Fast betting is hugely popular with the lucrative but hard-to-reach player groups that sportsbook operators work tirelessly to engage. Millennials and Gen Zs are motivated by instant gratification and seek out betting experiences that are fast, thrilling and can be enjoyed on their smartphones.
While traditional betting will always be a staple for sportsbooks, fast betting is now a significant driver of wagering volume and ultimately revenue and is the most effective way of tapping into these player groups and delivering an experience that exceeds their expectations.
But what do we actually mean by fast betting?
It simply refers to sports games or events that unfold rapidly, allowing for quick betting opportunities. This includes short-duration matches lasting a handful of minutes, high-frequency events or any other form of rapid gameplay that allows for swift betting markets.
It is popular because of the near-instant settlement it provides to players who want quick action and even quicker results. This is certainly the case for Millennials and Gen Zs who are used to fast-paced digital experiences.
This also includes mobile and video games with a wide range of actions and in-game dynamics that capture their attention and keep them engaged and entertained.
The excitement of fast betting comes from the immediate result and the adrenaline rush of the rapid unfolding action. This experience is particularly thrilling when compared to traditional sports betting, where bettors might have to wait up to 90 minutes for the outcome.
By offering fast betting content, operators can attract a more diverse user base while also offering new experiences to existing bettors. For both, fast betting takes engagement to the next level – quick turnover of events increases betting frequency and potentially higher revenues.
It can also be used for innovative and unique marketing strategies and campaigns, including partnerships with leagues and teams that organise and compete in shorter format competitions.
Fast betting also allows operators to differentiate through the experience offered to players – the diversity and ever-changing markets allow for more variety and bettor choice, and this ultimately leads to a superior, stand-out experience.
But this also requires operators to work with a specialist provider of fast betting content, and this is an area where BETER sets the standard for others to follow.
We run a wide range of tournaments across major sports, including our proprietary Setka Cup table tennis events alongside Ping Pong Point and BSKT Cup basketball league organised in partnership with appropriate federations.Successful tournament organisation requires contests to be fair – athletes and teams must be equal in their abilities and the schedule of matches must be regular and stable.
Another critical aspect is content delivery, and this requires the use of the latest streaming technologies to ensure the end user receives a high quality video stream; so too is clarity and integrity around the organisation of each match, as well as the outcome.
To do this, BETER has established a dedicated Integrity team that sets standards for the organisation of each tournament and match, as well as athlete conduct. This team also covers any issues that arise around potential match fixing.
This process is applied to every single event that we run, with nearly 10,000 taking place each month.
These matches have been designed to facilitate fast betting. Table tennis events often take just 15 to 20 minutes to complete with our operator partners able to offer a wide range of betting markets – earlier in the year, we rolled out 16 new fast betting markets across our table tennis tournaments.
This includes markets such as ‘Two points in a row,’ ‘Extra points,’ ‘Lead after points,’ and others.
This is helping to drive growth in fast betting content – as are advancements in technology that allow us to deliver more dynamic and immersive experiences. At BETER, we position ourselves at the cutting edge of this and will continue to lead the way.
This means launching new proprietary disciplines, establishing new collaborations with key federations and associations, and adapting to new and emerging trends and player preferences. As part of this, we will be adding more fast betting markets.
Of course, it’s important to note that responsible gambling is and will continue to be a priority. Content providers and operators need to pull out all the stops to protect players by providing them with access to deposit limits, loss limits and session limits.
This is certainly the case when it comes to fast betting, where the speed at which players can bet is far more rapid than with standard sports betting. But so long as these tools are in place, and players know how to use them, they can still enjoy a fun, safe betting experience.
Fast betting is quickly making its mark on the sports betting sector and operators across the world are offering these experiences to their players and tapping into the tremendous opportunities it provides to drive engagement and revenues. Those that don’t risk quickly falling behind their rivals.
The article was originally published at NEXT.io.