Q&A: Britbet talks innovation and taking on the tote

The pool betting sector gets a shakeup this summer as Betfred’s 10-year monopoly on the vertical comes to an end. One of the companies looking to fill the void is Britbet, a joint ventrure between 55 UK racetracks and technology provider Colossus Bets.

Ahead of a 13 July launch date, the operator’s director of communications David Williams tells EGR about B2B plans, targeting football punters and taking on the competition.

EGR Intel: Can you share any of the innovations you are working on with Colossus?

David Williams (DW): Pool betting is crying out for new products, new ideas and a new approach to customer service. We will be guaranteeing more attention-grabbing pools far more frequently for our exotic pools, powered by Colossus. They are world-leaders in providing Cash Out and Syndicates within their product mix, and we’re looking forward to unveiling these kinds of features ahead of launch.  We’ll have brand new bet types too as we look to engage existing pool betting customers and appeal to new audiences.

The key to successfully rolling out our innovations will be aligning the products with the right customers. We know that many of our on-course customers will be infrequent racegoers and they will expect simple, customer-friendly tools to enhance their day out. Sports bettors who are familiar with concepts like Cash Out in football also demand a similar experience in horseracing.

We’re also looking to offer an improved and simplified version of place terms and consolation pots on some of our exotic bets which we expect will be well received. It’s overdue and we’re well placed to take advantage.

EGR Intel: Have you considered any free to play options?

DW: FreePlay options are increasingly a staple of the modern-day customer betting experience. We’ve seen the likes of Skybet make a big play of their free to play options, but we are confident we can do this better and more appealingly. Colossus have a track record in this space and with our 55 partner racecourses we have a significant distribution network and target audience to get people playing with our products.

EGR Intel: Will you be able to offer britbet as a B2B service for casino operators?

DW: Our priority, as we motor towards launch, is on ensuring our 55 partner racecourses get the pool betting operation they deserve with a clear B2C focus on improved products and improved service. However as a liquidity-based operation we realise the value of making the pools widely available and we are pursuing B2B distribution opportunities in the UK and abroad. The unique features within our exotic pools, in particular, mean they can provide a strong complement to an operator’s existing product suite.

EGR Intel: Can you share details on takeout and returns to racing?

DW: An obvious reason for keeping rates broadly in line with the pool betting industry norms is provided in the answer directly above, namely that B2B partners expect a basic minimum revenue from any bet placed by one of their players into our pools.

However in a B2C context a ‘cashback’ programme will be available to online customers which will see many pool bettors benefit from britbet’s policy of rewarding loyal, consistent users over time. On top of that, and of real importance, is the addition of minimum guaranteed prize pools for our exotic pools. These will, in many cases, markedly improve upon what is currently available, meaning that the effective takeout rate for these pools will be significantly less than the headline rate. For example, if you receive £50,000 in stakes into a pool which is won with a £100,000 guaranteed prize, your takeout is a large negative number.  Ambitious guaranteed prize pools is one device we have to give value to players and provide a competitive offering.

EGR Intel: How will you appeal to the whole spectrum of customers including recreational fans and shrewder punters?

DW: We hope the modernised features (such as Cash Out) that we are bringing will make sports bettors consider pool betting to a more relevant option than it has been in recent times when set against a rapidly evolving betting landscape. We believe regular racegoers, some of whom remain frustrated with existing treatment from betting operators, will understand the benefits of aligning their betting to a Racing-oriented partnership. The key will be to differentiate our offering for all these customer groups and we’re looking forward to doing that.

For some customers, betting into our pools will ensure they won’t experience many of the frustrations they increasingly face with fixed-odds operators, and if they discover that our pools offer value to them over time, we are confident they will play with britbet.

EGR Intel: Can britbet and the tote both survive?

DW: Whilst split liquidity for a pool is never ideal, we believe that the on-course liquidity from our 55 partner racecourses is a key advantage. We are also working on third party distribution of the pools including racing-to-racing deals which incorporate international media rights. Supported by regular guaranteed prize pools and a relentless focus on product and innovation, we are confident of success.

We’re also conscious that it will not only be about britbet and the tote as we enter a competitive market-place. From mid-July the market will be open to any operator wanting to offer British racing pools and we expect others may be keen to enter the space.