Month: December 2022

The speed of Sorare’s rise has been breathtaking. Founded in 2018 by Nicolas Julia and Adrien Montfort, the group is now valued at $4.2bn (£3.4bn/€4.0bn). It raised $680m in September 2021 as part of its most recent funding round.

Investors include the great and the good of tech startups. SoftBank, Accel, Gary Vaynerchuk and Reddit co-founder Alexis Ohanian have all invested alongside high-profile football stars such as Rio Ferdinand and Antoine Griezmann. Then there’s the biggest of all, and arguably the best player in the world, Kylian Mbappé, who also acts as a brand ambassador for the group. 

Sorare’s corporate rise has been accompanied by high praise and strong backing from opinion formers in its home country. As well as having Mbappé on board, the group is also the official Web3 token provider of the Paris 2024 Olympic Games. It is celebrated by French executives and politicians as a homemade Web3 unicorn.

Regulatory attention 

Sorare, in common with fan token provider Socios or crypto exchange giant Binance, has signed myriad deals with sports clubs and leagues. This includes a recent $30m-per-year partnership with the English Premier League. 

The profile Sorare has achieved, especially in the past two years, has been spectacular. As with other emerging products where fantasy gaming, NFTs, crypto, fintech and Web3 converge, it has also attracted the attention of gambling regulators such as l’Autorité nationale des jeux (ANJ) in France.

The GB Gambling Commission CEO Andrew Rhodes also chimed in recently. In a speech to gambling executives he said the Commission would be putting more resources into understanding whether synthetic shares, crypto-backed NFTs and other Web3-type products were relevant to gambling regulators.

This followed a warning to consumers in 2021, after the regulator began to investigate the business.

With regard to ANJ, it has been in contact with Sorare about its business model since March. The regulator decided to investigate it more closely to see whether it was equivalent to offering real-money sports betting in the way a bookmaker or, maybe more relevant to Sorare, a betting exchange does.

Fantasy model   

Sorare operates by issuing virtual player cards as NFTs. Users purchase these through the Ethereum platform and use them to create fantasy teams. The cards can be traded on Sorare’s digital marketplace/exchange, with their value rising or dropping depending on the real players’ performances on the pitch.

The impact that the players’ performances have on the value of the cards is what piqued ANJ’s interest. With users required to pay to enter the Sorare offering this is not surprising. As with other real-money gaming products, consumers take part in Sorare fantasy tournaments through a financial stake that can lead to financial gains or losses. 

Following ANJ’s approach, Sorare chief executive Nicolas Julia said the money spent to acquire the cards does not represent a betting stake and their value is not linked to real sporting performances. 

He added that Sorare players get to keep their cards and can use them repeatedly, as opposed to a betting stake that is lost forever in the case of a losing sports bet. This, he said, was another feature that distinguishes Sorare from a sports gambling offering.      

Compromise agreement 

In mid-November ANJ published its ruling and said Sorare had agreed to “strengthen free access” to its tournaments as a way to address ANJ’s “serious doubts regarding the legislation on gambling that this part of the offer raised”. 

Sorare would not be required to obtain a sports betting licence in France, but must implement those changes by 31 March 2023. ANJ added that the “response is a transitional but essential step before the adoption of a permanent solution which requires an adaptation of the legislation to bring these new Web3-related activities within the framework of the regulation operated by the ANJ but with specific modalities”.

iGB asked Sorare how the emphasis on “free access” would be put into practice. The group said its offering would evolve “by opening up new gaming possibilities for free users”. 

It added: “Sorare has always sought to innovate, and this development is part of the company’s roadmap. This change will provide new gaming and strategy opportunities for users. This will be in everyone’s interest, including current players, who will benefit as the Sorare community grows.”

Asked if it was anticipating a significant drop in revenues from its French market activities as a result, it said: “When you invent a model like Sorare’s which has never existed before, it is natural that the offering evolves and improves over time. 

“Sorare is first and foremost a game. It is not presented or marketed as an investment or financial product. Today, 87% of our users play for free. Our objective is to grow the community. There is no reason the value of the cards should depreciate.”

Common as muck

The group clarified that the 87% figure refers to Sorare users being able to buy non-NFT cards, called ‘common cards’, that they can use for free when they join the platform. The implication of course is that Sorare users must still purchase the NFT cards that make up all its ‘Unique’, ‘Rare’ or ‘Limited’ editions. Sorare told iGB that it could not share any further details on this point currently. 

