Operators of sports betting sites are masters of using promotional incentives to attract new customers and retain existing players on their platforms.
Bonuses and promotions come in all shapes and sizes, but with one primary aim – to ensure that consumers choose a sportsbook and stay loyal to it for many years to come.
By offering a variety of incentives, such as free bets, deposit matches or risk-free bets upon signing up, betting operators encourage new bettors onto their sites.
As for existing customers, eye-catching promotions such as reload bonuses, cashback offers and odds boosts are designed to keep them interested and loyal.
Continuously providing value to players helps betting sites operators foster a sense of attachment for consumers and make them want to come back.
It is an endless race in a competitive marketplace, with betting platforms constantly improving their bonuses to carve out a distinguished identity and draw attention from players.
They are an essential part of advertising strategies, occupying a crucial place in customer acquisition and retention. With that in mind, read on as we assess how consumers benefit from bonuses.
Free Bets
Sports betting sites use ‘free bets’ as a mainstay of their promotions, deploying them as the most dependable tool to attract new users and entice the existing clientele.
These bonuses offer the prospect of placing bets without risking players’ money. Free bets are credited to a betting account and punters can use them to place wagers on specified events or markets.
New customers can take advantage of free bets to explore a particular site’s offerings without making an immediate financial sacrifice, which is often a powerful incentive to join a platform.
Betting operators also employ free bets to reward existing clients for continued engagement or participation in specific promotions or loyalty programs.
Users must familiarise themselves with any associated terms and conditions, such as minimum odds or wagering requirements, to capitalise on these perks.
Matched Deposits
Another widely deployed promotion offered by betting companies is a ‘matched deposit’. It basically means the platform matches a portion or the entirety of a customer’s first deposit with bonus funds.
Let’s say a sportsbook operator offers a betting sign up bonus of a 100% match on initial deposits up to a predetermined amount in the terms and conditions.
This means If a customer allocates $100 upon signing up, they receive an additional $100 in bonus funds, resulting in doubled betting power.
However, matched deposits warrant the fulfilment of the wagering requirements before any winnings generated from bonus funds become available for withdrawal.
Odds Boosts
While ‘matched deposits’ serve to boost a users’ bankroll, ‘odds boosts’ are intended to maximise potential winnings.
This popular tool used by betting sites increase the appeal of specific bets by offering improved odds for a limited time.
Unlike the aforementioned promotions, enhanced odds often relate to select outcomes or events, increasing the potential payout and making them more appealing to customers.
Although time-sensitive, odds boosts arrive with the promise of greater gains, encouraging bettors to pounce on favourable opportunities within their offerings.
VIP Schemes
Sportsbook platforms often have special features reserved for their most loyal clients.
Loyalty programmes, also known as VIP schemes, reward high rollers with exclusive perks and personalised services to keep them stimulated and engaged.
These perks contain comprehensive packages, including enhanced odds, faster withdrawals, dedicated account managers and tailored promotions to meet their preferences.
The leading purpose of VIP schemes is to foster long-term relationships and provide the most valuable customers with a sense of belonging.
When used wisely, all these promotions can enhance the overall betting experience for consumers and result in hefty profits.
The Future of Bonuses & Promotions
The betting industry’s marketing practices have come under heavy scrutiny from regulatory organisations.
With an emphasis on customer welfare, regulators pressure betting sites to promote responsible gambling and use more transparent and cautious approaches when enticing new clients.
This will inevitably lead to a significant transformation of promotions in the foreseeable future and could impact the frequency of bonuses on offer.
Striking a balance between acquiring customers and protecting their wellbeing will ultimately shape the future of bonuses in the betting industry.
