SBTech targets New Jersey’s sustainable sports betting ecology

SBTech targets New Jersey’s sustainable sports betting ecology

Monday, July 16, 2018 Posted by Luke Massey
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SBTech recently signed an agreement with Resorts Casino Hotel

SBTech CEO Richard Carter has praised the state of New Jersey (NJ) for creating a sustainable ecology for sports betting stakeholders.

He told “NJ did an outstanding job at creating a sustainable sports betting ecology. They have embraced mobile to help capture the largest addressable audience, and adopted a fair tax rate to ensure a great consumer experience (8% on property and 13% online).”

Just two weeks ago, SBTech signed an agreement with US land-based operator Resorts Casino Hotel to provide its sportsbook solution across on-property, online and mobile channels in New Jersey.

Carter added: “Resorts did a lot of due diligence on all of the suppliers in the space. Ultimately, our managed services and our experience in trading led to a comfort level where we all agreed that Resorts’ brand strength in NJ combined with SBTech’s dedication to providing an exciting consumer product suite was an unbeatable combination.”

The partnership will see Resorts fully outsource its risk management and trading to SBTech, whose proprietary operations will allow Resorts to achieve differentiation in a crowded field, remain in full control of their liabilities and not be influenced by a wider pool-based risk management.

While commending the New Jersey’s Division of Gaming Enforcement (DGE) for embracing the mobile audience, Carter admitted that there may be a period of education for SBTech’s leading in-play products such as Pulse Bet, a new take on live betting launched at ICE 2018.

When asked if Resorts’ offering would resemble a European style sportsbook from the off, he said: “This depends on what the DGE allows. We anticipate that NJ will offer a broad European style sports betting marketplace, but the final regulations have yet to be released.

“There may be a period of education for US bettors to get used to some of the in-play products like SBTech’s patent pending Pulse Betting before we see mass adoption of the EU model. For most Americans, the legal sports betting options have been very limited, so there will be a learning curve.”

Totally Gaming says: As well as SBTech’s track record of rapid deployment in newly regulated markets, its range of mobile-first product features was said to be a key factor in the platform provider beating many contenders to secure the sought after Resorts contract. Both parties will be hoping to flourish under the fair tax rate set out by the state of New Jersey.

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