It shouldn’t be surprising that, according to Statista, the global sports betting industry has already surpassed the $235.46 billion mark and is expected to continue growing. Bookmakers have adopted more innovative ways to keep punters engaged, which has only led to more competition and, consequently, growth. This is, of course, without mentioning how online platforms have helped this industry extend to multiple cultures.
Who could imagine that you could be able to place a soccer bet from any place? All you require is a mobile phone and a good internet network. But with this growth comes the challenge of standing out as a sportsbook. And if you want to know what others are doing to improve their edge, reading this article will really help.
Adjusting to changing behaviors
Gone are the days when a bettor had to wait until they got to a specific location to place a soccer bet. With a simple touch, they can do all this on a smartphone. But you don’t want them to have frustrating experiences just because they switched to a smaller device. In fact, studies claim that about 57% of users may never refer a brand with a non-mobile-friendly platform.
Others suggest that such platforms may cause up to 61% of consumers to turn away. This is already a huge statistic to ignore in an industry like sports betting that’s very competitive. No wonder sportsbooks have been turning to responsive designs to stay ahead of this trend. This ensures that you won’t need to pinch or zoom a platform for a seamless experience as you place a soccer bet or any other like the NBA. The website automatically adjusts itself to fit multiple screens.
Surprisingly, such designs can improve conversion and retention rates. Hostinger suggests that responsive websites can actually increase conversions by about 11%. Plus, more than seven in ten people love mobile-friendly designs, which may encourage return visits. At least bettors won’t need to struggle with buttons and hard-to-navigate menus.
This can improve betting experiences and encourage punters to remain loyal. And do you know what? Just a 5% increase in retention can yield profits as much as 95%.
Taking advantage of payment methods
Any serious business person agrees that payment experiences can affect your success. And this is an area where modern consumers have become very discerning. Can you imagine that, according to Clearly Payments, about nine in ten customers want seamless omnichannel payment experiences? This is just an example of why you can’t afford to turn a blind eye to payment experiences.
One way casinos are using payments to stay ahead is by diversifying them. Just as sports betting enjoys multi-cultural penetration, you can expect bettors’ preferences to vary. One in the UK may prefer to place a soccer bet, while another in the US may favor American football. It’s similar to payment methods – different regions favor different payment methods.
For instance, most people in the UK use debit cards, while e-wallets dominate in Germany. As an operator seeking to improve your relevance, you’d want to incorporate methods that work well with both of these audiences, especially if they are part of your target markets. Shockingly, providing relevant payment methods can encourage up to 70% of consumers to transact with your brand.
To improve their edge even more, sportsbooks have been adopting instant payments. You definitely do not want to wait for ages to process your funds. And since betting companies know this quite well, they have been implementing methods like PayPal to improve transaction speeds. According to PYMNTs.com, such initiatives can improve customer satisfaction by 11% and almost double their chances of remaining loyal.
Paying more attention to online safety
Let’s assume you want to place a soccer bet and hear that the brand has been involved in a security incident. There is a high chance that you won’t wager using that platform. This is why paying attention to online security is important for sportsbooks. Besides just incurring financial losses, you also stand a chance of losing many potential visitors.
With more bettors expected to join this industry, threat actors are increasingly targeting it. In fact, a recent study noted that more than 50% of sports betting companies have encountered security incidents. This is why bettors are becoming more attentive to online safety, and a platform that appears to be inconsistent might discourage exploration.
Therefore, to cater to the needs of these security-conscious bettors, platforms are integrating robust security protocols like 2FA. Although it may sound very basic, two-factor authentication can help prevent exposure to as much as 99.9% of targeted attacks. This is without highlighting how it can help stop up to 96% of phishing attacks, which have become a prevalent challenge in this sector.
Other infrastructures like SSL encryption can also be handy. SSL encrypts data transmitted between a client (like a web browser) and a server (like a website) using a combination of asymmetric and symmetric encryption. When you see “HTTPS” in the address bar, it means the website is using SSL/TLS to encrypt the connection, indicated by a padlock icon.
Our final word
It makes sense to expect the sports betting industry to grow in the coming days because of various reasons. For instance, you don’t have to get to a physical location to place a soccer bet – with just a tap on your phone, you’ll be good to go.
But beyond this convenience, betting companies are adopting other techniques like diversifying payments and responsive designs to stay ahead.
