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Opinion sought from those Experienced in Sportsbooks
Posted by: Mcluhan (---.ppp.ucc-net.ca) Date: April 6, 2007 02:37PM
Ladies and Gents: there are a few regular readers that are involved in the SB industry in one way or another. This thread is for u only. Please join the conversation with your opinion.
There have been quite a few posts from ppl wanting to enter the business. Here's an idea: express your opinion as to the ‘energy level’ of each of the components that require some mastering: I’ll make a quick list from my perspective. Here are 10 areas evaluated, add any category you deem to be missing, change any value.
‘Energy Level’ means the catch-all of: financial resources (cash-outlay), knowledge base, business acumen, contacts or experience in the SB business, industry mine-field-avoidance, industry and technical know-how; etc
the software.........................................................5%
network management.............................................3%
marketing................................................... ........17%
gaming e-commerce legal & biz/technical side............4%
customer service know-how....................................10%
Mgmt's net-savvy-ness, familiarity and use................3%
general business and offshore biz experience............10%
SB experience (lines, risk, etc)................................18%
finance Admin (banking,wds,accounts,processors).......5%
bank roll..............................................................25%
.........................................................................100%
Edited 1 times. Last edit at 04/06/07 02:40PM by Mcluhan.
Re: Opinion sought from those Experienced in Sportsbooks
Posted by: tokcok (---.tm.net.my) Date: April 6, 2007 09:24PM
i think you got to add this in...contacts and networks..
Re: Opinion sought from those Experienced in Sportsbooks
Posted by: aydink (---.tc.ph.cox.net) Date: April 17, 2007 04:01AM
I am not an expert in the area, but imho the software should be given much more weight. If the software is not aligned with the priorities of your business in terms of performance, flexibility, reliability, and functionality, the business may not operate in the full potential. Especially, if we are talking about e-business.
Re: Opinion sought from those Experienced in Sportsbooks
Posted by: Mcluhan (---.ppp.ucc-net.ca) Date: April 18, 2007 12:11AM
Everything you say is true. my post was intended to shed light on the other components and their complexity. Software is the engine of the vehicle. There is much more to the vehicle than many ppl new to the business realize. And, since the post is about energy expenditure (energy = capital+other resources) I allocated it this way on the basis that the engine is assumed to work. This list assumes the venture is not a software developer.
regards
Re: Opinion sought from those Experienced in Sportsbooks
Posted by: Tresdandre (---.racsa.co.cr) Date: April 21, 2007 01:44PM
You could poll 500 people on the percentages in terms of importance and get 500 different answers. The fact is these percentages for SB´s are significantly different than those for online casinos, and are different for the maturity level of the individual business. Reality right now is that there are too many sportsbooks (based upon US sports) and as time passes we will see the failure rate increase. My prediction is that of the esitmated 700 - 800 online sportsbooks probably 80 % won't be around in 5 years.
As far as the percentages go. In my opinion your marketing percentage is way too low. Also right now the challenge of geting money from customers and paying customers is of top priority. Look on the major online Forums and you will see thousands of complaints about slow or no play. This is an industry that lacks basic trust and with the difficulties posed by the Unlawful Internet Gambling Act the challenges are more immediate shortterm. Customer bases need to be built worldwide and dependence lessened upon US based customers while at the same time figuring out better ways to accomodate US customers who are not going to quit betting.
The unlawful Internet Gambling Act is good for those in the business right now, even if they do not know it. This pause is going to give the smart books the necessary time to build a business and business plan on how they are going to cope once the industry is more accepted and regulated in the US. This may not happen soon, but it will happen eventually. Do you have a plan on how you are going to compete with the well capitalized land based casinos in the US that most certainly will enter the sportsbook online industry once it becomes legal?
On final comment. Everyone seems to have an opinion about what is important to get into the business. However virtually nobody seems to have a plan on how to stay in business. The lack of business planning in this industry is freightening and is a significant contributing factor to business failure in this industry. Everybody has been fat, dumb, and happy and do not want to listen to me for now, but wait and see what happens.
I do not participate in this forum on a regular basis (sorry, but it is too small) but if you are an owner or experienced key player and want to chat further, send me an e-mail. I would be interested in your comments. I will do my best to check back for comments because the comment that began this post is a very valid one.
Food for thought.
Re: Opinion sought from those Experienced in Sportsbooks
Posted by: Mcluhan (---.ppp.ucc-net.ca) Date: April 27, 2007 02:49AM
Hello Tresdandre, and thanks for contributing to the thread. I posted this for the reason and benefit of those people thinking about entering the business, mainly to draw their attention to the fact that there is more to the business than 'software' which seems to describe 95% of the queries in this forum by those curious.
>As far as the percentages go. In my opinion your marketing percentage is way too low.
I wouldn't argue your point, the classic formula is 50% of budget for marketing. You will notice that I placed marketing in second position a notch below experience. Seems the more experience you have, the more effective your marketing is likely to be. And I have seen the inexperienced blow the marketing budget out the window without ROI only to be faced with, 'What now?" (and then fail soon thereafter). Its all important, but most mistakes are recoverable, poor marketing is not one of those.
>Also right now the challenge of geting money from customers and paying customers is of top priority.
It's always been a struggle, it will always be a struggle. It's never been harder than it is now.
>On final comment. Everyone seems to have an opinion about what is >important to >get into the business. However virtually nobody seems to have a plan on how to >stay in business. The lack of business planning in this industry is freightening >and is a significant contributing factor to business failure in this industry.
Good comments. Those fresh and looking newbies should appreciate you taking the time. As we know, most people in the business can't be bothered, don't take the time, and for obvious reasons, and who can blame them, why aid the competition.
thx,
Mcluhan
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