Flutter Entertainment is extending the reach of PokerStars. The online gaming platform is now offering its users the ability to create their own sports bets through a new peer-to-peer betting exchange.
PokerStars may be a name most closely related to poker, but it is morphing into something entirely different. It has had to overcome a few challenges, such as a massive legal fight with Kentucky, but isn’t slowing down. The Flutter Entertainment company has gone all-in on online gambling and is adding another vertical.
The new PokerStars Exchange is a betting exchange that allows users to create their own wagers, which others can then bet on. PokerStars announced the exchange yesterday, embracing a betting channel that continues to gain popularity.
Cashing In on Sports Betting
The PokerStars Exchange is now available in both of the company’s .com and .eu portals in the PokerStars Sport section; it doesn’t require additional software. Provided the response meets the company’s expectations, it will continue to add new jurisdictions throughout the year.
On a betting exchange, users create the wagers. In most cases, the options are virtually limitless. However, response to the bets dictates whether the wager is viable. Other users can decide to back or lay (bet against) the wager. In addition, they can ignore the option completely.
The choices are similar to those on the Betfair Exchange, which shares the same liquidity pool with the new PokerStars Exchange. Betfair, which pioneered the concept of the sports betting exchange, is another Flutter product, which explains the sharing of the pool.
The company asserts that “70% of current sports bettors” indicate they would take advantage of a betting exchange on PokerStars.
Not too long ago, however, that didn’t seem to be the case. Betfair exited the US market in 2020 after it failed to meet expectations. However, times change, and the sports betting market has gone through several transformations since then.
Increasing Competition in Sports Betting
Betting exchanges, in addition to providing a different form of entertainment, also increase competition in sports betting. With customized odds and wagers, consumers, not sportsbooks, direct what works and what doesn’t.
More consumers now understand the nuances of sports betting. Legalization efforts across North America and other regions are driving growth. The US market, for example, added 30% (15.3 million new bettors) from February 2020 to September 2021, according to industry data.
As a result of the continuing growth and the implementation of betting exchanges, there is even greater growth. Exchange users can provide access to markets and options that some sportsbooks may neither want nor be able to carry, increasing the entertainment value of the sports betting experience.
Although Betfair had difficulty finding its niche in the US market, it has performed well in other jurisdictions. Now, with the growth of the US market, Flutter can try again in North America. The sentiment is changing, and, with Sporttrade adding new ground on a regular basis, perhaps the PokerStars Exchange will have better luck.
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