The North American betting sector is just as vibrant as its European counterpart, but requires a strategic and tactical approach, according to Mike Ciavarella.
Sharing his views with Erin Gallagher, SBC Senior Media Executive, at the SBC Summit North America last year, the Elys Game Technology Executive Chairman outlined the importance of strategy whilst offering predictions for the future of the market.
“Both the US and Canadian markets are vibrant markets, no different from the European markets,” he began. “We see this as a great and huge addressable market – it’s an important market but we’re taking a very strategic approach when we’re coming into them.”
Elys Game Technology is a multinational operator, maintaining a presence on both the North American and European continents, primarily in Italy in the latter where its B2C operations focus on distribution of products via online and land-based verticals.
On the other side of the Atlantic, the company provides B2B trading services to a number of operators. Those two components then come together to provide feedback for the firm’s technology development division.
Offering further comment on Elys Game Technology’s approach to the US sector as its expansion has rolled out over the past four years, Ciavarella placed a strong emphasis on strategy and tactics.
“To be prepared for this market, we allowed the market to evolve – this couldn’t happen prior to the repeal of PASPA. So once that happened, the market began to change,” he continued.
“We then took the data from the market statistics and analysis, looking at how players are playing, how the lines are moving etc. And rather than repurposing our European platform, we designed and built a platform to address all of those nuances of the US market.
“That took a long time, it’s not that easy. If it was so easy, everybody would do it, right? So we took a very methodical tactical approach to the US market and I think it’s gonna pay dividends going forward.”
The US sports betting market’s expansion has exploded into 2022, as the key jurisdiction of New York opened its doors to the sector after months of preparation.
Four operators – Rush Street Interactive, Caesars, DraftKings and Flutter Entertainment’s FanDuel – are now live in the state, with five more licensees due for approval by the New York State Gambling Commission (NYSGC).
Offering his own views on the future of the US betting space over the next 12 months, as well as outlining Elys’ own ambitions, Ciavarella said: “2022 is going to be the year in which we are going to open up not only in new locations but multiple states.
“We are also starting to see a rotation of incumbent operators that are going to be looking at replacing their platform, so I think we are extremely well positioned in the US and Canadian markets.”