The rise of Sorare is a clear case of a startup harnessing new technologies and developing a product that regulators were not prepared for. In fairness Sorare would likely include itself in that description. 

The topic however is highly sensitive in France and the fact that no lawyer involved in the French tech scene was willing to comment on the issues raised in this feature testifies to that. Equally for Sorare the stakes are very high: should ANJ decide that it must apply for a sports betting licence, it could have major ramifications for the rest of its activities worldwide.  

The question of player intent is another key aspect of the debate. Whether we look at it through the prism of sports betting or even financial speculation, players who take part in Sorare’s fantasy football tournaments, just as those who purchase and trade fan tokens on Socios, will do so in the expectation that the value of their digital goods will rise.

All this partly explains why those web3 companies are so desperate to not be associated with any form of gambling (or financial speculation) and is why ANJ expressed “serious doubts” with regard to Sorare’s business model. 

As for emphasising free-play access to its products, the question needs to be asked of Sorare whether it will remove the requirement for players to purchase NFT cards to take part in its fantasy tournaments because that is the crux of the issue.

Therefore it will be interesting to see how ANJ views the company’s moves to “strengthen free access” to its tournaments when it carries out its review in March 2023.

In 2021, Tripp agreed a deal with BetMakers in which he would advise the Australian supplier on its B2B wagering strategy and purchase AU$25m in shares in the business.

Earlier this year, BetMakers announced that it would be part of a betting venture with News Corp and Tekkorp, which later adopted the brand name Betr.

In this announcement, BetMakers revealed that it and Tripp had agreed that he would increase the escrow arrangement on 35 million of these shares by three years, and that he would receive a cash payment of AU$15m.

However, at BetMakers’ annual general meeting last month, ASX said that chief executive Todd Buckingham explained that part of the rationale for the AU$15m payment was “because it was more than a strategic deal and because Matt [Tripp] has helped me personally”

ASX rules

According to the ASX’s guidance notes, if there is a “material change” in the terms from a previously agreed transaction, “ASX may require the entity to seek a fresh approval from its security holders”.

In addition, listing rule 3.1 says that “once an entity is or becomes aware of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s securities, the entity must immediately tell ASX that information”.

In defining materiality, the ASX notes that deals worth 10% of the “applicable base amount” are generally material, and deals worth less than 5% are generally not material. During 2020-21, BetMakers made a net loss of AU$17m, which it said would make the AU$15m deal material.

Materiality of Matthew Tripp payment

As a result, the exchange asked BetMakers a number of questions in order to understand more about the payment and determine whether it needed shareholder approval.

It asked whether BetMakers considered the payment to be material. In response, BetMakers said it was not.

 It said that the payment was a business expense, and so it did not make sense to use its earnings as the base amount. Instead, it argued, its AU$173.7m worth of expenses should be used, with the Tripp payment making up 8.6%.

In addition, it said that the payment refers to 10 years’ worth of services, and so it should also be amortised over that period, which would make it worth only AU$1.5m per year.

The business also noted that its revenue could increase drastically over this 10-year period because of the Betr deal, which the Tripp payment was announced as part of.

BetMakers shareholder approval

ASX also asked whether altering the deal to provide a cash payment was permissible under the agreement approved by shareholders.

BetMakers said the alteration “does not change or diminish” the original arrangement, as Tripp will still receive the performance rights initially agreed when the extended escrow period ends.

“The escrow deed of variation, and specifically the Tripp payment, did not offer extra remuneration to Tripp for the services under the consultancy agreement, nor did it seek to remunerate Tripp for its services in pursuing a strategic deal,” BetMakers said. “Rather, the transactions effected under the escrow deed of variation acted as an incentive for Tripp to secure the Betr Deal for the company.”

BetMakers also rejected the suggestion that he received the AU$15m payment because of the new escrow arrangement with the shares. Instead, it said, it had “always represented the Tripp payment in the context of the Betr deal”.

Buckingham statement at BetMakers AGM

BetMakers also said that the characterisation of Buckingham’s ASX comments “do not accurately reflect Todd Buckingham’s statements at the annual general meeting and mischaracterise the business rationale behind the Tripp payment”.

