DAZN has partnered with sports betting provider Pragmatic to develop and launch Dazn Bet—its own in-house sports betting company, scheduled to debut in August.DAZN launched its sports streaming service in 2015, in 2021 it had 78% revenue growth. How will DAZN Bet rival other online sportsbooks with their betting features which watching live sports?
DAZN is about to launch a new subsidiary company ‘DAZN Bet’, based in Gibraltar, which will operate sports betting under the new brand, doing business in multiple regulated markets.
The gaming platform for this acquisition will be provided by Pragmatic, through an exclusive deal lasting several years. DAZN Bet promises to deliver a next-gen level sportsbook, unlike anything we’ve witnessed before.
As more and more viewers tune in to DAZN ‘s live sports streaming, avenues for recreational betting on its platform will expand over the next few years. There will be both mainstream play-for-fun and play-for-money products offered.
In a deal that signals the future of casual betting, DAZN Group embarks on an exclusive multi-year partnership with Pragmatic Group to develop DAZN BET.https://t.co/f624qRIJua
— DAZN (@dazngroup) April 20, 2022
DAZN Bet taps into Existing Customer Base
DAZN will use its existing customer base and brand under licensing agreements with the DAZN Group to facilitate live sports betting during streaming events. Pragmatic Group will supply the underlying platform and content and be responsible for the ongoing product development.
This model is somewhat similar to theScore after they launched theScore Bet unlocking millions of customers that already have the app downloaded. This allows users to transfer over from reading sports news to ‘bet mode’ instantly.
DAZN had recapitalized its company in early 2022, with the intention of launching a sports betting platform, investors saw that doing as such would have assisted it in further developing its business beyond the OTT sports programming vertical in which it originated.
To assist with this new vertical DAZN has been advancing its sports betting technologies by hiring ex-Entain COO and Corporate Director Sandeep Tiku as new CTO.
DAZN Bet to launch with promise of integrated product
DAZN, the sports streaming media company, has announced a strategic partnership with gambling firm Pragmatic Group to develop a new branded sports betting product.
— PhillyGodfather ® Sports Bettor (@phillygodfather) April 21, 2022
Who are the Pragmatic Group?
Pragmatic Solutions was established in 2014, provides an API-based system for sports betting, and continues to add API access points, allowing the customer full method to integrate any third party service or product.
Fast forward to April 2022, Pragmatic Play announced that its initial sportsbook solution had been successfully released.
“The platform will become the first truly immersive sports entertainment ecosystem in which fans can watch live and non-live content, consume news and highlights, socialize, and bet,” DAZN outlined as its shared objective.
DAZN Anticipates a Cutting Edge Live Betting Platform
DAZN said that the new sports betting model called DAZN Bet will: “develop a fun, convenient, and integrated experience for casual bettors to enjoy alongside DAZN’s live sports streaming”, as part of what it called “the trend towards recreational in-play betting.”
Pragmatic Group, a company and developer of cutting-edge technology for sports streaming, was chosen by DAZN because it is known for its innovative and entrepreneurial nature.
“It’s an honor for us to partner with DAZN,” Pragmatic Solutions chief executive Ashley Lang said. “We know that fans want more integrated, immersive, and interactive experiences, and through our exclusive partnership with DAZN, we can deliver this.”
Potential for Growth in Online Sports Betting
In 2020 DAZN lost $1.3 billion, mostly due to the pandemic. The company’s annual sales increased by only six percent year-on-year (YoY) from $819 million to $871.8 million. In comparison, DAZN’s revenues grew 76 percent in 2021.
Overall the potential for DAZN to rival online sportsbooks is huge. They already have a global subscription audience of over 4 million. We’ve already seen major US states such as New York go live earlier this year with NY sports betting apps allowing users to bet online from around the Empire State. With DAZN Bet this will have exclusive sports to stream and the ability to have in-play betting.
The next step for DAZN is to launch a beta version in time for the 2022-23 European soccer season later this year. For more sports betting news stay tuned to Betting Insider Journal.