If you’re looking to make a successful sports betting promotion in the UK, you’ll want to follow these tips.
Planning your Sports Betting promotion
Before you even consider offering a sports betting promotion, such as those organised by Betiton, make sure it’s one that you can actually pay out on. If your customer base isn’t large enough and/or profitable enough, then the cost of paying out on all those bets will outweigh any potential benefits of running the promotion in the first place.
You don’t want to get stuck with thousands of pounds worth of losing bets because no one wanted to take advantage of your offer, so doing your statistical analysis first (outsourcing if possible) is vital.
It goes without saying, you should make sure you can deliver on any guaranteed win.
If there is any doubt about your ability to pay out on time, then don’t offer it at all. You will only cause frustration among customers who expect their money within 28 days as stipulated by law (or sooner)
Once you are certain that you can fund a promotion, the next step is deciding on the promotion you will run.
Deciding on the Type of Sports Betting Promotion
Assuming that you’ve already done your homework, here’s some promotions you can run:
Cash prizes with fixed small amounts are a good way to gain new customers, but make sure that your promotion is easy for customers to claim and keep track of – but not too simple or straightforward that people will abuse it. The last thing you want is for people who don’t actually win anything from your giveaway promotions getting upset with how easy it was for them – especially if they’re already frustrated because they lost money on another bet!
One way around this problem is by giving away small amounts of cash prizes each day until all funds have been depleted; this allows everyone who enters into participate with some chance at winning something small while still making sure nobody gets shortchanged at the end of the day (or month).
Offer a free bet
Free bets can work well, but make sure the amount of the free bet is low so you can afford the winnings!
Offer a guaranteed prize
If you charge players to play, you can offer a guaranteed win – by making sure winnings start at an amount lower than their stake.
Offer Extra Games
Prizes don’t have to be in cash. Whether it’s adding ‘lucky spins’ of a wheel, virtual scratchcards, free bets or even small ‘real world prizes’ such as money off vouchers for a product or service, there are lots of ways you can monetise your audience.
Marketing your Sports Betting promotion
Once you have decided on the type of sports betting promotion you will run, you will need to market it.
Promotions are designed to build overall brand loyalty, improve interaction and increase regular spend from players, not just boost instant sales.
Therefore, there is no point running your promotion if you don’t a) plan ahead and b) let players know about it.
You can collect email addresses when players sign up if you are going to use an email promotion, or you can use in-app promotions or push notifications on player’s devices to let them know about any promotions you are running.
If you don’t have any marketing expertise, hire a customer engagement specialist or external marketing team to ensure that your promotions will have the desired impact.
With any marketing campaign, including betting promotions, you should plan your strategy ahead and then analyse the results afterwards to see what worked and what didn’t, and how you can improve.
Ensure before you start you clearly define what parameters will define success, and how you will measure them.
Then, when the promotion is done, analyse the results and see what you can learn for future campaigns.
Sports betting promotions, run well, are a great way to increase traffic, profits and build relationships with your customers.
They can also attract new customers who may not have tried your business otherwise – and provided you plan ahead they should form a valuable part of your overall marketing strategy.
By putting in the effort up front, to plan, to understand your customers and to measure success you give yourself the best chance of succeeding in your sports betting promotion.
This article is not a substitute for professional advice and we would always recommend seeking professional advice when starting or running a business