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Petar Penev: Why the outlook is bright for the Soft2Bet sportsbook

February 1, 2021
5 Minutes reading

The jam-packed sports calendar for this summer including both Euro 2021 and (hopefully) the Olympic Games in Tokyo means the outlook for the short to medium term from a sports betting perspective is particularly positive, said Soft2Bet’s head of sportsbook Petar Penev.

Despite the huge disruption inflicted on the sports world by coronavirus, which still leaves the successful staging of the two showpiece events in some doubt, Penev stressed that we should remember where we were in April and May of last year when almost all live fixtures around the world were forced to stop.

He believes the lessons learned in response to such challenges forced many operators into “laying the useful groundwork” for 2021, which should make them better equipped to cross-sell to punters arriving to bet on these events if they go ahead or soak up the losses should they be postponed.

“The developments of last year sent shockwaves throughout the global sportsbook market, forcing operators to adapt at a lightning speed,” Penev explained. “Many revamped their esports and virtuals offerings, as well as pushing the casino cross-sell.  

“Meanwhile, alternative sports, ranging from Belarusian football to table tennis tournaments in the CIS region, also proved popular among sports bettors.

“One lesson we must take from that period is that diversification is key, particularly in the retail sector. It’s a positive thing that so many sportsbooks took the opportunity to diversify their offering, laying useful groundwork for 2021.  

“Looking at the jam-packed sports calendar for this year, the Olympic games and Euro 2021 promise an extremely busy period in terms of betting activity. I’m optimistic that, with the right approach, we’re in for a successful year.”

Picking up on the casino cross-sell concept, which became a major focus for operators left with an active online casino and largely dormant sportsbook, Penev added: “Casino and sportsbook fans have a very different mentality, and those who enjoy taking calculated risks on the outcome of a sporting fixture aren’t always attracted to RNG Gaming.

“That’s why cross-selling is a good idea, because offering both sportsbook and casino increases the potential for acquisition and retention across the board, improving the lifetime value of each customer with a strengthened offering.  

“Cross-selling existing customers is a far more cost-effective option than acquiring new ones: with the right marketing strategy in place, it’s the best way for operators to maximise the results of their acquisition outlay.”

Penev concluded by sharing some of the Soft2Bet development plans for 2021. “We are constantly looking to refine and improve our offering,” he said. “Looking to 2021, there’s exciting enhancements on the agenda when it comes to UX, widgets and gamification features – watch this space!

“Our latest MGA-licensed brand, Betinia, is a case in point. It’s an online sportsbook and casino rich in gamification, allowing players to collect points from betting activities set in five different cities.

After completing every location, clients are treated to an epic set of rewards. For those players hungry for entertainment, it’s an experience not to be missed.”

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The jam-packed sports calendar for this summer including both Euro 2021 and (hopefully) the Olympic Games in Tokyo means the outlook for the short to medium term from a sports betting perspective is particularly positive, said Soft2Bet’s head of sportsbook Petar Penev.

Despite the huge disruption inflicted on the sports world by coronavirus, which still leaves the successful staging of the two showpiece events in some doubt, Penev stressed that we should remember where we were in April and May of last year when almost all live fixtures around the world were forced to stop.

He believes the lessons learned in response to such challenges forced many operators into “laying the useful groundwork” for 2021, which should make them better equipped to cross-sell to punters arriving to bet on these events if they go ahead or soak up the losses should they be postponed.

“The developments of last year sent shockwaves throughout the global sportsbook market, forcing operators to adapt at a lightning speed,” Penev explained. “Many revamped their esports and virtuals offerings, as well as pushing the casino cross-sell.  

“Meanwhile, alternative sports, ranging from Belarusian football to table tennis tournaments in the CIS region, also proved popular among sports bettors.

“One lesson we must take from that period is that diversification is key, particularly in the retail sector. It’s a positive thing that so many sportsbooks took the opportunity to diversify their offering, laying useful groundwork for 2021.  

“Looking at the jam-packed sports calendar for this year, the Olympic games and Euro 2021 promise an extremely busy period in terms of betting activity. I’m optimistic that, with the right approach, we’re in for a successful year.”

Picking up on the casino cross-sell concept, which became a major focus for operators left with an active online casino and largely dormant sportsbook, Penev added: “Casino and sportsbook fans have a very different mentality, and those who enjoy taking calculated risks on the outcome of a sporting fixture aren’t always attracted to RNG Gaming.

“That’s why cross-selling is a good idea, because offering both sportsbook and casino increases the potential for acquisition and retention across the board, improving the lifetime value of each customer with a strengthened offering.  

“Cross-selling existing customers is a far more cost-effective option than acquiring new ones: with the right marketing strategy in place, it’s the best way for operators to maximise the results of their acquisition outlay.”

Penev concluded by sharing some of the Soft2Bet development plans for 2021. “We are constantly looking to refine and improve our offering,” he said. “Looking to 2021, there’s exciting enhancements on the agenda when it comes to UX, widgets and gamification features – watch this space!

“Our latest MGA-licensed brand, Betinia, is a case in point. It’s an online sportsbook and casino rich in gamification, allowing players to collect points from betting activities set in five different cities.

After completing every location, clients are treated to an epic set of rewards. For those players hungry for entertainment, it’s an experience not to be missed.”

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