The sports betting world has always been distinguished as a high-octane, vibrant segment of the gaming industry, and it’s one that is very much on an upward trajectory. According to Zion Market Research, it’s set to reach a $155bn valuation by 2024.
But even with that said, for any business behind a brick and mortar betting store, ‘bookies,’ or online betting site, retention is a vital aspect of the user experience. Not doing so could mean that when your customers leave, they’ll stay out.
This is especially true when we pause to consider the fact that only 52% of these sites have customers that make more than 2 deposits on their site. That’s before they either go silent or switch to another platform – which the majority tend to do.
For the average person looking into the gaming industry, we would think that innovative and ‘dazzling’ technologies like VR/AR, blockchain among others would be enough to keep the industry going well into the future.
The real innovations come from the application of big data, AI, and an omnichannel approach to really encourage players to engage.
We’ll be taking a little look into just how each of these has the potential to change the game for online sports betting businesses all over the world. And even help bring in a whole other generation of gamers while you’re at it!
Big Data Means Bigger Betting
The best kind of betting is when it’s as close to the action as possible. That’s still the case with placing bets online too. Big data allows for platforms to provide highly informed, realistic odds for players to bet on.
Makes a world of sense when you think about all the factors that go into a good/bad game.
Leveraging big data allows companies to weigh odds based on the wide array of stats that come with previous match/game performances along with the broader odds. Doing that means players have access to some of the most ‘intelligent’ bets they can find.
For the average player, that data is the difference between money lost and won. So any online betting site that can provide can secure the trust of its users while winning over plenty of new users.
Intelligent bets and more sophisticated odds enhances the likelihood of users taking up those bets. Big data, along with AI (which we’ll get to) can allow your betting site to approach users with bespoke betting positions and odds.
That’s something that is already shaping the industry, overall. 72% of companies already use data in this capacity, which really shows us which direction the wind is blowing.
Getting sophisticated with data also allows businesses to track user behaviour; from how they make bets, to specific odds they look for in a match, even how a user responds to promotional events and what payment methods they use.
It’s in this way that companies can really evolve with their players in mind while cutting out the friction that occurs on your platform.
So while big data went over the statistics and variables that occur within any given match. Artificial Intelligence allows betting companies to work with the players that frequent the platform, as a whole.
The easiest way to put AI to use is through personalisation and omnichannel contact. Every player uses a platform differently, with distinct preferences towards sports, odds and bets that they’d want to put down.
AI comes into play by following user behaviour over the duration of use; gradually changing the interface to make it more intuitive for whoever’s using it.
It’s more than just a simple novelty for businesses and something that users pick up on. 65% of players in the UK, for example, would stick with their current platform if it offered personalised services and experiences.
Artificial Intelligence gives your platform much-needed insight in designing an experience that leaves your users wanting to engage more, not less. And for an industry with its eyes fixed on boosting retention and appealing to a broader audience – that’s golden.
What’s more is that data and AI can allow betting companies to operate connect well with users on a local level, while being internationally present. This is something that we at Unlimint try to do as well.
Inevitably, one part that can be easily streamlined by AI includes the process of onboarding.
By gathering data like user behaviour, login and spending trends, you can deduce the best method of signing users up, while finding the most popular payment methods. For Unlimint users, the latter isn’t an issue thanks to our all-in-one platform, however.
But what this means is that pricing, user spending and betting behaviours will be exceptionally different depending on where they are.
Whether it’s on desktop, tablet or mobile, the way betting is happening is evolving at speed. Within the next 5 years, online gaming will reflect 1/5 of the industry, as a whole.
A big part of why the online experience is proving so lucrative is because of the way companies are making it omnichannel.
For example, if a user lost connection on their phone while making a bet, they could just log onto that same account via their tablet or desktop and pick up from where they left off.
Gaming experiences like Coral’s Tiki Paradise give great examples of this multi-platform, omnichannel experience for players. For a global population that is steadily getting online, going omnichannel can set your betting platform apart from the proverbial pack.