If you’re looking to place a bet on sporting events, chances are you’ve come across Betting.com. Launched in the UK in 2004, the company now has hundreds of thousands of registered users and processes billions of bets per year. It also has a global following, with offices in London, Dublin, and Madrid.
In this article, we’ll discuss how Betting.com works and its growth potential. If you’re a sports fan looking to get involved in betting, read on. If you’re a business owner or investor, consider what the long-term future of betting might look like.
Growing A Following In The UK And Ireland)
What was originally just a website for betting on horse racing in the United Kingdom is now a global force. According to Business Insider, the company is valued at around US$10 billion and has over 500,000 active users across 150 countries.
It began with a simple but innovative idea: give people the ability to place bets on their favourite sporting events – like the English Premier League or Formula One – with one click of a mouse.
From a small team in London, Betting.com grew rapidly thanks to clever marketing, aggressive PR, and astute use of social media. The company secured a £2.5 million investment from the UK government’s Growth Capital Fund and went on to secure a further £5 million from a private investor. And that was just the beginning.
A House Full Of Bold Ideas)
A house full of bold ideas is what you’ll find at Betting.com. It was founded by Adam Foulds, who had previous experience in sports marketing and TV production. Foulds came up with the concept for Betting.com after visiting a pub in Oxford with his dad and uncle, where they discussed Premier League football. They wanted to create a space that allowed interested fans to follow the action and place a wager on the game they fancied seeing.
Along with his colleague Charlie McGinley, Foulds set up shop in London’s historic Spitalfields Market in 2015 and began marketing the service to fellow fans and sports enthusiasts.
McGinley, who was also involved in the design and development of the platform, told Business Insider:
“When you have an idea for a business, you need to validate it as soon as possible because there are so many things that can go wrong… The fact that we’ve ended up creating something that people want is a testament to the fact that our original concept was right.”
The founders worked hard to build a brand that people could trust. In addition to pitching the concept of betting to the public, they also worked to educate people on the risks of engaging in online gambling. They spoke about the importance of keeping things in perspective and making sure they understand the difference between fun gambling and causing financial ruin. And they stressed the importance of keeping your head during stressful times, especially when betting online because of the increased possibility of scams and fraud.
When asked about the risks of engaging in online gambling, McGinley added:
“We think about how lucky we’ve been and the risks that come with it. All of us in the company are really aware of the risks… We don’t want to live in a world where we can’t trust anybody.”
The public education initiative was part of a growing trend in the UK of bite-sized gaming for adults. Companies like Betting.com recognized that people were looking for ways to keep their minds active while also wanting to indulge in some gaming. So they created a platform where users could place a wager on the games they love without risking huge sums of money.
Massive Market For Online Gambling
With UK gambling companies pulling in a combined $30 billion per year and overseas gambling platforms like Betfair entering the UK market, there’s plenty of potential for growth. The world of online gambling is vast, and companies like Betting.com will continue to attract new customers with new inventive betting offers and a committed approach to security and fairness.
“I think the growth of online gambling in the UK will continue to be massive, not only because of the growth of mobile phones, but because it is such a quick and easy way for people to gamble when they want to,” Jan Crewe, account manager at the UK Gambling Commission, told Blasting News. “Mobile phones make it so much easier for people to gamble when they want to, and the fact that they can do this from the comfort of their home, be it on their mobile phone or via an online broker, makes it that little bit easier for them to continue gambling when they’re already engaging with the sport or game they enjoy.”
The UK gambling commission has recognised the appeal of online gambling, and since 2013 has granted licenses to 11 operators, including Betting.com, to continue to operate in the country.
Betting.com Is Europe’s Largest Platform For Putting Bets On Sports
Europe has also grown to love placing a bet on sports. According to the European Gaming and Betting Association (EGBA), over 500 million euros ($566 million) were wagered in the region in 2018. That’s a 26% increase year on year.
The growth can be attributed to several key factors. First, online gambling platforms like Betting.com offer convenience and speed, as well as the ability to win big without risking large amounts of money. Second, the industry has seen a rise in popularity among Gen Z, with 22% of millennials already putting a bet on their favourite sports team.
“I think the biggest misconception about Gen Z is that they’re all into tech and gadgets… They’re actually more likely to be into live music and going to gigs,” McGinley said. “I think that’s a big part of why we’re growing so fast is that a lot of our users are getting their first taste of gambling through social media. They’re seeing events posted about and then thinking, ‘Well, I might as well give it a try.'”
And that’s how Betting.com got its start. Back in 2004, the company focused on expanding its fanbase in the UK and Ireland, and since then it has become a household name and one of the world’s biggest and most popular sports betting platforms. The company is now focused on global expansion and recently opened a London office with the goal of doubling the business’s European capacity in the next five years.
Betting.com’s Biggest Competition
Betting.com is well equipped to handle the massive growth that the online gambling industry is seeing. With more than 500,000 customers, the company is already one of the world’s biggest and most trusted sports betting websites. And with offices in London, Dublin, and Madrid, it has the smarts and resources to continue expanding.
However, that doesn’t mean it’s not facing competition. The UK gambling commission’s 2019–2022 Regulatory Strategy acknowledges that there are numerous online gambling platforms operating in the country, including those from brands like Paddy Power and William Hill.
“The UK gambling market is open and dynamic, with numerous online and mobile gambling platforms competing for consumer business. While it’s important to keep an eye on your competitors, it is also essential to be mindful of the consumer benefits that your product brings,” the commission’s strategy document reads.
Betting.com has recognised the threat that competition poses and has taken the step of setting up a legal team. Firms like Waddington and Freshfields Bruckhaus Florchinger have been retained to provide expertise in online gaming and sports betting law, and to ensure that all legal requirements are met.
Odds & Markets
Alongside their growing fan base and business success, the founders of Betting.com are also responsible for some unique betting products.
The first product that most people will be familiar with is the betslip. Essentially, a betslip is a document that an online gambling operator submits to the house or bookmaker, detailing the type of bet and the amount of each winner (£2, $2, or $5) the customer would like to place. Most bookmakers accept bets slips online, which means that as long as you’ve got an account with them, all you need is a device with an Internet connection and you can place a bet whenever you like.