Streaming Service DAZN Makes Another Business Venture To Capitalize On Sports Betting

Trends come and go, and sometimes they go dormant. Technology has primarily contributed to what these trends are, and it's why we've seen several businesses incorporate innovations like virtual reality and social media into everyday tasks. Over the years, we’ve also seen more companies try to capitalize on the digital sports betting boom. Global OTT subscription video streaming service DAZN is the latest to do so after announcing on November 9th its new technology hub called DAZN X.

The London, England-based company announced DAZN X, its new industry-disrupting business venture, one month after updates about its potential purchase of BT Sport, which is Premier League-motivated, emerged in the media. DAZN X will create new experiences for consumers, where they can “talk, share, shop, and play” while streaming live sporting events. It is all part of the company’s plans to generate revenues from sports betting and other digital services, which is a trend throughout the global business landscape.

Why Digital Sports Betting?

Sports betting, which sees players wager on different sports from the Premier League to the NFL, has proven to be a lucrative avenue for businesses. That is because the sports industry and the gambling sector have a dominating presence in global entertainment. Additionally, the niche’s reach is vast, as there are also sports-themed online bingo games like Footy Frenzy 10k Scratch, which, like traditional bingo games, boasts welcome offers, bonuses, and prizes. Online casinos, such as Paddy Power, also offer sports-themed roulette games and tend to have sportsbooks attached, which has helped broaden the sports betting industry’s appeal to more traditional gamblers. That means companies that infiltrate the sports betting sector could get double, sometimes triple, the attention. 

This move by DAZN into sports betting was foreshadowed in September 2021 when the company, which launched in Canada in 2017 and the United States in 2018, appointed Ian Turnbull to oversee sports betting operations. So it is not surprising, and nor is the reality that even non-sports-related companies have realized the market potential of the sports betting industry. For instance, several media outlets have partnered with sportsbooks, including NBCUniversal. 

What Do We Know About The Launch of DAZN X?

The new DAZN X platform comes on the back of the company’s acquisition of Texel, a video streaming specialist that has developed an impressive cloud-based video technology that enables multi-screen experiences. DAZN X will likely implement this technology since it lets multiple viewers watch live sports together. DAZN co-chief executive Shay Segev said the launch of DAZN X accelerates the company’s plans to become the world’s leading sports innovator. 

Introducing our new innovation hub, DAZN X????

Born from the acquisition of video streaming innovation company, TEXEL. DAZN X will focus on developing interactive and engaging content layers for fans to talk, share, shop, and play with their friends while streaming sports content.— DAZN (@dazngroup) November 10, 2021

More than ever, companies are looking at other ways to engage audiences and increase revenues in adjacent markets. Sports betting has become a popular venture to try and do this, and DAZN has become the latest company to demonstrate this reality. The reach of sports betting with not just sports gamblers but traditional players as well is part of the reason the sector has been able to attract the attention of industry moguls.