Technology and platform design play a key role in conducting effective online sports betting operations, and for Amy Howe, FanDuel CEO, the leveraging of these is vital for building trust with customers.
Speaking to CNBC during the recent Global Gaming Expo in Las Vegas, Howe – who was named permanent CEO of FanDuel this month, having taken on an interim role in June to replace former incumbent Matt King – was quizzed by the network’s Contessa Brewer on the effective use of technology for ease of depositing and withdrawing money for customers.
“It’s critically important,” Howe explained. “One of the things that we just completed over the summer is our migration onto our global betting platform, which came as a result of all the great work that our parent company Flutter Entertainment has done.
“We are on a very stable tech platform, which matters because when you have a Super Bowl game and every year you have more and more new states coming online, you need a reliable platform and that’s part of building that trust with consumers. We feel very good about where we are and we’re in control of our own destiny.”
Also commenting on the topic of customer trust, Brewer noted that there is ‘no brand loyalty among sports bettors’ while disclosing that customer acquisition costs are high, the CNBC reporter queried as to how customers can be ‘weaned’ away from free bets as an incentive.
“At the end of the day, one of the things that I see from the research is that consumers have to trust the betting platform,” Howe remarked.
“It may initially be a $5,000 risk free bet that’s going to bring people onto the platform, but at the end of the day it’s on us to ensure that not only are we providing a safe experience but we are also providing an engaging experience.”
“There’s lots of money out there being thrown into the marketplace right now, but ultimately we are going to have to build a trusted platform.”
Lastly, the CEO was also asked about the potential for crypto, NFTs and igaming to grow in addition to sports betting, as all four sectors continue to grow and gain mainstream popularity and acceptance.
“We are have of the larger and broader portfolios today – we’re in fantasy sports and sports betting as you, as you noted, we also have one of the biggest igaming business and we’re in horse racing
“A big part of the opportunity is we bring new igaming consumers onto the platform and introduce them to other forms of entertainment, and we’re always looking to for different ways to expand that portfolio – that’s a big part of the growth story,
“We are sitting within Flutter and there’s a tremendous amount that we haven’t leveraged to date, particularly in the igaming space and so that gives us really great growth opportunities beyond what we’re already doing in sports betting.
To see CNBC’s full interview with Amy Howe, click here
