Fernando Garita: “A Competitive Sportsbook Is One that Adapts to Different Markets”

Fernando Garita, Head of Business Development at Betcris, has told the GBC Time readers about the peculiarities of the sportsbook market at present and provided his vision of the industry’s future.

In general, how difficult is it to manage such a company? What is the hardest thing in this sphere?

Latin America is a very particular market since many cultures from different countries belong to it. During the last 10 years, online consumption and digital banking have accelerated considerably in the region. It is now a little easier to carry out some procedures, and people are more educated at the digital level. It is and will always be a complicated but not an impossible market.

The most difficult thing we can mention is to understand how each market behaves. In the same country, we even have differences in what is consumed at the level of sports betting. Many years ago, it was a little bit simpler to define consumption by a country. However, now, with globalization, digitalization, and an endless number of online products, I can say that not the most difficult but the biggest challenge will be to keep our clients active and offer them the products they want. Functionality is based on what the client wants to consume. The challenge for gaming companies will be to supply these products.

How can you describe the betting market of 2021? Will it differ from the current one considerably?

It is an interesting question. Of course, we can predict a trend of increased online consumption, but we must not leave retail aside. The combination of both, when everything returns to normal, will definitely be an interesting behavior, and we must consider it. Definitely, the amount of autonomous online customers will grow exponentially, compared to the one that we have had in early 2020.

What are the weakest points of the sports betting industry nowadays?

In this time of the pandemic, the suspension of activity of almost all the world’s leagues was the hardest thing. It led to a decrease of up to 70% – 80% of activity in some sportsbooks. Some additional products have helped to maintain the market, but right now, the main challenge is the road back of the activity affected economically in the same way. The money that bettors spend is not the same as before. At least, for a period of between one and two years, but we trust that it will gradually return to normality.

How does a competitive sportsbook look? Why do some companies succeed in this sphere, while others remain behind them?

A competitive sportsbook is neither the largest nor the one with the largest investment capital. A competitive sportsbook is one that adapts to different markets and situations, always improving its service and product, as well as optimizing resources without affecting the service. Customers want a high-quality product and fast service.

Success is very relative. Some companies know how to adapt and modify the internal guidelines, understanding the markets, and game culture. While others simply remain in a standard pattern-seeking and apply the same recipe in all markets or a specific market without success. We must always remain very observant of the trends and evaluate well what is the next step. Sometimes, an unsuccessful decision is made, but an agile company can identify a bad decision to adapt and correct it to move forward.

Which region has the most chances to hold the highest market share in the sports betting market this year?

Undoubtedly, the regions that recover faster economically will have a great advantage as they have an average consumption culture. In the case of Latin America, the return will be progressive. However, the one that recovers at the economic level, and is less affected will be the one that proportionally has the best conditions.