Just under a year ago in Birmingham, a 32-year-old kitchen fitter named Daman Chick had his life changed forever when he received a call from global betting operator, BetVictor, telling him he had won £1,000,000. As part of BetVictor’s Million Pound Goal campaign, which ran in the build up to and during UEFA Euro 2016, Daman correctly predicted that Portuguese football player ‘Eder’ would open the scoring.
Against the odds, Daman was also the closest to predict when the first goal would be scored in the final between France and Portugal. In doing so, he had become an overnight millionaire. While not every customer of the Gibraltar-based bookmaker can be so lucky, the campaign saw excellent engagement across the board.
Committed to customer experience
BetVictor’s defining point, according to CEO Andreas Meinrad is its commitment to improving its customer experience with easy-to-use intuitive products and real-time, relevant messaging and offers.
The company’s strength is born primarily from its eagerness to invest in unique campaigns and continued product development, rather than scurrying to join the mass consolidation wave within the global gambling industry, in the face of increased regulation. “We’re not part of the current M&A activity; we’re a private company that focuses on putting the consumer first,” says Andreas.
“Most of the consolidation efforts right now are not necessarily based on customer benefits, but rather synergies, cost savings and scale. While those firms might be busy dealing with internal issues, we continue to focus on what is best for our customers, new and existing, and sustain our current growth.”
Andreas and his management team have also made a conscious effort to move away from many industry norms, not just in M&A activity but also in what he describes as “the race to the bottom of the barrel through cheap promotional offers. Our aim is to offer genuine value to BetVictor’s customers,” he notes.
The mistake is in interpreting value as merely the best price, Andreas explains, when it represents so much more. “Reliable customer service, brand values, new and innovative offerings, a safe and secure environment, and the availability of all products – whenever and wherever the customer wants – is the key.
Nowadays, customers are inundated with clutter – in-your-face TV ads and campaigns designed to lure them in, rather than give them genuine value. Our view is that louder is not necessarily better.”
In-house technology
Last year, BetVictor introduced a series of changes to its Sportsbook and Casino in an effort to deliver products that are intuitive and enjoyable, such as its Quick Cash Out and Lengthen The Odds features. The latter, as its name implies, uniquely provides the horseracing bettor with the opportunity to back his or her judgement at a different price with the odds going up in line with the winning distance. An industry-first.
It also launched an Offers Hub to give consumers easier access to special promotions. Its Price Promise guarantee gives the BetVictor customer the insurance of always having the best price on all football 5 folds or more.
The business has also linked up with horseracing data provider, Timeform, to bolster its horseracing product, which included the launch of the Betfinder functionality – designed to simplify and upgrade the customers’ experience. Further to that, it became the first operator to provide South African horse racing data and analysis to its customers.
These efforts clearly demonstrate the strength of BetVictor’s in-house technology, which Andreas says gives the company greater value and brand unity than competitors who often rely on third-party IT vendors. “We have unified our entire product offering across all channels to help customers focus on what really matters; the bet,” he says. “Developing in-house means we are responsible for our own fate.”
Advancing an already strong reputation
Andreas joined BetVictor as CEO in February 2015 having left competitor bwin.party, where he was the Chief Commercial Officer, and before that, Chief Marketing Officer. Before joining bwin.party in 2008, Andreas also worked in numerous roles across the retail and consumer goods sectors with companies like Nike and Red Bull.
Andreas says one of the reasons he was drawn to BetVictor was because of its good reputation amongst its users. “The company was an established brand, well-known in the UK with a great sporting heritage and I saw a good opportunity to lead the business to the next level,” he explains.
“I wanted BetVictor to be an innovative technology company, introducing a more intuitive and simple way to place a bet online, while enjoying the experience. “We prioritised our IT roadmaps and transformed into a data-driven business. We focused on product improvements, and improved our digital marketing capabilities. I wanted to strip away all the noise in an increasingly saturated industry; keep it simple and relevant.”
Andreas wanted to run a focused, results-oriented firm that wasn’t afraid to set itself ambitious growth targets, but he had to make sure he was still listening and learning about the business from a management team who had done a great job in the interim period ahead of his appointment.
BetVictor HQ
BetVictor moved into its new HQ in Gibraltar’s World Trade Centre in March. It is fair to say the company and its near 400-strong workforce are already reaping
the benefits.
A team effort
Juggling this while driving change was his biggest challenge. “It was important I took time to understand the BetVictor business model, while making decisions to grow the business at the same time,” he says.
“Having taken time to get to know the management structure and identify the talents and skill sets available we identified areas where we needed new faces with different skills and abilities. The new hires complemented the existing senior management team really well.
I wanted to strip away all the noise in an increasingly saturated industry; keep it simple and relevant
“It can be difficult to ensure that a new strategy filters through to all areas of the business – and that everyone embraces it, rather than just accepts it. But we have been delighted with the results. It’s always a team effort.”
BetVictor has steadily risen in the eGaming Review Power50, from twenty-second to the sixteenth most important gaming company in the world in 2015, and up to eleventh in 2016. “We’re well aware of what we’ve achieved internally, but external recognition is always welcome and appreciated,” Andreas says.
Playing to its strengths
The shake-up won’t be the only grand challenge he’ll be overseeing though, with strain routinely being added to the gambling industry from growing consolidation and the influx of new regulations. “Lots of people complain about regulatory pressure, but I’m of the opposite ilk.
We’ve got a very strong compliance team in-house and I always tell them: If we know that a rule is coming into play in a year’s time, let’s do it now,” says Andreas. “In the long-run, it shouldn’t be the regulator who pushes you to do the right thing, but your own way of thinking. The accent must always be on protecting the consumer.”
He concedes, however, that new regulations do put increased pressure on margins, so the challenge is to make sure the company get the best possible ROI out of all its investments. “Today, there’s lots of pressure on the industry from all different angles,” Andreas says. “If you’re a smaller player you’ve got to be that much smarter.”
Looking ahead, BetVictor will be planning strategically around its strengths. “We’re very strong in the UK and it remains our core business. We have a strong sporting heritage and are delighted to be an Official Principal Partner of Liverpool Football Club. We also signed a 3 year deal with Jockey Club Racecourses to become the headline sponsors of Cheltenham’s iconic Open Meeting in November.
“Owning our own in-house technology also gives us the opportunity, however, to share our technology and our products with B2B partners, which we’re doing very successfully,” says Andreas. “We’ve shifted our emphasis with regard to marketing to encompass a more digital approach with great results. We have carefully targeted new territories where we’ve seen increased traction in the last couple of years.
“But most of all, we will always strive to improve the customer experience.”