Platform Competition: Betfair and the U.K. Market for Sports 4K

Author : ednajjonesty

Publish Date : 2021-04-15 21:59:49

Platform Competition: Betfair and the U.K. Market for Sports 4K

Platform Competition: Betfair and the U.K. Market for Sports Betting

Using Fintech to Disrupt Eastern Bank from Within
Was Eastern Labs a huge success or an expensive mistake? Eastern Bank CEO Bob Rivers innovated from within by partnering with fintech entrepreneur Dan O’Malley to launch a completely automated small-business lending product. Karen Mills discusses key questions from her case study: Did Rivers have the right intrapreneurship model? Did he change the culture at Eastern? Did he make a mistake spinning off Numerated into a separate company?

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1
Brian Kenny: “Banker’s hours” is often said with a wink and a smile, a punchline that depicts an entire industry’s largess when it comes to customer service. It conjures up images of harried workers running to the bank to make their daily deposits before the gates are locked. Urban Dictionary defines banker's hours as working or being open for the shortest, and most inconvenient amount of time, and also includes a long lunch break and every possible holiday off.

The reputation was well deserved historically but in fairness the scant hours were a byproduct of the reams of paperwork that had to be done in order to process loan applications and tally deposits and withdrawals. Technology and the internet have changed all that. Today, you'll find banks open evenings and weekends with storefronts embedded in supermarkets and mall food courts. There are even banks that masquerade as high-end coffee shops with free Wi-Fi in an effort to draw in customers and create a convenient hassle-free experience that keeps them coming back. But in a world where 82 percent of 18-to-24-year-old smartphone owners use mobile banking exclusively, expanding hours and serving lattes may not be a winning strategy. So what's a bank to do? Today, we'll hear from professor Karen Mills about her case entitled, Eastern Bank; Innovating Through Eastern Labs. I'm your host, Brian Kenny, and you're listening to Cold Call.

Platform Competition: Betfair and the U.K. Market for Sports Betting
by Ramon Casadesus-Masanell and Neil Campbell
Since the early 2000s, online betting exchanges have had a new relationship with customers relative to traditional bookmakers, providing a platform to match individuals willing to lay and back the same outcome. This study shows how exchanges’ platform design choices have major implications for their likelihood of success.
Author Abstract
We examine two episodes of strategic interaction in the UK betting industry: (i) Betfair (an entrant multisided platform or MSP) vs. Flutter (also an MSP), and (ii) Betfair vs. traditional bookmakers. We find that although Betfair was an underfunded second mover in the betting exchange space, it was able to attract punters at a much faster rate than the better-funded first mover, Flutter. Moreover, while Betfair and traditional bookmakers competed aggressively for market share, they also developed a highly complementary relationship that favored all parties. We discuss implications for research in the economics and management of MSPs. Specifically, we argue that the literature would benefit from work that endogenizes platform design and that considers the possible competitive and cooperative interactions between the business models of traditional incumbents and those of potential innovative MSP entrants.
Full Working Paper Text (pdf)
Working Paper Publication Date: December 2018
HBS Working Paper Number: HBS Working Paper #19-058
Faculty Unit(s): Entrepreneurial Management
Kenny: As the case mentioned, Eastern Bank is the largest mutual bank, but compared to the Chase Manhattans of the world, this is a small outfit.

19 DEC 2018WORKING PAPER SUMMARIES
Find and Replace: R&D Investment Following the Erosion of Existing Products
by Joshua Krieger, Xuelin Li, and Richard T. Thakor
This study sheds light on how product outcomes shape the direction of innovation and markets for technology. In the drug development industry in particular, negative product shocks appear to spur investment changes both within the directly affected firm and in competing firms in the same R&D markets.
Platform Competition: Betfair and the U.K. Market for Sports Betting
by Ramon Casadesus-Masanell and Neil Campbell
Since the early 2000s, online betting exchanges have had a new relationship with customers relative to traditional bookmakers, providing a platform to match individuals willing to lay and back the same outcome. This study shows how exchanges’ platform design choices have major implications for their likelihood of success.
Author Abstract
We examine two episodes of strategic interaction in the UK betting industry: (i) Betfair (an entrant multisided platform or MSP) vs. Flutter (also an MSP), and (ii) Betfair vs. traditional bookmakers. We find that although Betfair was an underfunded second mover in the betting exchange space, it was able to attract punters at a much faster rate than the better-funded first mover, Flutter. Moreover, while Betfair and traditional bookmakers competed aggressively for market share, they also developed a highly complementary relationship that favored all parties. We discuss implications for research in the economics and management of MSPs. Specifically, we argue that the literature would benefit from work that endogenizes platform design and that considers the possible competitive and cooperative interactions between the business models of traditional incumbents and those of potential innovative MSP entrants.

Ukraine vs England — Euro 2020 quarter-final: Three Lions not underestimating opponents as Rome awaits

- England take on Ukraine at the Stadio Olimpico on Saturday for a place in the Euro 2020 semi-finals but vice-captain Jordan Henderson

Platform Competition: Betfair and the U.K. Market for Sports 4K

Ukraine vs England — Euro 2020 quarter-final: Three Lions not underestimating opponents as Rome awaits

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