Aiming to bring some much needed innovation to the pool betting landscape, britbet recently unveiled a plethora of new pool betting markets, as it looks to grow the value and target market of pool betting.
We spoke to David Williams, the Director of Communications at britbet who detailed the importance of britbet’s fresh approach to pool betting, as well as how it can elevate the overall value of horse racing as a betting product.
SBC: How important is it that britbet is taking a fresh approach to Pool betting?
David Williams: Every element of the betting landscape has experienced high levels of innovation in recent years with the exception of the pool betting environment. We are firmly of the view that it is crying out for innovation around products, bet types and the interaction of customers with britbet on-course and online.
We’re confident that a combination of fresh thinking, innovative products and technologies will help to promote our partnership approach to pool betting which is by racing, for racing. Our 55 partner racecourses are incentivised to promote pool betting to their racing audiences and with their significant reach they can amplify an approach which we know will resonate with customers who care as much about the sport as we do.
SBC: Can detail further the different bet types you’re offering to pool betting players?
Whilst there will be some reassuring familiarity around some of the key bet types currently in the marketplace, we are augmenting that range with some exciting new bet types that – in time – we hope to prove really popular. Our First Four and First Five correct-order bet types are new to UK audiences but will frequently carry some really big pool guarantees which will appeal to customers who wish to have a crack at life-changing returns.
Some of the innovations we are introducing around our multi-leg bets which will include exciting aspects such as Cash Out and syndicate opportunities – are genuine firsts for the industry and we are working on ways to generate the levels of excitement we believe they warrant. The significant pool guarantees that we are promising will help to ensure that specific customers and groups of customers are rewarded with effective rates that are very competitive and better than existing industry norms.
SBC: With the new bets you’re introducing into pool betting, what type of market are you looking to open pool betting up to?
As we motor towards our July launch we are firmly focusing on the 5 million+ customers who will come into contact with britbet in our first year. For a start-up operation we have that enormous advantage of potential customer-base and we are determined to get that right.
We know we have infrequent racegoers who might only visit their local course once a year and for those customers we will promise a welcoming and elevated level of service, the opportunity of FreePlay options and some easy-to-access betting opportunities. For the more regular racegoer we know that our “by racing, for racing” positioning will resonate with their love of the sport and its sustainability, but we also know that our success will be even greater if our products and our value proposition is pitched correctly.
For sports bettors, the innovations we bring, such as Cash Out, will align pool betting with many of their other products, especially football, and we hope to prove to this audience that pool betting can be relevant, appealing and exciting. We have an enormous range of potential customers and will target each of them with focused marketing and comms efforts.
SBC: How much can innovation in pool betting help to elevate the value of horse racing as a betting product?
We’re in no doubt that pool betting is ripe for growth. It is the most significant aspect of the racing betting ecosystem that has been under-exposed and we are keen to correct them with our energy, vision and innovation.
We’re also wide awake to the reality that – culturally in the UK, at least – fixed-odds and guaranteed returns are the starting point for the majority of race-going customers, so the challenge is not insignificant. We need to get the education piece right and it will take time to bring the scale of customers over that we aspire to, but that is a challenge we are relishing, and with a cocktail of exciting products and a very clearly defined message that britbet supports the racing industry, we are hopeful of making the right kind of difference.”
SBC: How much can innovation in pool betting benefit the retail betting market?
As we move towards launch, the retail betting market is not a core priority for britbet and we are focusing much more so on the opportunities we have through our partnership model with the 55 racecourses and the customers it will bring our way. Over time, we will look to engage with enthusiastic operators who value the racecourse-led partnership that sustains the britbet brand and believe that our products and innovations will ultimately prove appealing to a wide range of potential B2B partners.