Competing for Attention: Understanding the Strategies of New Sports Betting Sites
The sports betting industry has grown simply because people’s interest in wagering doesn’t seem to slow. To accommodate the growing need, online sports betting started. And now, we have new betting sites popping up every single day.
Related Post: A Quick Guide to Sports Betting: Tips and Information
It also means the competition has become fierce in recent years. Operators are engaging in new tactics to make betting more enjoyable. Among many, offering good user interfaces, competitive odds, good-quality promotions, coverage of many markets, and technological inventions are the main ones.
To explain all of these scopes of the online sports betting industry, we’ve invited an expert here at Tycoon Story. The expert, Tim Harrison, works for BetZillion, an amazing sports betting platform. He also brings a list of brand new sports betting sites our readers are checking out right after this post.
The Growth of the Sports Betting Industry | Tim Harrison`s Overview
Online gambling has been one of the fastest-growing industries for the past decade. In 2022, the global market was valued at $83.65 billion! Experts believe it’ll grow at a 10.3% compound rate by 2023.
The shifting regulatory landscape is one of the main reasons the industry is booming so hard. Countries worldwide are becoming more iGaming friendly by reducing taxes and allowing operators to accept players.
One of the biggest influences behind the recent growth was the Covid-19 pandemic. Everyone was stuck at home with more money and time in their hands than ever before. It led to much money being injected into online gambling, a strong trend.
User Experience and Interface
Among the strategies new sports betting sites use to attract new customers, designing an intuitive user experience is one of the main ones. For most, sportsbook interfaces look the same, leading to monotony among bettors.
New bookmakers are trying to break the traditional look by implementing more graphical and interactive elements to combat this issue. However, they can’t afford to lose usability and optimization because reputable bookmakers are known for it.
So, new betting sites are constantly trying to find the balance between a dynamic website and optimization. The sites on Tim Harrison’s list are the most successful in this regard.
Competitive Odds & Promotions
Odds are the fundamentals of sports betting, both online and offline. The odds determine how much a bettor can win from a successful bet. It makes sense that they’ll lean on sites offering a more competitive edge.
New sports betting sites employ one of the strongest strategies: offering longer odds. The longer the odds, the more a bettor can win for the same stake. Then again, bookmakers cannot offer any odds they want as they’re calculated based on statistical models.
Also, the odds must be in-line with other bookmakers. Offering odds too extreme will surely get the brand under regulatory scrutiny as it would misrepresent the likelihood.
Another very important aspect of strategies is to offer bonuses. There are regulatory requirements on how big of a bonus a sportsbook can offer. So, the bigger the bonus, the more lucrative the platform becomes. It’s the most effective strategy to attract new customers to a new betting site.
Some common forms of bonuses you can expect from new betting sites include:
- Deposit match bonuses
- Reload bonuses
- Free bet
- Accumulator boost
- Boosted odds
- Bet Insurance
Sports Coverage and Betting Markets
Of course, an online betting site’s primary purpose is to give regular people a legal platform to bet on their favorite sports. And the concept of “favorite” will vary greatly from person to person.
To accommodate as many types of bettors as possible, new betting sites incorporate a variety of sports. The library contains mainstream sports like football, cricket, and ice hockey and niche sports like rugby, MMA, and Formula 1. Many new sites even go the length of covering unique events like politics, and TV reality shows, and whatnot.
It brings us to the concept of markets. Tim Harrison explains that a “market” in sports betting is the outcome one can bet on. So, in football, “team to score the first goal“ is a potential market. A dynamic library of markets intrigues bettors more. It is one of the areas where new bookmakers can showcase their creativity.
The last tool new online betting sites have at their disposal is ever-evolving technology. We can’t deny that one of the main reasons online gambling has taken off is the innovation in the internet.
Now, we’re seeing the mass adoption of blockchain technology. You can already find plenty of crypto casinos that accept digital assets as payments and run games on blockchains!
Although the sports betting industry is somewhat behind in blockchain adoption, we’re seeing a shift in the paradigm. And new bookmakers on the frontier.
As for existing technologies, there are live streaming API, virtual reality sports-viewing, analytical tools to calculate odds more efficiently, and whatnot. These technologies are also evolving over time, giving new online betting sites a chance to survive in an already-saturated industry.
In this post, betting expert Tim Harrison has outlined all the strategies new sports betting sites use to attract new customers.
To enjoy betting online, a customer must understand the prospect behind it. You know that new betting sites tend to offer better bonuses along with a more intuitive user experience to stand out from the competition. They also use newer technology to get ahead. But Tim strongly believes that you can’t achieve one without the other.
Last, but not least, it helps to distinguish between legit and shady betting sites. At the same time, it enables the users to get behind their decision to choose a particular brand.