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How to keep your betting business competitive in the next 10 years.


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The world has changed more profoundly and rapidly from 2008 to 2018 than it did from 1998 to 2008. It is to be expected then that in the next 10 years the changes we experience will be much greater, mainly in the business world, where technological advances such as artificial intelligence and virtual reality added to the change in the global economic order put companies under pressure to remain competitive and at the forefront in the coming years.

In the case of the betting industry, we have already begun to experience major transformations in the industry that will be decisive in defining the direction that companies will take in the coming years.

To help bookies keep their businesses competitive, we present some of the trends that will be presented in the coming years.

Changes in the competence paradigm

The paradigm of traditional competition and dismissal where a company sought to liquidate another to keep the entire market for itself is disappearing to be replaced by a paradigm of collaboration. For example in the betting industry, we have seen in the last year how large companies and brands have signed agreements to collaborate and generate joint initiatives that allow them to be more competitive and create greater value to the bettors. Bookies that want to stay in the game for the next 10 years should lose the fear of collaborating with other companies and even with other bookies. The expansion that the US betting market is currently experiencing is one of the main catalysts for collaboration, so it would be good for bookies to take advantage of this situation to look for potential collaborators such as sub-agents.

Adaptability

As we mentioned, the world changes very fast at all levels: technological, economic, social and political. For example, no one expected the ban of sports betting in the US to be lifted so quickly, much less the implications, consequences, and transformations that it would bring to the industry. Bookies must have the ability to react to any change in their environment. Having a good provider of Pay Per Head is a good way to be prepared for any change, either to take advantage of a favorable trend or to have mechanisms to counter a negative trend that can put the business at risk.

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