“Mr Buckingham’s comment in relation to Matt Tripp’s assistance was made in response to another question regarding the ongoing relationship with Matt Tripp and not in the context of the Tripp payment,” it said. “Mr Buckingham’s comment intended to convey the strong relationship that has developed with Matt Tripp and that Matt Tripp is acting in complete alignment with the company’s best interests.”

Again, it pointed to the Betr deal as the rationale for the payment.

Finally, BetMakers said that Tripp “is not entitled to any further remuneration” for his continued consultancy services.

Tsai brings nearly two decades of experience at the heart of integrated resorts to Crown Perth, having spent more than 15 years at MGM Resorts International.

In his new role, Tsai will lead Crown Perth’s remediation action plan and work with the newly appointed Independent Monitor, Paul Steel, to implement the recommendations of the Perth Casino Royal Commission earlier this year.

The appointment comes after private equity firm Blackstone pledged to “operate at the highest standards of compliance, governance, and integrity” following its takeover of Australian gaming group Crown Resorts Limited in July.

Crown investigations

In February 2021, Crown was deemed unsuitable to operate a casino in Barangaroo, Sydney, after an investigation uncovered evidence of money laundering in its facilities.

Later in the year, Crown was also ruled as unsuitable to operate a casino in Victoria, with an investigation ruling Crown had engaged in “illegal, dishonest, unethical and exploitative” conduct.

Crown Resorts CEO Ciarán Carruthers said: “David is well placed to lead Crown Perth through its next phase and steps into the role as CEO at a pivotal moment in its history. 

“David’s passion for instigating true cultural change will have an enormous effect and I look forward to working with him and the team at Crown Perth to create exceptional experiences for our guests in Western Australia.”

Tsai added: “Across the industry, Crown Perth stands proud as a world-class property, with premium restaurants, luxury accommodation, and exceptional entertainment. 

“I am deeply committed to delivering on our reform and remediation plan and cultural transformation, and ensuring Crown achieves its ambition of becoming a world leader in the delivery of safe and responsible gaming and entertainment. 

“I’m privileged by the opportunity to lead our more than 6,000 team members at Crown Perth and share in their understanding and passion for creating exceptional experiences for our guests.”

Okala, whose highest ATP ranking was 338, was found guilty of seven match fixing charges, while Lescure, who had a highest ATP ranking of 487, was found guilty of eight charges.

The ITIA also said the players have both been part of wider law enforcement investigations in France and Belgium.

The sanctions mean both players are permanently prohibited from playing in or attending any tennis event sanctioned by the governing bodies of tennis. Okala was also issued with a $15,000 (£12,220/€14,214) fine and Lescure was fined $40,000.

In the case of Okala, the player was found guilty of several breaches of the Tennis Anti-Corruption Programme (TACP), including three counts of section D.2.a.i of the 2014, 2016, 2017, and 2018 TACPs. These sections related to the requirement for a player to report any match-fixing approaches to the ITIA.

Okala was also guilty of two counts of section D.1.d of the 2017 TACP, whereby no covered person shall contrive or attempt to contrive the outcome or any other aspect of any event.

In addition, it was ruled Okala was guilty of two counts of section D.1.e of the 2017 TACP, which states covered persons must not solicit or facilitate any player to not use his or her best efforts in any event.

Turning to Lescure, he was found guilty of counts of section D.1.d of the 2014, 2016, 2017 and 2018 TACPs, in relation to influencing the outcome of other aspect of an event.

In addition, like Okala, Lescure was ruled to be guilty of two counts of section D.1.e of the TACP from 2014, 2016, 2017 and 2018 TACPs. The cases were ruled on by independent anti-corruption hearing officer Charles Hollander KC.

The cases relate to section 180(1) of the Corporations Act 2001 (Cth), which references the requirement for a company officeholder to “exercise their powers and discharge their duties with care and diligence”.

This, ASIC said, was also in relation to findings from investigations into Star’s activities in New South Wales and Queensland, two states in which Star has recently been deemed unsuitable to hold a casino operator licence and subsequently had its licences suspended.

Alongside Heap, who was appointed chairman in June this year after a spell as interim chair, ASIC confirmed Katie Lahey as the other current Star director that will face civil proceedings.

Transitional arrangements for Star

Star said both Heap and Lahey have supported its board renewal plans announced earlier this year, but will step down once additional directors are appointed and the appropriate transition arrangements are put in place.

