To begin with
The US sports betting market has experienced rapid growth since the repeal of the Professional and Amateur Sports Protection Act (PASPA) in 2018. This expansion has led to concerns about the sustainability of the market, primarily due to high marketing costs. Troy Paul, founder and CEO of SGG Media, suggests that leveraging the power of social media influencers can help sportsbooks reduce costs and increase customer retention, ensuring their sustainability in this booming industry.
Market Expansion and the Need for New Marketing Strategies
Missouri's House of Representatives recently voted to approve a sports betting bill, indicating the market's continued expansion. As the market grows, sportsbooks need to adapt their marketing strategies to keep up with the ever-changing digital landscape. In a recent interview with Lillian Walker, Troy Paul emphasizes the importance of influencer marketing in reducing marketing costs and increasing customer retention.
The Power of Influencers in Sports Betting Marketing
Influencers have established relationships with their audience and built trust, making them a valuable marketing asset. By partnering with influencers, sportsbooks can create cost-effective marketing campaigns that resonate with their target audience. Additionally, influencers can help sportsbooks reach niche markets and attract new customers, further expanding their reach.
Social Responsibility in Sports Betting Marketing
A recent report by Gamble Aware highlights that minority groups are more likely to suffer from gambling-related harms. Sportsbooks need to target their marketing responsibly, ensuring they do not exploit vulnerable communities. By working with influencers who share the same values, sportsbooks can ensure that their marketing is ethical and promotes responsible gambling.
Virtual Sports and Social Media Influencers
The partnership between BetGames and T-Kick demonstrates the increasing importance of virtual sports in the industry. BetGames has become the top goalscorer for the exciting new T-Kick release, showcasing the opportunities that virtual sports present for sports betting companies. Social media influencers who focus on virtual sports can help sportsbooks tap into this growing market segment.
Improving the User Experience
Research insights from TrueLayer show that a slow onboarding experience can lead to poor adoption rates and lost revenue for operators. Sportsbooks can improve their onboarding processes to ensure a seamless user experience, leading to increased customer retention. By combining influencer marketing with an improved user experience, sportsbooks can maintain a competitive edge in the growing US sports betting market.
To wrap it up
The rapid expansion of the sports betting market in the US, coupled with the rise of influencer marketing, presents an opportunity for sportsbooks to adapt their strategies and ensure their sustainability. As the market continues to evolve, those who leverage the power of influencers, promote responsible gambling, and improve customer experience will be poised for success. By embracing these strategies, sportsbooks can thrive in the ever-changing landscape of the US sports betting industry.