Wiseodds: Tapping into the rise of social betting

The last few weeks has seen Wiseodds launch its poker-inspired platform which has already been integrated into the BetConstruct offering. The platform promises to allows punters to compete against one another in ‘poker-inspired rooms’ to predict the outcome of sporting events.

SBC spoke to Lilit Nikoghosyan, Head of Operations at Wiseodds, to find out more about the company’s peer-to-peer product, including how it’s set to help operators differentiate their offering and tap into the rise of social betting 

SBC: Can you tell SBC readers what is it about the peer-to-peer platform that differentiates it from other betting platforms?

LN: The Wiseodds platform allows players to bet against each other instead of competing against an operator. The product is designed to increase the winnings of players and reduce the risk to operators by mitigating cash flow as the winnings are taken from the pot available on the table at that time. Therefore, we have created a low-risk, ring-fenced ecosystem at the player’s table with almost no risk (or loss of revenue) to the operator. For the player, there is a greater chance of winning higher stakes with lower bet amounts.

SBC: How does the new platform take social gaming to a new level? 

LN: When joining a Wiseodds table, players are able to see what fixtures other players are betting on, which then allows them to tell friends to join the same table and compete against them in real-time. They have the ability to check their bet slips as well. All of this makes the game experience far more sociable and exciting than a traditional sportsbook product available on the market. At a time when operators are constantly looking at new ways to attract millennials and Generation Z, Wiseodds taps into the growing popularity of social betting and allows groups of friends to interact with each other when wagering on their favourite sports. 

SBC: Why has Wiseodds identified Europe and Asia as key markets for expansion?

LN: We want to start with the European and Asian markets, as strategically these territories are more mature from a sportsbook perspective. With this maturity markets are ready for new and innovative ways of approaching casino and sports betting. Currently the number of products with key differentiators in the market right now is low. Wiseodds gives operator partners a clear differentiator in markets, especially those who enjoy being first-to-market in situations. 

SBC: How will the variety in table options better engage with punters?

LN: We created a variety of tables where punters can place various and different types of bets such as Under Tables or Over Tables. This enables players to create bets more quickly and easily than the standard betting slip that you find in traditional sportsbook products. It also adds to the choice of a player. While we could have the most innovative idea in the world, if it had only one option it runs the risk of being stale. With a number of different tables, players can try new things, identify their favourites and stick to them, rather than being funneled into a singular choice. 

SBC: What are Wiseodds’ plans for 2020?

LN: While we are aware there is market uncertainty at the moment, it hasn’t dampened our spirits and we still have exciting and ambitious plans for 2020 and beyond. 

We were delighted to attend ICE London in February 2020, which was particularly successful and we have already begun signing deals with targeted platform providers and operators. They have recognized that the Wiseodds product offers an exciting opportunity for them to partner with an innovative solution within markets that are both competitive and saturated, giving them a differentiator. With our help and support, they will educate players how to use a new product, which in itself is an exciting journey. It also gives them a great retention and acquisition tool with a truly unique offering. 

Our strategy is to integrate seamlessly with platforms, which is something we are able to do within 24 hours which is testament to the impressive technical team we have built at Wiseodds. With an impressive speed-to-market and innovative product, 2020 should be a very exciting time for Wiseodds!