This process, Star said, is expected to be finalised in early 2023 and will be designed to ensure the operator maintains a sufficient number of independent directors at this critical juncture.

“At the recent annual general meeting, I committed to provide stability during a period of significant leadership change and to ensure the company is firmly on the path back to suitability,” Heap said. “That journey to become a better, more robust and more sustainable company is in progress as necessary improvements continue to be embedded across systems, processes and culture.

“Ms Lahey and I intend to contest the ASIC allegations, but to remain on the board beyond the transitional period would be a distraction to the company when remediation needs to be our unwavering focus. A search is currently underway for new directors.

“I am proud and privileged to have had the opportunity to lead The Star during a difficult and important time in the company’s history and will continue to do so until an appropriate handover is complete. I would like to take this opportunity to thank the board and management for their support since becoming chairman earlier this year.”

Other executives facing civil proceedings

A total of 11 current and former directors and executives will face proceedings, including ex-chair John O’Neill, former CEO and managing director Matthias Bekier, as well as Richard Sheppard, Gerard Bradley, Sally Pitkin and Zlatko Todorcevski, all of whom are no longer with Star.

ASIC alleged the board members approved the expansion of Star’s relationship with certain individuals with reported criminal links, rather than addressing money laundering risk by inquiring into whether Star should be dealing with them. 

ASIC also alleged board members, when provided with information about money laundering risks affecting Star, did not take steps to make further enquiries of management about those risks, adding that this was a breach of their director duty obligations. 

In addition, ASIC made further allegations that Bekier, as well as former company secretary and group general counsel Paula Martin and ex-chief casino officer Greg Hawkins, breached their duties in a number of ways.

These included not adequately addressing money laundering risks that arose from dealing with Asian gambling junket Suncity and its funder, as well as continuing to deal with them despite becoming aware of reports of criminal links. ASIC also said the individuals were not appropriately escalating money laundering issues to the board.

In relation to Martin and also former chief financial officer Harry Theodore, ASIC alleged they knowingly permitted misleading statements being provided to National Australia Bank regarding the use of debit cards issued by China Union Pay International (CUP) at NAB ATMs located on Star’s premises. 

According to ASIC, these statements disguised the fact that Star was permitting CUP cards to be used for gambling, which was prohibited by CUP. ASIC said it is aware over AU$900m was obtained by Star customers using CUP cards in NAB ATMs from 2013 to 2019, adding that Bekier, failed to report these matters to Star’s board. 

“As I’ve said on many occasions, directors and officers are a critical part of the conduct of business in Australia,” ASIC chair Joe Longo said. “Their duty is to understand the operations of the company over which they preside, and the particular risks faced by the business. They are required to bring an inquiring mind to business operations. It is not ‘set and forget’.”

Star Queensland licence suspension

The announcement comes after Star had its licence suspended in Queensland and ordered to pay a penalty of AU$100.0m due to a series of failings in the state.

In October, Star was found “unsuitable” to hold a licence in Queensland following an inquiry into its two casino operations – Star Gold Coast and Treasury Brisbane – in the state.

The review, which was announced in June, examined a range of issues and unearthed a host of institutional failings. Many of these were broadly aligned with those uncovered by Adam Bell SC’s report into Star’s activities in New South Wales, where the operator was also found unsuitable to hold a licence.

Highlighted issues included Star’s “concerted effort” to deliberately mislead banks and regulators on the purpose of China UnionPay transactions, contravening Chinese capital flight laws. Star was also found to have sought out individuals linked to criminal organisations and encouraging them to gamble against the direct advice of police commissioners.

In addition, social responsibility failings and serious deficiencies with the company’s anti-money laundering and combating the financing of terrorism practices were uncovered, as well as serious concerns over the business’ historic dealings with junket operators.

Grounds previously served as president and chief operating officer of Infinity World Development Corp, an affiliate of Dubai World. Here, he headed up the $7bn (£5.69bn/€6.64bn) investment in CityCenter Resort & Casino in Las Vegas with joint venture partner MGM Resorts International.

He also served as a non-executive director of MGM Resorts International between 2013 and 2021. In this time, the BetMGM venture with Entain was formed after the repeal of PASPA. MGM said this gave Grounds a deep understanding of the igaming market with experience in ongoing governance and oversight of strategy and execution. 

He has also been licensed in a number of jurisdictions in the United States.

