The Australian-based gaming technology company Vvv Solutions has released a new product, which they will be showcasing at EIG Expo in Berlin from 21st of October to 23rd. The new product, known as Switchbet, is an innovative add-on product for existing bookies which will boost revenues and activity from players.
The basic idea behind Switchbet is to allow players to change their bets after the game has started, against a minor fee which is charged from the placement of the bet. This means that players will be paying 1-25% in fee on their betting amount and will then be able to change the way they bet underway in the match.
This provides a new way to insure the players, where you still keep them active, unlike the cash out function that many bookies introduced this year. If a player uses a cash out feature with a bookie, they are no longer interested in the match, but with Switchbet it is different, as the players will still be looking to see if their bets go home after they changed it and even increase in-play bets.
The fee charged by the bookie to the customers to allow them to switch their bets is variable, based on different inputs, results and so on. The fee needs to provide value to the players, but also for the bookmakers to ensure extra revenue and better customer retention.
Switchbet is easy to integrate into an existing platform, as the skilled team behind the product has created a simple add-on product. Once integrated, the bookmaker can decide which games he wants to offer Switchbet on and then enable those games only.