In January this year we got the chance to speak to bet.works CEO David Wang about their U.S. expansion plans and get his thoughts on how Bet.Works will grow their U.S. sports betting business over the coming years.
Today, we are excited to continue our conversation with another member of the Bet.Works team, namely their new Chief Risk Officer, Jay Rood who joined the company in June this year.
About Jay Rood
“Mr. Rood is a legendary Las Vegas gaming executive and sports betting innovator with over 25 years of experience in sportsbook operations.
Mr. Rood has had a storied career in gaming and sports betting which began in Lake Tahoe working for Caesars back in 1992.
Mr. Rood joined MGM when it opened in December 1993 as a ticket writer and worked for the operator for over 25 years ultimately overseeing all of MGM’s sportsbooks including ten in Nevada, two in Mississippi and one in New Jersey as the expansion of sports betting has swept across the USA following the PASPA repeal in 2018.”
Bet.Works is a U.S.-based technology and services company delivering the most advanced iGaming and sportsbook technologies and services in the market. Its flexible suite of proprietary solutions, coupled with a sophisticated managed service offering, uniquely position Bet.Works to provide US-ready solutions to enterprise, tribal and regional clients. Bet.Works is the only company to have concurrently been granted GLI 19 & 33 certifications. www.bet.works
How do you think Bet.Works is positioned to address the upcoming changes in sports betting regulations across the country in the coming years?
Rood. Bet.Works is in a great position to be able to provide guidance to clients as they navigate the regulatory process. Our team is rich in experience in all aspects of sports wagering with a strong background in compliance and legal matters, having been on the ground floor of the regulatory environment in Nevada for years and also having helped to shape policy and collaborate with regulators. Having those relationships is critical in order to be agile and adapt to a landscape that will be very fluid.
What are the major differences between online and offline sports betting in terms of how risks are mitigated?
Rood. Online wagering activity and ‘offline’/retail are very different. A required skillset is the ability to handle high-value customers in a casino setting where the average wagers are likely to be much larger. This will therefore need an experienced team to maximize the profitably of those wagers and minimize the volatility. This will happen with online and mobile, as well as the industry matures.
What’s your view on risk control? Are there plans to implement a three-line-of-defense risk model?
Rood. Risk management will be unique and tailored to each client so it will fit into their overall company strategic roadmap. A guiding principle will be to provide value to our clients with their sports betting operations, enhancing their overall offering to their customers.
Have you seen a trend that points to an uptake in sports betting risk following the PASPA repeal?
Rood. The mass market is the segment where operators will want to focus their offerings, attracting higher-margin wagering activities in order to strengthen player profiles for maximum potential.
What keeps you awake at night?
Rood. Twin 17-year-old daughters!