The appointment comes after the Australia-founded bookmaker has expanded its operations in the US igaming market. The company intends to rapidly grow its already prominent presence in the country following launches in New Jersey, Iowa, Illinois and Colorado. 

“We welcome William Grounds and look forward to his contribution as an independent non-executive director,” PointsBet chairman Brett Paton said.

“William has tremendous international business and governance experience, with particular strengths in the areas of US sports betting, gaming and casino.

“Further, adding an additional US-based director ensures we continue to have the appropriate level of governance and oversight on the ground in the expanding and ever-evolving North American market.”

PointsBet partnerships

PointsBet has already earned itself recognition in the US sports-igaming sector with partnerships with the NFL, NBA, MLB, NHL and PGA Tour. 

The bookmaker’s biggest partnership though is with NBC Sports, where in August 2020 the two agreed to a $500m deal that would make PointsBet the exclusive provider of odds, props and trends across the Comcast-owned media giant’s linear and digital channels – including its Peacock streaming service.

Boeskov will join the Mindway AI board, in addition to her similar commitments at Belgian omni-channel operator Gaming1 and racing media rights organisation Racecourse Media Group.    

Boeskov’s last executive role before focusing on board duties was as SVP for strategy at Better Collective.

Prior to this, she had spent 17 years at Kindred in various executive positions including chief operating officer, chief programme officer and chief experience officer. She also holds a master’s degree Copenhagen Business School in intercultural communication and management.

Strategic competencies

“We are very pleased that Britt Boeskov has joined Mindway AI’s board of directors. Her deep experience from the industry, not least her 17 years at Kindred Group in various leadership roles, is a huge asset for Mindway AI as we continue to develop and grow our business,” said Mindway CEO Rasmus Kjaergaard.

Boeskov will join the Danish software company’s board to bolster the business’s strategic competencies as it attempts to continue to grow in 2023.

Kjaergaard outlined the business’s thinking in the shape of the company’s growth journey in 2023.

“In 2023, we will be expanding our organization and growing our markets both inside and outside of Europe, and we will furthermore be focused on strengthening our industry partnerships,” he said. “Britt Boeskov will no doubt be a valued advisor in this process.”

New Mindway AI board composition

In addition to Britt Boeskov, the Mindway AI board of directors now consist of company founder Kim Mouridsen, former director of Danish Gambling Authority Birgitte Sand, chairman of the board and Better Collective CFO Flemming Pedersen, as well as independent consultant Willem van Oort.

Better Collective holds a majority stake in the responsible gambling solutions provide, having increased its stake in the business by DKK17m by 70% to 90% in January 2021.

In September, the two businesses, in cooperation with registered charity Gordon Moody formed a responsible gambling global network to offer new protections and support within the industry.    

The document outlines current gambling laws and policies in Scotland, as well as highlighting those most at risk of gambling harm and presenting measures Spice deems to be more effecting in curbing harm.

The report outlines four universal measures for combatting gambling harm which it said could potentially minimise the impact of problem gambling.

Education

The first is public information campaigns. Although campaigns are currently in place throughout the UK, the report notes that there is “little evidence” that the messaging influences a change in behaviour. Specifically, the report comments on the “When the fun stops, stop” slogan, retired in 2021, which the report said had been criticised as “harmful” by those who had experienced harmful gambling.

School education is second, with the report stating that education programmes for children – including the Scottish Gambling Education Hub – have “limited evidence” as to whether they work or not.

Advertising and access

Advertising is also listed, having been a topical subject for regulation in the UK and a possible aspect of the much-delayed Gambling Act Review, which is set to be published in the coming weeks.

The report said that there are “few mandatory or legal restrictions on gambling advertisements” currently.

“Gambling advertising occurs across a wide range of platforms, including in sports venues, online and on television it,” said. “Advertising and promotions, including through the sponsorship of sports teams, are regularly received by those considered vulnerable by the Gambling Act 2005.

“This includes children and those with gambling problems.”

The report also notes that Scottish Women’s Football have already chosen to not accept sponsors from gambling or alcohol industries.

Lastly is restricting access, which the report says is a difficult feat due to the 24/7 availability of online gambling. While it said that raising the minimum age to gamble could be a possible way to restrict access, it noted that “evidence for the potential effectiveness of this approach is lacking”.

Evaluating gambling harm

The report also includes data gathered during the Scottish Health Survey in 2021. This survey found that 0.4% of respondents experienced problem gambling, while 6.0% were classed as at some level of risk of gambling harm.

