Betting Volume on Overtime Markets
Introduction
Sports betting is a high-risk high-reward activity that leverages match popularity to draw in large numbers of participants, which benefits everyone in between. In this report we’re having a look at the daily betting volume on Overtime Markets and uncover the matches and sports driving the volumes.
II. Top Events
Based on the betting volume of each game, below we can see the top grossing matches played on every day of the last two weeks. What we can observe in these cases is that while they might be some of the most profitable events for the platform, they don’t necessarily correlate with the most number of users.
With the platform still being a new competitor in the online sports betting arena, it seems it has not yet found a solid user base for each of the sports it lists and there are large differences between the audiences of each. In our observed time frame many Baseball matches were the daily top grossing event, yet only had a handful of users placing bets.
III. Top Sports
If we make the same daily ranking of sports, we can see Baseball regularly bringing in most of the daily volume, with Soccer modestly taking the lead around high-profile matches.
What is remarkable though is that while the previously mentioned sports have the potential to generate a regular betting activity due to the unending stream of events, MMA can instantly steal the spotlight and become the main event. Given that these matches are spread further apart and interest is already there, more attention can be paid to promoting them in the lead-up to the fight.
Conclusions
- Although daily betting volumes considerably decreased compared to the beginning of our two-weeks time frame, we can see more users being daily active as well as a slightly increasing bet size.
- Many of the top grossing daily events were Baseball matches benefiting from a small number of large bettors, compared to the rest of the matches that were able to attract a larger number of users but very small bets.
- Baseball brought in over half of this period’s volume, followed by Soccer with almost a third. However, there is an opportunity to capitalize even more on MMA matches that have a lower frequency yet attract many users and well-sized bets.
The report covers the platform activity over the last two weeks.
I. Overall Volume
Over the observed time frame, daily volume peaked on Aug 14 at $70k, having only modest volumes in comparison afterwards. But while shortly after bet sizes also dropped, we then see them following a steady uptrend over the last 10 days. More importantly we can see a slight increase in the average and median bet sizes, indicating that users are slowly gaining more trust in the platform and feel confident to make bigger moves.
While volumes have considerably decreased, we can see the platform actually having its peak of daily active users just recently on Aug 21 with 136 users.
Cumulatively, Overtime Markets had over $262k of betting volume over the last two weeks.