What does “staying competitive” mean for the sports betting operators?
Originally published on European Gaming Media.
Every business, every entrepreneur has one goal in mind. Increasing revenue by staying competitive. The gambling industry is no different.
But, what does staying competitive mean?
In sports betting, the term ultimate player experience is often used to indicate the competitiveness level of the operators. You will find it on operators’ web pages, suppliers brochures as a key attribute of their product or service.
They define ultimate player experience as a premium betting offer with more events, exotic bets and of course attractive odds. But the high variety and number of events to bet on can puzzle the player.
Have you ever walked in a huge department store and left without buying anything simply because you got tired of browsing? In this case, the offer was premium, the experience below average.
Don’t make the same mistake with your punters.
If you want your players to increase players’ time spent and betting frequency on your platform, make your offer RELEVANT. Guide the player journey with targeted bonuses, suggestions and tips for adding more events to their betslip.
For example, Singular was the first to introduce THE NON-STOP TICKET in the sports betting industry which allows players to add games at any point, increasing the bet amount.
Tailor the tips in accordance to their previous betting patterns. Notify your players when a team they usually bet on has an upcoming game and increase the retention rate of players. Promote your bonuses with target marketing giving players tips on what events to add to their betslip to qualify for certain awards, cash wins or free-bets.
Make the experience even more exciting by allowing punters to secure a certain money amount with THE ULTIMATE CASHOUT feature. Punters can cash out part of a bet at any point, in the middle of the action, during or before an event has even started.
In conclusion, offering a variety of events on your betting platform will definitely help you in acquiring new players. However, to retain and increase LTV of players you need to highlight the events most relevant for them. These will of course be different for each player.
Take advantage of your back-office tools to gain insight in your players preferences and betting patterns. Make data-driven decision to unleash the full potential of your business.
Singular is an established, mature brand in the iGaming industry. We have years of experience in turning new and existing operators into successful market leaders.