Loyalty: A Horse of a Different Color for Sports Betting Platforms
As more and more states legalize sports betting, the online gambling market will continue to boom. Studies show that the global online gambling market is expected to grow at a compound annual growth rate (CAGR) of 11.5% over the next six years, exceeding $127 billion dollars by 2027.
This presents an interesting challenge for online sports betting platforms. Differentiation.
Free bets and refundable same day parlays are great for initiating trial. But they won’t help online sports betting platforms differentiate themselves; at least not in a way that will stimulate repeat play and generate loyalty.
So, what’s the answer?
Gambling industry marketers should consider implementing a player loyalty program fueled by tangible, trophy-value rewards to grow their user base and increase spend. This includes everything from bikes from brands like Kent, to fitness brands like Gaiam, and from outdoor living brands like Fire Sense to DIY brands like Black and Decker.
Studies show that 79% of consumers say loyalty programs make them more likely to continue doing business with the same service.
Adding a loyalty program to a consumer website can increase average site visits/usage by 319%.
With a very crowded field of online sports betting platforms, player loyalty programs will help edge out the competition.
It’s not apples to apples but the comparison is clear.
They’ll bring the return on investment that free-bet and odd-boosting campaigns can’t.
With the world living a life at home, online sports betting activity will continue to rise, and so will the needs for great lifestyle products like grills, firepits, patio furniture, cookware, and at-home fitness equipment.
To learn more about how Rymax’s award-winning player loyalty programs can help you differentiate your business, feel free to contact us.