Idea Riff: Sports Bet Saver
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For this week’s idea riff, I was thinking we could look at sports again and in particular sports betting.
Disclaimer: Depending on where you live, the legality of sports betting might vary. So check your local laws before doing anything in this space.
So here is what I’m thinking..
An app where you could view your entire betting dashboard across different platforms and an odds comparison table where you figure which platform or bookie is giving you the best odds.
Essentially, the user must be able to log into your platform and connect his accounts from other platforms like DraftKings, FanDuel etc to get all their betting activity on a single dashboard.
For the other key feature, he should be able to check the odds offered by different platforms and bookies for a particular event so that he can go with the odds that best favour him
You can either monetise it through some innovative pricing strategies or look to create a base large enough to warrant a strategic sale.
Here is an interesting pricing strategy you can try. Simply charge people a percentage of what you are able to save a user with betting odds.
For example: Let’s say the best odds for a football game is 1:1.8 and the next best odds are 1:1.6. Here by using your platform and choosing the best offer, the user can gain 0.2 extra points if he wins.
This is a win-win for both the user and you. You can charge him as high as 50% and it would still be viable for him to use your service.
Another pricing model could be running match specific ads on the odds tracker page where you can either charge cost per click or an affiliate commission on every match bet placed after clicking on that ad.
As for growth hacks, one for acquisition could be you giving away the first $500 dollars in savings to a new user for free. You can start incentivising people to invite their friends if they want an additional $20 added to that savings limit for every new sign up.
Another growth hack you can look at is creating watch alongs of games with some colourful fans that you can livestream during games. There is a prominent fan channel called AFTV that does the same thing pretty well and they also pitch their own sports betting app during those streams.
This should not cost anything since a lot of fans won’t mind watching their teams game on camera, plus this will make your brand seem more relatable. And often, these streams generate a lot of “meme”able moments that can further contribute to your brand becoming popular.
And the opportunities are virtually endless with this type of content creation since there are sports events happening more or less every weekend and there are endless sports teams with solid fan following.
So that is it!
This was an interesting idea to work through and I think there might be a good opportunity for someone who wants to do something in complementary sports media.
Do you want to see me create a full-fledged report on this idea?
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