In the United States, March Madness is more than just watching collegiate men and women play in the basketball National Championship. This time of year is a sort of “gambling holiday” in the United States, when sports fans of all types look to sports betting apps to place bets on their favorite teams and compete in brackets with their friends.
It’s estimated that there will be more than $10 billion worth of gambling around the 2023 edition of the NCAA Tournament. Additionally, over 50% of people in the U.S. will place online wagers on the event. With the federal ban on sports betting lifted and states lightening up on gambling restrictions, March Madness is the perfect opportunity for sports betting app marketers to reel in hungry gamblers and retain current ones with retargeting.
What’s Behind the Betting Boom?
Gambling has been a popular pastime since the 19th century. However, during the pandemic in 2020, placing bets were used as distraction and entertainment in lockdown. The global sports betting market size is estimated to reach $182.12 billion by 2030, registering an annual growth rate (CAGR) of 10.3% from 2023 to 2030. This betting boom can also be attributed to the growing legality of sports betting in the United States as well as the encouraged use of cryptocurrency as a way to place bets.
Source: Statista
Legal Landscape of Sports Betting
In total, 36 states have legalized sports gambling in one form or another. Nine more states are also considering this legalization. Since the federal ban on sports betting was lifted in 2018, the sports betting rules vary from state to state and have different levels of legality. Some don’t allow betting on some in-state teams at the college level, while others don’t allow novelty bets for knowable answers, like what color headband a player will wear.
However, even without all 50 states participating, legalized sports gambling is becoming a massive industry. As more states proceed with legalization of sports betting, the consumer base is likely to continue expanding. This creates a revenue opportunity for sports betting apps. It’s estimated that the total revenue opportunity of sports betting could grow from $900 million in 2021 to $39 billion by 2033. Sports betting apps need to keep a pulse on these legal decisions so that they can expand into these new territories quickly.
Source: American Gaming Association
Betting with Cryptocurrency
The use of cryptocurrency to place bets is another reason that sports betting is continuing to grow year over year. An increasing number of online sportsbooks are accepting Bitcoin, LUNA, and other cryptocurrencies. Cryptocurrencies provide increased levels of privacy, efficiency and are fully transparent.
When traditional currency is used in the betting industry, there is a need for manual or third-party intervention that results in collective frustration among the players who are forced to wait for a long time to receive their winnings finally. Crypto payments ensure developers get the payments done within a few minutes and can process them in just a fraction of a few seconds. The use of cryptocurrency in sports betting has expanded the user base and has created a more high-tech way of placing bets.
Sports Betting App Retargeting
Sports betting apps allow users to bet on their favorite leagues and teams with just a few taps of the screen. These apps make the wagering process quick and convenient. They also typically offer a wealth of exciting features and bonus offers that betters might not experience on a desktop version. With so many rival online sports betting apps to choose from, app marketers need to create unique and seamless experiences to re-engage their users.
Location Targeting
With sports betting apps, gamblers aren’t restricted to placing bets while they have access to their laptop. They can quickly update their decisions in real time while they are watching the game or even at the stadium. By utilizing location targeting, app marketers can encourage their users to place bets while they are in locations of stadiums or arenas. Reminding eager March Madness gamblers that there are last minute bets to be placed is an exciting and real-time experience for the user.
However, being careful that players are in legal betting states is extremely important. Marketers shouldn’t be pushing notifications to players that are in states where betting is illegal. Using location tracking is an important tool to respect the legal landscape of betting as well as targeting active betters.
Education
Believe it or not, even seasoned sports fans can benefit from learning about recent team facts and player updates. Making sure that sports betting apps have an education component is a key part of retaining these paying users. App marketers can draw users back into the app by giving game highlights or pre-tournament player trivia. For example, with the March Madness brackets being so large, it would be helpful for these sports betting apps to give updates on their users' chosen teams so they can be informed on the latest news.
With the growing popularity of sports betting and new states opening up to the idea, there are a lot of consumers that are unfamiliar with this landscape. Sending out reminders about upcoming games or giving users exciting bits of trivia that can help them with their bets will encourage them to continue using the app. An educational aspect also lowers the barrier to entry to new gamblers as they won’t be intimidated by the app.
Gamification
Sports betting is as much about fun and collaboration as it is about competition. While some bets are meant to be solo, other bets are more fun when they are in a team environment. For example, March Madness is all about competing with friends to see who made the best bracket. Apps can play upon this by allowing multiple betters to enter competitions together and can update the app in real time to see how players are stacking up against each other.
Another way to add gamification to a sports betting app is having a trivia component in the app. With all types of sports, there is a multitude of information about each team or player. Having trivia within the app is a fun way to encourage users to use the app even when they aren’t placing their bets. It combines the competitive nature of betting with an educational aspect that most betters need to win.
Retargeting Sports Betting Apps
By using these techniques to bring betters back into the app, marketers can capture these users early on in the year. March Madness may be the most popular betting day, but there are many other important betting days that can’t be ignored. Successful app marketers should start their campaigns now in order to test out creatives and win loyalty among these paying users.
Takeaways of Sports Betting Apps
With more than $10 billion worth of gambling around the 2023 edition of the NCAA Tournament this year, March Madness is the perfect opportunity for sports betting app marketers to reel in hungry gamblers and retain current ones with retargeting.
Sports Betting App Retargeting Tips: Sports betting apps allow users to bet on their favorite leagues and teams with just a few taps of the screen. With so many options of sports betting apps on the market, app marketers can separate themselves from the competition by creating unique and seamless experiences to re-engage their users.
- Location Targeting: With sports betting apps, gamblers can quickly update their decisions in real time while they are watching the game or even at the stadium. By utilizing location targeting, app marketers can encourage their users to place bets while they are in locations of stadiums or arenas.
- Education: Making sure that sports betting apps have an education component is a key part in retaining these paying users. App marketers can draw users back into the app by giving game highlights or pre-tournament player trivia.
- Gamification: Sports betting is as much about fun and collaboration as it is about competition. Apps can play upon this by allowing multiple betters to enter competitions together and can update the app in real time to see how players are stacking up against each other.
