CES 2020: Mims gives his takeaways for sports betting operators and consumers
This was my first CES. Amid all the new innovations in technology and gadgets that are designed to make our lives easier, there was a track solely designed for Sports Betting and Business. This is the 3rd year that the CES had sessions that addressed sports related content. The NFL had a session that highlighted how they use technology to track productivity and to prevent injuries. Media was involved with panel discussion on how content that is related to Sports betting can be redefined and presented to the consumers. Esports was discussed as the next frontier that will captivate the gaming audience.
I was quite fascinated by everything I learned over the 4 days of the conference. It was quite the education to see where the Sports Betting industry is going. Prior to this conference, I learned sports betting concepts from the bookmakers that were synonymous with the Las Vegas Strip. Now the wagers are generated by algorithms that are based on game related and in match factors.
I want to give my two takeaways that can shape your plans as an operator and a consumer:
1. If you are an operator, you want to find ways to differentiate your book. Everyone will be taking bets on the games. Why should I bet with Casino A and not Casino B? If you have a mobile app, I can bet from the comfort of my living room. So why should I come to your property? The location of your venue can only be a determining factor if there is not mobile wagering in your state. Talk to me if you want to learn how you can outmaneuver your competitors.
2. If you are a patron that likes to bet on the games, you want to be able to find value in the number that the books post. Think about where you shop for food. Who has the best price and where does your budget go further? That location is where you should be spending your money. If you hit 54% of your wagers, your bankroll will last 10-15% longer by seeking value. Read my forthcoming post on Bettors Insider and I will provide insight on what to look for.
I want to thank all the people that I was able to meet at the CES for their time and information. They include sports book operators, casino management personnel, technology leaders and media chief executive officers. My agenda for next year will include CES 2021.
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