The world of online betting is highly competitive. Anyone who’s ever squinted their eyes to see the obscure shirt sponsor of a Premier League team will tell you that. Sometimes it seems as though there are more betting companies than punters themselves.
It begs the question, how do all of these bookmakers stay in business and stand out in such a crowded market? One lucrative strategy used by these companies is tempting betting offers. From free bets to enhanced odds, they come in all shapes and sizes.
While there are promotions and offers for existing customers, the priority for bookmakers is to get new ones in the metaphorical door. This approach works for many of the best bookmakers around, like Betway Casino Zambia and many others.
Studying an Example Welcome Offer
Top bookmakers become renowned for their new customer offers, and it’s one of the biggest reasons why they’re in the top of echelon of the online betting world. Although few welcome offers are identical, it helps to use an example to understand the appeal to a potential new customers.
For the purposes of this piece, we’ll use the example of a £30 matched free bet if your first accumulator (often abbreviated to ‘acca’) bet loses, as well as 100 free spins on a slot game.
If that all sounds like an alien concept to you, or as though we’ve tried to explain that with hieroglyphs, fear not. Here’s an explainer, and a detailed breakdown, of how it works.
Firstly, we’ll begin with the accumulator bet itself, or acca, as we often hear in betting circles. This is a bet type that combines multiple selections across different events or matches. One of the most common types of acca is a football acca.
A football fan might wish to enhance their excitement for a weekend set of fixtures, and test their prediction skills, by betting on the outcomes of several games in the same wager. The odds from each selection become multiplied together. Naturally, the high odds reflect the likelihood of the punter predicting every outcome correctly.
Okay, that’s simple enough. Now, what’s a matched free bet? In this example, it’s a bet that the bookmaker is willing to match, often with a free token. The free token will be the same value as the stake (in this case, potentially £30), but crucially, the bookmaker isn’t paying out any money.
Sure, they could lose money, but by that time, the customer has already made multiple bets and presumably settled into the pattern of placing regular bets. Besides, the win for the customer will only encourage them to bet more.
Then we add in the slots offer – what’s the point of this? Well, from the bookmaker point of view, it encourages the user to check out a separate section of their site or app, the casino section. This offer is designed to get the user to engage with the sportsbook and casino sections.
Although the customer is often aware of this to some extent, they are excited by the prospect of making money in the casino without spending their own money – at least initially. Many customers think that once they take advantage of the welcome offer, they will close their account and take their winnings. But this is easier said than done.
And bookmakers are aware of the bigger picture too. They know the motivations of their customers and that they don’t want to be parting with money on a regular basis.
Therefore, it makes sense that customers would want to close an account as quickly as they open it. However, even if they do this, there are still benefits to the bookmaker, primarily in the valuable data they gather. The behaviour and betting patterns of users are logged and studied.
They then use this information to refine their marketing strategies and personalise future offers, optimising the overall user experience in a bid to keep future customers engaged.
Responsible Gambling
Although promotional offers, like those of Betway Casino Zambia, are a fun part of the betting experience, it’s crucial for bookmakers and punters alike to put responsible gambling practices first. It’s important for bookmakers to clearly communicate the terms and conditions of their offers; and it’s equally important that customers look at those before parting with their money.
Beyond understanding the terms and conditions of specific bets, punters need to stay aware of the inherent risks that come with gambling. It’s easy to get sucked in and chase losses. Therefore, setting appropriate betting limits and using the gambling tools that many bookmakers provide (for things like time-outs and self-exclusions) is essential.
Remembering the Psychology
In the world of online sports betting and gaming, betting offers like the above example represent a strategic move that can benefit both bookmakers and punters. By offering value incentives, bookmakers can attract new customers and foster long-term engagement, while punters gain opportunities for potential winnings and a reduced risk on their initial bets.
However, it’s essential for all parties involved to prioritise responsible gambling practices and maintain a healthy balance between promotional offers and sustainable betting habits. Before you sign up for a betting site thinking that an offer is too good to be true, remember the psychology behind the promotion and weigh up whether you’re equipped to bet in a healthy way.
Article and permission to publish here provided by Bazoom Publications. Originally written for Supply Chain Game Changer and published on June 5, 2024.
Cover image provided by Bazoom Publications.