Breaking the at-risk group down, 4.5% of people were classed as low-risk when it came to gambling harms, and 1.5% were at a moderate risk.

The data also revealed that 58% of respondents had gambled in the last year, while 42% had not. The uptick in gambling participation was also pointed out, which rose by 7.0% from 2012 to 2021.

Looking at gambling participation by sex, the data revealed that 61.0% of men had participated in gambling, compared to 56% of women.

Public health approach

Spice’s public health approach says that the Scottish government should pay the same level of attention to gambling harms as it does to alcohol, tobacco and drug harms.

“In Scotland, a public health approach is already taken to reduce harms from alcohol,
tobacco and drug misuse,” reads the report. “This involves a wide range of organisations including the NHS and charities, working on education, prevention and early intervention, as well as
support and treatment for those experiencing harms.”

“A similar approach could be taken to reduce gambling harms to individuals, families, communities and society using evidence to inform policy and health measures.”

The report also links gambling with “unhealthy behaviour” such as smoking, high-risk alcohol drinking, drug use, poor diet and obesity”.

Future Anthem said that the appointment symbolises the company’s development plans as it seeks to expand its business across Europe and North America, building on existing work in the sector with companies including Bally’s, Betfred, Big Time Gaming, Blueprint Gaming and Paddy Power Betfair.

Laura Bird background

Bird brings substantial experience to the company, having worked in finance for 15 years, including a lengthy spell at Ladbrokes where, as digital financial controller, she led the integration of the Ladbrokes and Coral digital businesses and the transition of processes from London to Gibraltar. 

She began her career at BDO LLP and has since worked for Ocado, NBC Universal and Gaming Realms, among other roles.

Future Anthem investment strategies

At Future Anthem, she will spearhead the company’s financial planning and decide on investment strategies alongside chief executive Leigh Nissim and the board.

Bird said: “I am delighted to have become part of the Future Anthem family.

“Having spent many years working within the industry it’s abundantly clear to me that this is a hugely exciting company with ambitions to match my own. I could not be happier to be able to play a part in this ongoing journey.”

Nissim added: “Future Anthem has a very clear growth plan that we are delivering on and which is allowing us to attract the best talent from the industry and beyond.

“Laura has a highly tuned commercial approach that will unlock value and potential across the business and for our partners, helping drive us forward as we continue our expansion into 2023. Appointing her as our Chief Financial Officer is a real statement of intent.”

Future Anthem has grown its workforce by 30% in the last 12 months, including the appointment of Emma Ferguson as head of people, Matt Nichols as general manager of the Americas and Ian Tibot as chief product officer.

It’s been a big year for theScore, and it’s only getting bigger. 

As 2022 winds to a close, Benjie Levy—president and chief operating officer of theScore and head of Penn Interactive—reflects on the company’s recent developments and innovations.

Last October, Penn National Gaming – now Penn Entertainment – completed its acquisition of theScore parent company Score Media & Gaming. The timing couldn’t have been better. 

Amid rampant sports betting expansion in the states, Barstool Sportsbook went live in various markets. 

In April, Ontario launched full-fledged online sports betting after years of limited options. theScore leveraged its media presence, betting prowess, and customer loyalty to launch its online platform in Ontario and garner early success in the market. 

Now, theScore and its parent company continue to expand. New products, innovations and in-house technology stage the company for ongoing success in Ontario and beyond. 

Sports betting: Parlay+ 

Same-game parlays, one-game parlays, single game parlays… the list of names goes on, and theScore recently added Parlay+ to the roster. 

Single game combo parlays are one of the latest crazes in the sports betting world and were one new feature on the revamped theScore Bet platform.

“We know bettors like placing parlays, and the ability to deliver them a correlated parlay product, where you’re betting on markets that are correlated and to price them up and allow bettors the opportunity not just to make a single same game parlay, but parlay together multiple same-game parlays is something that we know is of interest to them,” says Benjie Levy. 

He notes that theScore wanted to take time and do the product justice. Parlay+ and its differently-named cousins at competing platforms require careful plotting to get right.

