Paddy Power Novelty Bets Big Brother

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Table of Contents

The Tampa Bay Buccaneers will become the first ever team to host a Super Bowl when they host the Kansas City Chiefs next Sunday in Super Bowl LV at Raymond James Stadium. Our NFL trader, Ian Dent, has had a look at some markets ahead of the game to pinpoint some value and he has also had a look at the best novelty bets for the big game. Novelty, Non-Sports, Politics, TV & Specials Betting Sites & Offers Most of the best betting sites in the UK now offer all sorts of lines covering novelty bets and specials. This market is growing in popularity with more competitive odds.

Executive Summary

Section A

Paddy

Section B
Intangibility
Inseparability
Heterogeneity
Perishability
Lack of Ownership

Section C
Fragment: Decision on betting
Fragment: Travel to shop
Fragment: Enter the Shop
Fragment: Place the bet
Fragment: Settle the payment
Fragment: Get the betting slip
Fragment: Leave the Shop

Section D
Pest Analysis
Key factors for challenges and opportunities

Section E

Bibliography

Appendixes
Appendix No. 1
Appendix No. 2
Appendix No. 3

Executive Summary

Being a part of larger multibillion gambling industry betting shops is largely ignored by academic research (Cockrill, Goode and Emberson, 2008 p. 189). This report will shed the light on betting industry specifics from services marketing prospective with particular reference to Paddy Power retail bookmakers in Ireland. Our team of marketing consultants will analyse and evaluate Paddy Power’s retail business using relevant analytical tools and data in order to provide appropriate recommendations and to ensure report’s credibility. Parts A and B describe the services and discuss fundamental issues arising in service provision. Part C breaks up the service process into fragments critically analyzing each part. Part D looks at the broader macro-environment that service organization finds itself in. Part E provides relevant recommendations considering analised information on Paddy Power.

Section A

Paddy Power Novelty Bets Big Brother

“A service is any activity or benefit that one party can offer to another which is essentially intangible and does not result in the ownership of anything” (Kotler et al, 2001, p535).

Paddy Power has the largest chain of retail bookmaking shops in the country and a stock market capitalisation of almost 1.1bn. They operate out of a total of 258 retail outlets (190 in Ireland, 8 in Northern Ireland and 60 in the UK) and 4 shops at racecourses. The company has nine distribution channels including shop outlets, telephone betting, online betting, online poker, online casino, online games, online bingo, financial spread betting and mobile betting. “With all the talk of virtual ventures, Paddy Power is keen to reinforce the message that the retail business is still Paddy Power’s core business” (Brophy, 2006).

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Inside these outlets, punters can choose from multiple betting opportunities, ranging from horse racing, greyhound racing and football for the more hardcore and frequent gambler to novelty bets like Big Brother winner for the more occasional gambler. The customer exchanges money in return for a betting slip and waits for the result of their bet.

Section B

A company must consider five main service characteristics when designing marketing programmes: intangibility, inseparability, heterogeneity, perishability and lack of ownership.

Intangibility

When purchasing a product the customer can touch, smell, listen or sample the product. All this can help the customer to examine what is on offer and to make choices between competing brands. As you go to a bookmaking shop you exchange money for your betting slip with the final outcome of profit or loss unknown.

Inseparability

Inseparability means that the customer often comes into direct contact with the service provider. In a bookmaker, the staff team has a dual purpose. They have to deliver their aspect of the service efficiently, but they also have to interact with the customer in the delivery of the service. A customer needs assistance in making a bet, a friendly and co-operative employee can help them write down the correct details. It is essential for service staff to be trained to interact well with clients.

Heterogeneity

Paddy Power provides a service to a customer that is fun, enjoyable and hopefully profitable. Customer satisfaction is hard to measure in bookmakers. The experience and emotion felt by the punter each day will be completely different. A customer’s success could vary daily or weekly. Friendly and polite staff can also enhance the service. For instance a new customer coming into the shop for the first time who needs advice on how to place a bet, if an employee can help and assist them in an appropriate manner it may leave a lasting impression and the chances are he/she will revisit.

Perishability

Services cannot be stored for later sale or use. In a bookmakers if no one backs a particular race on a particular day then the revenue earning opportunity is lost forever. “Sometimes changes in demand or events within the marketing environment mean a flood of extra customers. This can put severe strain on the service delivery system and on capacity, if the service provider cannot respond in sufficient time” (Brassington & Pettitt, 2000, p 945). An example of this would be a busy racing festival. During this week Paddy Power have to ensure that they sufficient staff to deal with the extra customers.

