The online gaming industry is a lucrative career opportunity for sportsbook operators. Today, the high competitiveness, state-of-the-art technologies and intuitive tools enable the sportsbook operators to be innovative and unique. Since there are many restrictions and obstacles in the online gaming industry, they need the right set of tools, knowledge and dedication to become successful. Below, we discuss the ten fundamentals for succeeding as an Online Sportsbook Operator.
1. Your Turnover Is Directly Proportional To The In-Play Events You Offer
In-play betting is always dynamic. Hence, you must enhance your offering for a bigger selection of betting markets. In this way, you will be able to cater to the needs of the customers worldwide. For this, create quick and easy page navigation and keep in mind to cater to the needs of the punter at the top.
2. Offer Frequent Loyalty Programs And Rewards
You can leverage aggressive sports campaigns because they can raise bonuses quickly. Additionally, you can offer discounts to the new as well as your loyal customers. Some of them include:
- Sign up bonuses
- Deposit bonuses
- No deposit bonuses
- Free bets
3. Make Sure To Settle All Bet Markets And Pay-Outs
In order to keep the customer betting on the winning trend, it is essential to settle all bets immediately. Make sure to settle all bet markets (pre-match and in-play) within three minutes of reaching the goal.
4. Maintain Constant Communication And Good Customer Support With Your Players
A good sportsbook operator always focuses on the retention of his loyal customers. After all, retaining old customers is easier than continually hunting for new ones! To increase their loyalty base, operators can offer the following perks:
- Frequent Player Points (FPP)
- Betting assistance for new players
- Promotions for seasonal events
- VIP loyalty programs
All these work on the premise of keeping open communication with both the existing and new players.
5. Re-Invigorate Your Betting Genre
Always be on the look-out for evolving trends in the betting market and tailor your betting game accordingly. For example, betting on video gaming competitions (or esports) is gaining traction in the Asian market. Also, punters are today looking to bet on non-traditional sports. These include TV shows and political campaigns. Hence, to stay ahead of the curve, follow exciting new trends.
6. Make Real-Time Quick And Efficient Decisions
Technology has made bookmaking automation a norm today. However, the skills of professional bookmakers cannot be underestimated. To enhance the customer knowledge, it is crucial to analyze the customer playing behaviours thoroughly. The odds of a ‘Recreational Player’ and an ‘Experienced Player’ placing a bet and winning are clearly different. After acquiring real-time knowledge about customer behaviours, you can monitor operations and oversee stakes. You can also submit personalized offers which greatly enhance your margins.
7. Focus On Live Betting
Live and micro-markets are considered ‘quick bets’ in the punter terminology.
They include live games. Since these bets provide immediate results, they make betting more exciting, and customers tend to bet more on such live games.
8. Bad Punters? Don’t Block Them!
While most players abide by the defined rules of betting, there are some who become successful in gaming the system. They tend to win big in most of their bets by cheating. How to deal with such bad punters? The first step is to avoid blocking them. You can analyze their betting pattern and impose tailored restrictions on their betting. Such limitations include blocking certain leagues (not completely), increasing the waiting time on each bet, etc.
9. Leverage The Technological Advancements
Gone are the days when bets were only placed using a computer. With the growing footprint of technology, bettors can sit on his sofa, and put a bet with a tap on his smartphone. Hence, focus on interactive user experience by taking your game across mobile, tablet and web.
10. Make The Punter More Comfortable By Offering Partial Cash-Out
What if a bettor regrets his betting decision? A partial cash-out option allows him to retract his bet. This will make him feel more comfortable and secure while placing bets on your website.
These 10 Fundamentals by Tom John Light will allow the online sportsbook operators to navigate the contours of online trading and become successful skillfully.