Playtech BGT Sports partners SportsTraders for new TeamBets product7th February 2020 10:01 am GMT
Playtech BGT Sports (PBS) has entered into a strategic partnership to distribute a new betting product from Israeli B2B supplier SportsTraders.
TeamBets is a new betting offering involving betting and trading on market trends rather than on single events. It has been initially been launched with PBS’ HPY sports betting operations in Austria and Germany as HPY Trade.
The product allows players to bet on a team’s sports performance versus market expectations throughout the season. TeamBets are presented in the form of a real-time seasonal graph for each team, similar to an index or a stock, that helps users track trends and make calculated decisions for buying and selling TeamBets.
A fixed return table is published at the beginning of each season for every team, with the end of season return prices calculated for each of the team’s potential finishing places in the league at the end of the season, compared to the prevailing market expectation.
The real-time price of a TeamBet is set by a proprietary pricing engine, calculating the team’s performance and updates the price accordingly. If a team outperforms, the value of the TeamBet increases and if they underperform it decreases, similar to a financial share on the stock market.
The SportsTraders platform and its key products are expected to be offered to all PBS clients worldwide in the near future.
“We are very excited about the launch of TeamBets with SportsTraders,” said Playtech BGT Sports CEO Armin Sageder. “This is an incredible innovative product that will add a significant USP to the PBS digital offering.
“New client acquisition tools especially for the FAN community are increasingly important going forward – and TeamBets is a major step into this new future. A great partnership and cooperation between both companies has made this new product a reality; that I am sure will add a new dimension to the way sports betting is being conducted from now on.”
TeamBets currently offers 5 major football leagues - English, German, Spanish, Italian and Austrian - and will offer TeamBets for UEFA Euro 2020 teams, with more football leagues currently being developed for the 2020-2021 season.
“The strong partnership we have with a global leader such as PBS gives us a huge boost and allows us to focus on developing our sports trading product suite. More soccer leagues, competitions and tournaments, other sports types and sports assets to trade on, as well as new, unique sports trading features are all part of our exciting pipeline,” said Hemi Algranaty, CEO of SportsTraders.
“With the support of PBS, the SportsTraders product suite can become a major new product vertical for the global sportsbetting world, and we’re delighted to be working with them.”
Shares in Playtech plc (LSE:PTEC) were trading at 357.20 pence per share in London earlier Friday.