Lack of Ownership

“When customers buy physical goods such as cars and customers, they have personal access to the product for an unlimited time. “They actually own the product.” (Kotler et al, 2001, p. 543) When you place a bet with Paddy Power, it is only relevant for a short period of time. Once the race or match is over the bet is no longer deemed valid. “Because of the lack of ownership, service providers must make a special effort to reinforce their brand identity and affinity with the consumer.” (Kotler et al, 2001, p. 543) Paddy Power offer incentives to customers to use their service again. They offer money back specials in football matches and horse races and have free competitions that their customers can enter. An example of this is a new competition they have created dubbed ‘Last Man Standing’ (Appendix No.1).

Paddy Power Novelty Bets Big Brothers

[...]

Gambling has had a major influence on many aspects of life in the modern day life, helping to enrich and encourage economic growth through the inflow of cash and money as a result of gambling. Many people enjoy the experiences that are had by placing wagers on events great and small. The thrill of opportunity is what brings people to gamble and for some it helps to enrich each experience. The hype and action of a grand final is heightened by money on the line, with the prospect of making your bet back plus a bonus on top of that. Whilst these events are some of the key aspects of major betting in the industry, there are still outliers that whilst aren’t as major, they still provide the same aspect of gambling and add an extra flavour to whatever event is currently being contested. These events can be wagered on and are specially categorised by bookmakers as “novelty bets”. These opportunities are unique in that they allow for recreational betting on interests that lay outside convention, such as in the arts, sciences or current affairs and not necessarily sports events or horse racing. As the interest in gambling has expanded, novelty betting has become more and more popular and allows for betting on everything from the Oscars to Elections and even the outcome of the prices of Oil or Gold at the end of the year.

Whilst it may seem as though these novelty bets are somewhat insignificant in comparison to the larger competition of sports betting, there is a potential for great profit to be made from this aspect of the industry. It also provides the chance for gambling enthusiasts to give themselves a greater challenge at predicting these novelty events and otherwise gain more insight on the respective event and add flavour to the aspects of gambling a current events themselves. The thrill of wagering your own money in return for a profit is enough to make even the most miniscule of events and important milestone. Whilst these bets are unique, it allows for operators to provide their own odds, allowing freedom for the operators and giving gamblers more options on their preferred choice of operator. Alongside this, this type of betting can provide an excellent opportunity for Public Relations and further acquisition regardless of whether or not there has been a win.

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Current novelty bets are wide spread and vast due to the recent number of celebrity award events. The Oscars are a definite major event in the category of novelty betting and have pinned many hopes on certain actors and actresses taking home the big prize. Well known celebrity and influential figure George Clooney is hotly contested to win an Oscar for Best Actor for his role in The Descendants. He is also up against some strong competition which includes Leonardo DiCaprio and also Jean Dujardin. Even so, the odds are in Clooney’s favour at an astonishing 5/6 to win, furthered by his already achieved award for Best Supporting Actor from 2005’s Syriana. On the opposite end of the curtain is Meryl Streep who is also in line for the Best Actress award for her role Magaret Thatcher and has her almost guaranteed to win with odds at ½ and a significant leap ahead of her rivals.

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There is real skill needed to successfully win in a novelty bet and the new experiences and challenges brought about can also help to benefit the participant further than the gambling event itself. Not only will it help the participant to gain more of an understanding of the event as a result of increased emphasis of the event on the person’s life. There is more inclination to ain a heightened understanding of the event in order to properly place a wager on it. It is much more preferable to know what you are gambling on before you make your bet. It can also provide increased interest in the event or the brand, attracting a larger audience regardless of whether or not they are there to wager or enticed by the odds offered.

Due the increased influence of betting culture in modern day society, novelty betting has been on the uprise. More and more people are enjoying the thrill of gambling and using it to enhance their experience and to add more zest and excitement to any event in which they partake in. Sporting Events and the respective gambling has expanded outside the field itself, allowing fans of the sport and all the pleasures it brings to continue their enjoyment on a more consistent and unique basis. Betting on the winners of sporting awards adds more meaning to each personal experience of the player and also helps fans and participants to heighten the thrill and feel more compassion and pride for their player.

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