“We think the user experience is very solid and the initial feedback for that product has been very good,” Levy continues. “We’re going to be rolling that out to additional leagues over time, adding in additional market functionality into the same game parlay product, so like everything we do, it’s not fixed in time, we’ll continue to iterate and build in response to our user’s desires and preferences, but we’re pretty happy with how it’s started out of the gate.” 

theScore also brought all of its tech in-house. Having risk and trading, player account management and other aspects of the business under one roof make it easier for the company to craft interesting features for players. More on that in a bit. 

theScore casino product improvements 

But theScore isn’t just focused on its sports betting product. In the igaming space, it beefed up its casino offering with new offerings for players. 

The latest additions to theScore’s online casino include expanded live dealer options and daily jackpots. 

“As a sports-led gaming operator we find our users tend to gravitate to table games, so the Evolution product, our live dealer product has been very successful right from the outset,” Levy says. 

To complement the slate of Evolution games, theScore launched its own live dealer studio, branded to theScore Bet and featuring blackjack and roulette tables that are open 24 hours a day. 

“We saw an opportunity for a 24/7 dedicated environment, so we took it. IT’s been a great addition,” Levy says. 

On the slots side, theScore welcomed a new jackpot function to its portfolio. 

“We launched [daily jackpots] in partnership with Red Tiger across their suite of games. 

“We’re the first in Ontario to launch a daily jackpot product, so the jackpot pays out daily, which is something that’s very exciting for users. There’s also a progressive element to the jackpot as well across the network of slot games.”

No two online casino users are the same, according to Levy, so variety is important. The larger the breadth of your offering, the more players will flock to your platform to enjoy the games and features on offer. 

“[Recently] we enhanced the offering even further, with launching a number of games from IGT, who have some of the most popular online slot games in the market,” Levy says. 

“The product does not stand still,” says Levy. “It’s always continuing to evolve from a features perspective and a content perspective.”

That evolution is practically a prerequisite in a fast-moving and ever-changing industry. 

Making it all possible

Behind theScore’s recent slew of new features is a dedicated in-house tech stack.

 According to Levy, the vision for theScore Bet has always involved owning its own technology, even since the early days following PASPA’s fall. 

“It’s not just about risk and trading, it’s about our own player account management system, it’s our own promo engine, it’s about our media platform that’s also built on our own technology stack,” Levy says. “When you control all elements of the user experience both front-end and back-end, that allows you to drive innovation, to create a seamless experience, and really do it at a speed and a pace that’s just not possible when you’re stitching together disparate systems from different vendors.”

He also emphasises how in-house tech can streamline the onboarding experience.

“We’re able to create customisation and personalisation on a one-to-one level for users.”

It all comes together to create a product aimed at drawing in new users on its own merits, rather than enticing them with the promo-driven approach. 

“We’re shifting away from what you see in the marketplace, where it’s largely a marketing and promotion-heavy environment, to an environment where you’re fighting to have your users actively choose you every day on the basis of the product that you offer them.”

The in-house tech stack offers a distinct advantage, Levy believes.

“What’s important is the control it affords us, and the ability for us to own our roadmap. We can set the prioritisation without relying on a third party of multiple third parties.”

Levy says player feedback to the new features and improvements to theScore’s product as the result of the nimble in-house tech has been very strong thus far. 

“We see very strong cross-sell from the sportsbook into our online casino, and also, with regard to the integration between our media and betting ecosystems, we see better retention, we see a significant uptick in the value of users who are ecosystem users. 

“A user of our media app and betting platform is 80% more valuable than a user of our betting platform alone, and that just ladders back up to our thesis that betting is a part of the sports experience for a large number of fans. By creating that integrated experience, which we’re uniquely able to do, it delivers value to our users.”

Looking back, looking forward

When asked how theScore has changed since Ontario launched sports betting, Levy keeps it simple. 

“I wouldn’t say we’ve changed,” he says. “I think we’ve always taken the view that the user comes first. 

“We were very proud of our offering when the Ontario market opened in April. We’ve continued to build from there with Parlay+, daily jackpots, more casino content, and other big features that enhance the user journey.”

The natural question, then: what’s next?

“We have a very, very large project ahead of us: the migration of Barstool Sportsbook across all its operating jurisdictions in the United States,” Levy says. “That will take place in Q3 of 2023.”

But from there, Benjie Levy stays tight-lipped about the future.

“We’ll continue to rely on the amazingly talented and creative product designers and managers and engineers that we have in-house to continue to dream up new features, creating a product and platform that consumers will choose every day.”