The iGaming market has witnessed significant consolidation in recent years, resulting in a few major operators dominating the industry. This trend has posed challenges for smaller operators, especially in the UK, where the government’s review of the Gambling Act 2005 has created uncertainty. Despite these obstacles, DragonBet, an online bookmaker founded by James Lovell and his brother David, aims to differentiate itself by leveraging its racing heritage and Welsh roots.
The Changing Perception of Racing:
Racing, including renowned events like the Grand National, continues to captivate audiences, but the industry must address concerns and avoid alienating people due to evolving opinions and increased awareness of animal rights. Educating the public about the excellent care and well-being of horses is crucial in transforming perceptions. Despite some negative press surrounding animal rights protests during the Grand National, the event remains immensely popular, attracting a staggering 600 million viewers worldwide. Additionally, a decline in attendance at Cheltenham raises questions about the sport’s ongoing appeal.
Racecourse Attendance and Betting Patterns:
Following the pandemic, racecourse attendance experienced a surge as people sought opportunities to engage in outdoor activities. However, attendance has somewhat declined since then. At DragonBet, a notable trend has emerged, with a decrease in the number of bets placed but an increase in the average stake. This phenomenon may be attributed to punters moving away from online betting due to stake restrictions and concerns about sharing personal information in the current regulatory landscape.
DragonBet’s Racing Legacy and Online Transition:
The Lovell family’s involvement in the racing industry dates back to the 1970s when James and David’s father founded John Lovell Racing. Carrying forward this legacy, they continued operating pitches at racecourses across England and Wales after their father’s passing. In October of the previous year, DragonBet, their first online proposition, was launched, aiming to preserve the ethos of racecourse bookmaking by offering fair bets and being reluctant to restrict racing bettors’ accounts except in cases involving harm indicators, affordability concerns, or bonus abuse.
Branding as the Welsh Bookmaker:
DragonBet’s rebranding as the “bookmaker of Wales” aligns with the Lovell brothers’ proud Welsh heritage and their desire to support Welsh sports. Their close involvement in grassroots Welsh horse racing and witnessing the success of Welsh jockeys played a significant role in this decision. While some may view branding as a single-country bookie as counterintuitive amidst industry expansion, DragonBet believes it will help them stand out. Wales’ passionate and patriotic population, coupled with the company’s commitment to local sports, creates a niche with broad appeal. The name “DragonBet” was chosen to signify inclusivity and expand the brand’s reach beyond Wales.
Expanding Sports Offering:
As a small company entering the online space, DragonBet adopted a white label approach, partnering with FansUnite for their platform. This decision reduced costs and addressed compliance concerns. Sportradar contributes to their pricing, enabling DragonBet to offer diverse markets, including sports like Aussie Rules and mixed martial arts (MMA). While these sports may not generate substantial betting volumes, DragonBet aims to provide customers with a wide range of content. Surprisingly, volleyball has garnered significant interest from bettors. Additionally, DragonBet handles in-house pricing for lower league Welsh rugby and football, utilizing these markets as acquisition tools to attract new customers.
The iGaming market’s consolidation and the evolving landscape of the UK gambling industry present challenges for smaller operators. However, DragonBet,