The rapidly expanding sports betting industry continues to take the world by storm, generating a worldwide market share of approximately $242 billion in 2023. Several factors, such as policy reforms, contribute to this surge. From the United Kingdom, where sports betting has always been prevalent, to the United States and Canada opening their doors to sports betting in 2018 and 2021, respectively, the sports betting industry does not display any signs of slowing down.
The digitization of sports betting propelled the industry to even greater heights. We the Bookie, an innovative online sports betting operator founded in Ireland in 2019 and launched in 2022, aims to disrupt this competitive landscape with its revolutionary sports betting model called WeShare. The disruptive bookmaker identified three persisting issues for online sports betting operators: sky-high marketing costs, low customer retention, and swimming in a 'sea of sameness.' These translate to negative customer experiences involving bad odds, obscure and miserly bonus systems, and harmful 'customer care.'
We the Bookie business logo
Malcolm Wilkinson, the founder and CEO of We the Bookie, shared, "Online sports betting operators accumulate betting revenues each month. We observed our competitors allocate a significant portion of their revenue to cover marketing and affiliates costs and realized we could do something that had never been done before. We then developed a framework that will enable us to give back to our community of customers." Wilkinson, with his team of sports betting experts, transformed this vision into reality with WeShare. WeShare is a one-of-a-kind framework that entails the online bookmaker redistributing 50% of its monthly gross revenue to customers in direct proportion to their net loss.
We the Bookie allocates 'WeShares' by first removing net positive customers for that specific month and then distributing the 'WeShare Pool' to each customer who suffered losses in the same month. The percentage that each losing customer gets back depends on the ratio of winning versus losing customers each month. During the initial launch, customers received anywhere between 21-48% of their losses back. The online sports betting operator enhances customers’ experience further by offering various useful features, such as the WeShare Tracker, which shows the WeShare percentage in real time. This tracker appears at the top of the sportsbook. The CEO added, “What makes our model stand out is the fact that it appeals more to the casual punter than to the sharp, more experienced bettors."
Many might question the viability of utilizing a framework that sounds too good to be true like the WeShare model. Following this train of thought, the CEO of We the Bookie commented, "We have numerous competitors, but they tend to swim in a 'sea of sameness.' Since they're indistinguishable from each other, they need to spend more on acquiring customers. With We the Bookie, our model enables lower marketing costs combined with unbeatable retention numbers, allowing us to give 50% back to our customers." Ultimately, We the Bookie's sustainable model shields online sports betting punters from chasing bets and reloading deposits. Wilkinson envisions creating the most socially responsible bookmaker globally and pioneering the new norm of the sports betting landscape.
Media Contact
Name: Malcolm Wilkinson
Email: [email protected]
