How have online platforms transformed the betting industry?

Just like many other industries are benefiting from the popularity of online platforms, the betting industry has not been left behind. As a result, it has significantly grown and now enjoys a multicultural following across many divides. In fact, according to newssei.com, the sector has already surpassed the $243.7 billion mark and could continue making strides in the near future.

But what exactly has changed in this industry as a result of online platforms being popular? Well, to begin with, access to betting opportunities has become convenient. For instance, if you just visit betbrain.com or any other online platform, you will be able to engage in entertainment from anywhere at any time. With that, let us now look at more ways this revolution is affecting the betting world.

The growing popularity of personalization

Generally, most people love personalized experiences. And you’ll be surprised to discover that, according to experts, up to 81% of customers love brands that offer such. Think of it this way: one day, you visit the YouTube page and find a playlist that’s perfectly tailored to cater to your music preferences.

After hours of listening to it, you realize that there’s no need to keep shifting channels or searching for songs you’d love because the platform has already done that for you. What an experience that almost every music fan would love!

It’s not any different in the betting world. But remember, before you can personalize, you need extensive customer data; otherwise, how would you be able to understand their needs? And this is where online platforms come in very handy. As bettors interact with them, sportsbooks can monitor their betting patterns to be able to recommend experiences that uniquely reflect their preferences.

Given that the sports betting industry has become really competitive, this can be a great way to stand out. Did you know that, according to some experts, you might need up to five times more resources to acquire new players than retain existing ones? That means that you don’t want to lose any of them after acquiring them. And what better way to keep them engaged on your platform than personalize experiences?

Firework claims that customizing experiences could actually encourage up to 44% of customers to make repeat purchases. As if that’s not enough, nearly two-thirds of businesses report having higher customer retention rates after personalizing. With such statistics in place, we might actually see betting companies adopt more innovative strategies to ensure that they perfectly align with customer needs.

The possibility of offering more immersive experiences

Those who’ve been in this industry long enough can agree that nothing beats the power of offering reliable betting tips. Even before the internet was invented, bettors would seek experts’ opinions to enhance their decisions. Now imagine being able not just to provide reliable tips but also offer them in real time.

This is what online platforms have made possible and can actually be used to improve loyalty and attract new players. Besides improving the watching experience, real-time betting insights can encourage in-play betting. To make the experience even tighter, a good number of sportsbooks have integrated sports tips APIs to provide optimal flexibility.

Good enough, these APIs have the ability to offer constantly updated recommendations so that users always have multiple betting options. This may include, but is not limited to, forecasting corner counts and match outcomes.

And you may never know: maybe if bettors find such experiences, you could experience more business success. In agreement, eduMe claims that businesses with excellent customer experiences may witness up to 5.7 times more revenue than those without. So, courtesy of online platforms, bettors can now enjoy experiences that were previously unavailable as bookmakers aim to stand out.

The role of gamification

Humans, being who they are, have a deep-seated desire for accomplishment and achievement. Realizing this, online sportsbooks have been integrating game-like features into non-game environments to improve user experience on digital platforms. It’s no longer just about the straightforward activity of placing wagers on different outcomes. Of course, owing to dynamic tech improvements in the sector, bettors now expect more engaging experiences.

This explains the popularity of elements like leaderboards, point systems, and so on. Betting companies can cater to the psychological need for a sense of competition and achievement. It’s like playing a first-person shooter game with a close friend and defeating them.

Introducing customizable avatars, social features and interactive features to this sector has made it possible to enrich the user experience even more. They help ensure players interact with the platform more than they would in the traditional bet-and-wait sites.

Finally

It’s actually true that online platforms have brought a lot of change not only in the betting sector but in the broader iGaming as well. In fact, now it’s not just about accessing the entertainment – more has been done to make the experience more engaging. And this is actually one of the reasons why the entire iGaming sector has been growing.

In sports betting, providers are taking advantage of available customer data to personalize experiences. On top of that, it’s also become possible to send players real-time updates, which can help them improve their betting decisions. This is without mention the popularity of gamification which greatly improves the betting experience, all thanks to online platforms.