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RegTech sector gains in importance, as BetTech visual shows major growth in fraud detection, ID verification and analytics
Spotlight Sports Group’s third annual deep diving into the global betting market identifies 375 firms from start-ups and global enterprises that have a presence on one or all legal markets
Spotlight Sports Group, a global company that specializes in sports betting, fantasy sports and content, has released a report that examines the current state of the sports betting industry. The BetTech Ecosystem 2023 third edition provides the sports betting industry and iGaming with a better understanding of regulated betting market.
The BetTech visual features six sections – content, data providers, platform suppliers, e-commerce and iGaming, and trading – with 80 new entrants by 2023, and a growth total of 17% year-on-year. The report highlights some key points:
* Content remains the main driving force behind the BetTech Ecosystem. Sports betting content and insights that are actionable drive users through the betting funnel.
This sub-section has a large number of suppliers, which is a testament to the growing importance of analytical insights and business analytics in the industry.
* The trend of operators using third-party expertise has replaced the use of their own platform.
The betting industry is becoming increasingly important in terms of fraud and ID verification.
This sub-segment is expected to grow rapidly as a result of the increasing regulations in the UK.
The BetTech visual shows six sections – content, data providers, platform suppliers, e-commerce and iGaming, trading – with 80 new entrants by 2023. This represents a 17% growth in the ecosystem YoY.
Spotlight Sports Group US Managing director Harry von Behr spoke recently with Wayne Kimmel, Managing Partner of 76 Capital, Robin Chhabra, Chief Executive Officer of Tekkorp Capital, and Eric Frank, Chief Executive Officer of Odds On Compliance, on a webinar titled The State of Play in Sports Betting & iGaming Globally.
Chhabra emphasized the importance of Reg Tech, and predicted that this section of BetTech Ecosystem would undergo changes in the coming years. RegTech will see the suppliers in this section come together to create a one-stop-shop. All of these things – compliance, affordability, AML, and identity – will come together to provide value for operators.
Harry von Behr, Spotlight Sports Group US’s Managing Director, said of the third edition: “The BetTech Ecosystem Report is an essential project for SSG and the industry in general. The report is unique in that it takes a close look at the entire industry, while also acknowledging those companies who make the industry what is is. “We’re proud of all the positive feedback we received for the first two editions and look forward to sharing the expanded version of this year’s report.”
