A slam dunk playbook for sports betting apps to boost March Madness revenue with unitQ
Online sports betting is slowly spreading across the globe as well as in the United States. The number of organizations offering online gaming continues to grow too — making for fierce competition among gamblers hungry to wager from their computers or mobile devices.
And as March Madness approaches, it's essential for online gambling platforms to make sure they are offering exceptional user experiences to keep the trust of their customers or bettors will gamble elsewhere. An exceptional user experience is more than just nice to have. It’s a true market differentiator that can help your organization scale efficiently, beat your competition and create brand loyalty.
In order to deliver a robust customer journey across all touch points, organizations must understand what gamblers are saying about their favorite betting platforms in real time — on social media, Reddit, X, app store reviews, Discord and help-desk tickets.
This can be accomplished with customer feedback software that makes sense of real-time user feedback to capture issues that may be spoiling the gambling experience. Because bets usually last a very short time once offered — technological issues preventing them from being offered to gamblers is akin to a sports betting organization leaving money on the table. The same is true for game scores or odds not being updated, or payments not being accepted or doled out. All of which are reasons why organizations should employ machine learning and AI to capture and parse customer feedback in real-time from multiple sources and channels so they can immediately uncover and address issues blemishing the gambling experience.
In addition to insights and sentiment analysis from customer feedback software, there are many other measures online betting organizations should consider when it comes to increasing profits and capturing market share. Organizations can increase revenue and retain a larger gambler base by offering a wider range of betting options, implementing in-play betting, adding social features, and offering personalized recommendations and promotions. By adopting these and other strategies — including deploying a multitude of secure payment options — online sports betting organizations can attract and retain a larger user base. This leads to increased profits, enhanced customer satisfaction, and overall brand loyalty and retention.
Here is a breakdown of the top 7 methods on how online gaming platforms can increase revenue streams:
Offer a wide range of betting action
One of the most obvious ways to enhance profits is to serve more bets to bettors. This can include bets on not only traditional sports like NFL football, soccer and basketball, but also on eSports and other unconventional sports. By expanding the range of betting options, sports betting apps can attract a wider audience and generate more revenue. Make sure to heavily promote bets during popular sporting events like March Madness, the NBA Finals, Super Bowl, World Series, World Cup, Stanley Cup and other season finale matchups. And don't forget that the first games for the NCAA's March Madness begin March 19.
Institute in-play betting
In-play betting allows users to place bets on a sporting event as it is happening, rather than before it begins. This can be a particularly attractive option for users who are watching a live sporting event and want to add an extra level of excitement to their viewing experience. By offering in-play betting, sports betting apps can keep users engaged and stimulate them to bet more. The bets that organizations offer are only limited by an organization’s technology and the imagination of their oddsmakers.
Adopt social features
Online sports betting apps can also attract and retain gamblers by implementing social features. This can include allowing users to create and join betting pools with their friends or strangers, or by offering a social feed where users can share their bets and interact with each other. These features can make the betting experience more engaging and enjoyable for users, which can encourage them to place more bets.
Personalize promotions
It is highly recommended that organizations offering online sports betting serve up personalized recommendations and tailored promotions. By using data on a user’s betting history and preferences, sports betting apps can make recommendations for bets that are likely to be of interest to the gambler. Additionally, offering free bets or other incentives to users who make their first deposit, or rewarding loyal gamblers with special promotions or discounts, will encourage people to place more bets and increase overall brand loyalty.
Embrace mobile accessibility
It is imperative that online sports betting organizations make it easy for gamblers to place bets on their mobile devices. With more people using their smartphones and tablets to access the Internet, sports betting apps must be mobile-friendly in order to attract and retain users. This can include designing a user-friendly interface and ensuring that the app loads quickly and efficiently on various devices, across multiple platforms such as iOS and Android.
Deploy multiple, secure payment options
In order for customers to place bets, they need to be able to easily deposit money into their account. Online sports betting is a competitive industry, and organizations that offer a wide range of payment and payout options may have an advantage over those that do not. Customers may be more likely to choose an organization that offers their preferred payment method. And by offering secure payment options, online sports betting organizations can build trust with their customers.
Deploy customer feedback software
Customers see everything, from every bug and update in every language and configuration, and on every single platform and device. User feedback is available in app store reviews, social media, X, Reddit, Zendesk, Discord, chatbots and other channels. With customer feedback software, online sports wagering organizations can paint a real-time, clear picture of what features and promotions bettors enjoy, what features they find hard to use or what bugs should be prioritized — all in real time. Utilizing machine learning and AI technology to capture user feedback in real-time from multiple sources can help companies gain a deep and personal understanding of their customers and ensure issues impacting the customer experience are identified and corrected immediately.
About unitQ
As the leading Quality Automation platform, unitQ empowers companies with AI-powered, actionable insights from user feedback to help them craft high-quality products, services and experiences. unitQ centralizes feedback from all sources and automatically groups it into thousands of granular categories to help organizations discover what matters most to users — all in real time.
Category-leading companies like Spotify, Bumble, Pinterest, Udemy and HelloFresh rely on unitQ to drive growth, reduce churn and build brand loyalty.
With unitQ customer feedback software, including unitQ GPT, organizations can discover quality issues at the same time as their users. Know what product launches, releases or evergreen features are causing the most bugs or support tickets. Drill into the root causes of these issues by source, platform, device, customer segment and more.
Want to see how your organization compares to others? Get your free unitQ Score or book a unitQ demo today!
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David Kravets is Senior Content Marketing Manager for unitQ
