Embrace a Sportsbook to Drive Fan Experience and Engagement
Unlocking revenue and fan opportunities through sports betting.
- You're having a hard time deciding which type of business model you should use for your sportsbook approach.
- The variety of software and hardware components available for sportsbooks makes it hard to decipher what your organization needs the most.
- The COVID-19 pandemic has caused revenue and fan disruption in your organization, and you're considering a sportsbook initiative to help resolve this disruption.
Our Advice
Critical Insight
- There is no one-size-fits-all business model that will work for every organization's sportsbook.
- It's crucial to offer an experience your fans will keep coming back for. Your chosen sportsbook should drive fan engagement and revenues by providing a unique and personalized experience to your fans in person and/or through technology.
Impact and Result
- Understand the environment your organization lives in and your fans’ journeys to decide whether you should pursue a sportsbook.
- Decide on the business model that best aligns with your organization's goals for a sportsbook initiative.
- Consider the different vendors, platforms, and technology available for each sportsbook business model.
- Become familiar with the different sportsbook vendors and consider whom you may wish to partner with.
- Carefully review and negotiate the vendor contracts needed to move forward with your sportsbook initiative.
Workshop: Embrace a Sportsbook to Drive Fan Experience and Engagement
Workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.
Module 1: Discovering Your Stakeholders & Regulations
The Purpose
- Identify the key stakeholders involved in a sportsbook initiative, understand the regulations around sports betting in your jurisdiction, and uncover how fans move through their sports betting experience.
Key Benefits Achieved
- Develop an understanding of who your key stakeholders are to make well-informed decisions throughout the project.
- Comprehend the sportsbook regulations in your jurisdiction to ensure compliance.
- Craft fan profiles and journey maps to see the value of a sportsbook and where friction may arise in the sportsbook journey.
Activities
Outputs
Discover your key stakeholders
- A formalized working group for your sportsbook initiative
Identify the regulations in your jurisdiction
- An understanding of the regulations and legislation that will impact your sportsbook
Create fan profiles
- Fan profiles to help you see the value in each fan segment
Develop fan journey maps
- Journey maps that reflect the fan experience of sports betting
Module 2: Defining Your Business Environment
The Purpose
- Determine the environment your sportsbook initiative would live in and how each environmental factor influences the characteristics of your possible business model.
Key Benefits Achieved
- Develop a thorough understanding of the organization’s environment to uncover whether a sportsbook initiative is possible.
- Create weightings for each business model characteristic to determine what characteristics are most important to your organization in a sportsbook initiative.
Activities
Outputs
Preform a PESTLE analysis to acknowledge the macro environment your sportsbook would live in
- PESTLE analysis
Weigh the values of the characteristics that define the business models for sports betting
- Weighting decisions for each characteristic
Conduct a strategic analysis to identify core competencies
- Core competencies for each component of a sportsbook based on your organization's needs
Module 3: Identifying the Business Model & Approach
The Purpose
- Determine your organization's tolerance levels toward each business model characteristic to identify your suggested business model.
- Decide what approach is preferred and which sportsbook vendor is best to partner with.
Key Benefits Achieved
- Determine your organization's tolerance for each characteristic based on the weightings you have given. The result will be a suggested model for your sportsbook.
- Evaluate the different approaches you may take to your sportsbook to come to a decision on a business model.
- Assess the various sportsbook vendors and their criteria to decide which vendor is best for your organization.
Activities
Outputs
Review how your tolerance for the characteristics of each business model informs the selection process
- An understanding of how your tolerance for each characteristic defines your business model
Select the preferred approach by navigating through the decision points
- A preferred sportsbook approach to use
Reach a sportsbook vendor decision point
- A consensus on which sportsbook vendor(s) to pursue a contract with
Module 4: Ensuring Business Requirements
The Purpose
- Use Info-Tech's Requirements Gathering Documentation Tool to inform the requirements of your sportsbook initiative.
- Use Info-Tech's Contract Playbook Tool and Contract Review Tool to ensure that all key provisions are set within your contracts.
- Create a training program for stakeholders to keep them informed on vital information about your sportsbook initiative.
Key Benefits Achieved
- Complete your requirements gathering documentation to define roles, requirements, and timelines for your project.
- Educate your stakeholders on the topics that are vital to their understanding of your sportsbook.
Activities
Outputs
Learn how to scope a contract for key provisions
- Requirements and specifications for your target sportsbook vendor
Use Info-Tech’s Contract Review Tool to ensure all key provisions are present
- Contract(s) that have been optimally reviewed and negotiated
Develop an effective training and information program
- A completed training program and timeline to educate appropriate stakeholders
Module 5: Next Steps & Wrap-Up (Offsite)
The Purpose
- Complete any incomplete deliverables and discuss next steps.
Key Benefits Achieved
Activities
Outputs
Complete in-progress deliverables from the previous four days
- Completed deliverables and/or a plan for finalizing incomplete deliverables
Set up a review time for workshop deliverables and to discuss next steps
- A review of completed deliverables and discussion of next steps
About Info-Tech
Info-Tech Research Group is the world’s fastest-growing information technology research and advisory company, proudly serving over 30,000 IT professionals.
We produce unbiased and highly relevant research to help CIOs and IT leaders make strategic, timely, and well-informed decisions. We partner closely with IT teams to provide everything they need, from actionable tools to analyst guidance, ensuring they deliver measurable results for their organizations.
What Is a Blueprint?
A blueprint is designed to be a roadmap, containing a methodology and the tools and templates you need to solve your IT problems.
Each blueprint can be accompanied by a Guided Implementation that provides you access to our world-class analysts to help you get through the project.
Need Extra Help?
Speak With An Analyst
Get the help you need in this 2-phase advisory process. You'll receive 12 touchpoints with our researchers, all included in your membership.
Guided Implementation 1: Identify the sportsbook business model that reinforces the drivers of your organization
- Call 1: Conduct a scoping call and identify key stakeholders.
- Call 2: Discuss and determine your jurisdiction’s regulations.
- Call 3: Create fan profiles and fan journey maps to understand your demographics.
- Call 4: Preform a PESTLE analysis to understand the macro environment your sportsbook would live in.
- Call 5: Determine your weightings for the characteristics of the business models.
- Call 6: Conduct a strategic analysis to identify core competencies.
- Call 7: Determine your tolerance for each characteristic and pick a business model.
Guided Implementation 2: Analyze the sportsbook platform solutions and prepare for your contract
- Call 1: Discuss which approach is best for your sportsbook.
- Call 2: Analyze which sportsbook vendor(s) are best to move forward with.
- Call 3: Conduct requirements gathering for your sportsbook to identify needs.
- Call 4: Discuss your contracts to ensure all key provisions are set by using the Contract Review Tool.
- Call 5: Develop an effective training and information program.
Contributors
- Steve Reese, CIO, Suns Legacy Partners, LLC
- Sasha Purico, CTO, Philadelphia 76ers
- 3 anonymous contributors