is actually illegal in many states, though over the years, as they’ve seen the profits to be made, more and more states are legalizing sports betting and gambling.
The state of Oregon is renowned for its sports betting, yet despite this, sportsbooks in Oregon are actually losing money.
In the early stages of the inclusion of sportsbooks, experts predicted profits of $6.3 million, in the first year. In reality however, recent figures indicated that losses of more than $5 million. So, what gives?
Here’s a look at what Oregon sportsbooks can learn from their UK counterparts:
The first thing that Oregon sportsbooks can learn from the sportsbooks overseas is patience.
In the UK, with online betting sites currently thriving, Oregon sportsbooks can learn a lot from the UK’s approach by simply being patient. Remember, "across the pond", sports betting has been popular for decades now, yet in many parts of the States it is a relatively new concept and as a result patience is very much needed.
It is incredibly optimistic to predict big things early on, especially when exploring the uncharted waters of sports betting. It’s all well and good to predict profits in the millions, but predictions are all they are.
The best approach sportsbooks can take to live betting is to exercise patience and remember that losses early on are highly likely, with any business.
Lose the monopoly sportsbook
In the US, only 4 states allowing sports betting are monopolized, i.e. lottery-ran.
Out of these 4 states, Oregon is the only one to end the previous financial year in the red. This would seem to indicate that the monopoly sportsbook theme simply does not pay off and does not work.
Basically, within a monopoly, the state of Oregon is simply unable to do enough in order to sufficiently acquire enough customers to shut down illegal sports betting.
You see, in the UK, sports betting is legal and prominent, so there is no demand for underground betting shops because the services are readily available legally. In the US, because sports betting is illegal in so many states, the black market for sports betting is thriving.
Put simply, unless things change, people would much rather bet illegally than legally, meaning that the market can never benefit fully.
Include betting for lesser-known sports
In the UK, one of the best things about the betting industry is the fact that you can bet on virtually anything, with some newer sports betting companies specializing in events like the UFC or MMA.
You can bet on the weather, you can bet on popular soap opera storylines, you can bet on royal baby names and genders, and you can bet on smaller, lesser-known sports.
Of course, the sports that grab the headlines are the professional and elite sports, I.E the English Premier League, pro boxing, big horse racing events, and so on. However, smaller football leagues, smaller races, and lesser-known sports can also be wagered upon and that is what Oregon needs to do.
In the US, college sports are actually very popular among gamblers, yet Oregon currently doesn’t include college sports betting. Simply including college sports would be a big step in the right direction.
Source: Salem-News.com Special Features Dept.
Articles for July 15, 2020 | Articles for July 16, 2020 | Articles for July 17, 2020