All Bets initially plans to revitalize and bring business back into the local economy. Our goal is to partner with restaurants in the diverse communities of DC, such as African American community. This will help drive up business that these restaurants may have lost from the ongoing Covid 19 pandemic. Our vision for the sportsbook is for independent operation, and raising the profits of the partner business through an increase in customer traffic. This symbiotic relationship will allow both businesses to thrive together.
All Bets will be a sportsbook provider with custom experiences based on the culture designed around the customer’s culture. To do this, we will create a mobile app for use in and around the designated location. For the customer’s experience to be truly unique and customized, they must have a mobile application to access their content. This highly individual experience will make the betting more personal and more powerful. Mobile first, mobile must.
Our Founder, Stacie, will work with Intralot, the designated supplier of sports betting apps in DC, and leverage her app-building experience. Stacie has successfully led the development of online applications for her student loan business, Pay Your Tuition Funds, and for the US Department of Education.
Once achieving proof of concept in the African American community, All Bets will expand with custom betting experiences for Asian, Latinx, Native American, and female betters, eventually expanding into the majority. These communities have significantly different betting tendencies and sports preferences, and All Bets will leverage its knowledge of the communities to create ideal betting experiences.
DC Market Dynamics
The Sports Wagering Lottery Amendment Act of 2018 legalized sports betting in Washington, DC. The large sporting arenas will be granted operating licenses and will likely be market leaders. DC will also offer licenses to small businesses, which will immediately make it an attractive market for a small sportsbook to enter. GambitDC, the city’s first sportsbook, launched in May 2020, and DC’s internal revenue projections imply that the city expects over one billion dollars to be wagered on sports in 2021.
All Bets will target underutilized communities, and through this, we will find a niche. Overtime, we intend to grow into a staple of the communities we will serve.
Our Unique Position
The key to our company is a custom created experience for our patrons. Our ethos will always be Mobile First and Mobile Must. By being mobile we will allow customers to place their bets in our designated locations, then view the events at our partner’s locations. This drive by approach will allow us to send business to our partners. This will create an easy experience for our customers.
All Bets will combine warm, in-person betting experience that invites repeat clients with a state-of-the-art mobile application. Stacie has her experience developing user-friendly mobile apps with both the aforementioned Pay Your Tuition Funds and the US Department of Education, where she serves as Director of Innovation. Stacie will call upon her experience to avoid app-related struggles that have dampened GambitDC’s launch.
The key to inviting repeat clients is creating an affordable and user-friendly experience. One common complaint about GambitDC has been that its lines have been priced above market rate. Clients do not want to pay extra for an in-person experience when they can find cheaper lines online. All Bets will provide the best of both worlds with user-friendly lines and a legal betting experience with no cash-out restrictions. This will enable All Bets to eat into the illegal betting market and bring underground bookies and gamblers online.
The DC-Arlington-Alexandria metropolitan area has a population of 6.25 Million People. 25% of which is African American. The median household income for African American households in in the DMV is $75,000 per year, which is exponentially higher than the national average of $42,000 a year. This makes the DMV area a prime location for a Sportsbook intended for the African American Community.
But we will be far more than a mere sportsbook, and we will improve our communities. Diversity and culturally sensitive events will drive all of the following.
Our founder, Stacie Whisonant, has worked her entire professional life to make education more affordable for all students. With All Bets, she intends to reinvest any profits back into the youth of today, by providing them with funds to attend college. These profits will help to quell the education gap in the United States which negatively impacts the African American Community Particularly.
All Bets will emphasize responsible gambling and financial literacy for all customers. All Bets will provide financial literacy resources as well as gambling addiction resources at every location and through its app. Additionally, its emphasis on financially well-off customer segments (households earning $75,000+ / yr) ensures that most customers will have a baseline level of financial acumen.
All Bets will both create jobs for Washington, DC, and have a positive impact on its client-base. Betting can lead to increased income as well as an increased knowledge of financial concepts. It will provide a venue for minority betters to develop skills in data analysis, research, risk management, and investment return analysis.