Betty has begun the search for founders and CEOs to run its new Betty OpCo franchises across the globe as the operator accelerates its expansion plans.
As detailed by company CEO Justin Park, Betty OpCos will operate the Betty brand in local markets worldwide.
Founders and CEOs will be “responsible for securing gaming licences, executing go-to-market strategies and building leadership and operational teams to support growth”.
Betty first launched in Ontario, Canada with a female- and slots-focused USP. The brand then expanded to the UK – announcing the appointment of Adele Baker as CEO of Betty UK in January – and has since launched in Alberta following the province launching its liberalised market in July.
The parent company, or ‘TopCo’, “owns all of the IP – including tech, brands, patents and trademarks – and generates revenues by licensing it to OpCos like Betty Canada and Betty UK”.
Franchises will be rolled out in a three-step process; the ‘incubate’ phase will see Betty recruit a franchise’s founding team, have the CEO come up with a business plan for a market launch, and identify a minimum compliant product (MCP).
The ‘launch’ phase will see the franchise build its MCP and secure a gaming licence, while the final grow phase will see the OpCo “achieve unit economics that justify non-dilutive capital to scale marketing”.
Park has previously hailed the merits of a ‘decentralised franchise model’ when speaking to EGR earlier this year.
“Big hairy problems”
In his Q2 letter to shareholders, Park said: “Every market has one or two really big hairy problems that need to be solved. In the UK for example, those big, hairy problems are a rigorous regulatory framework and high gaming taxes. The OpCo needs to identify what these big, hairy problems are up front.
“Finding the right talent is the hardest and most critical ingredient for OpCo success. It is imperative that the OpCo begins identifying the key skill sets required to crack the local market and starts passively recruiting for these roles.”
Park added: “There is not much flexibility in the overall brand architectures; however, OpCos are encouraged – actually expected – to localise the brand.
“If a market requires materially different positioning, we will not enter it in the first place. When Betty rebrands, the local OpCos will be required to take those changes.”
Park has encouraged prospective OpCo founders to reach out to Betty directly to express interest, asking them to detail which market they would specialise in and which “big hairy problems” need to be solved.
In-house push
In addition to the franchise model gathering pace, Betty has also announced the launch of its new in-house games offering, Betty Originals.
Betty Originals will consist of original slot games developed by the operator for use on all of its igaming platforms.
All Betty Originals titles form part of the IP which Betty’s TopCo will license to OpCo franchisees.
In-house games have proven to be popular in North America, chiefly at DraftKings where proprietary titles delivered 36% of all online casino stakes as per a company Investor Day earlier this year.
A Betty statement read: “We’re excited to introduce Betty Originals, a new collection of games developed exclusively for the Betty experience.
“Betty Originals marks an exciting new step in how we’re expanding our platform, with titles designed to integrate more deeply with our metagame and LiveOps features.
“The collection will give us more opportunities to experiment with new concepts, create more connected experiences and bring exclusive content to Betty players.
“Vault Wreckers, the first Betty Original, is officially live. Stay tuned as we expand Betty Originals with more exclusive releases designed for our players.”
Arnold Ash is EGR’s executive recruitment partner. It supports ambitious organisations to identify and attract industry leading executive talent. Find out more here.
The post Betty begins search for franchise founders and CEOs as expansion plans gather pace first appeared on EGR Intel.
CEO Justin Park details the thinking behind the Betty OpCo model, with executive recruitment the first step of a three-phase launch process
The post Betty begins search for franchise founders and CEOs as expansion plans gather pace first appeared on EGR Intel.