NEW YORK, March 13, 2024 (GLOBE NEWSWIRE) -- Sportsbook operators can expect an increase by as much as 87% in bettors during March Madness, according to a report released today by Optimove Insights, the analytical and research arm of Optimove, dedicated to providing valuable industry insights and data-driven research to empower B2C businesses. The Optimove Insights Report on March Madness Sportsbook Trends aims to equip sportsbook operators with valuable insights to enhance player value and optimize marketing strategies during the tournament and can be accessed here.
Optimove is the first Customer-Led Marketing Platform and the #1 CRM Marketing Solution used by iGaming operators.
Key Findings:
- Increased Bettor Engagement: March Madness serves as a catalyst for heightened bettor activity, with a significant surge observed in the overall number of bettors during tournament days. (See image 1)
- First-Time Depositor Behavior: Analysis reveals that first-time depositors are more likely to engage in betting activities at the beginning of the March Madness tournament, with a substantial portion participating in the initial stages.
- Wagering Behavior: Players who participate in betting activities over multiple days during the tournament tend to place higher wagers, indicating a correlation between sustained engagement and increased betting volumes.
According to Pini Yakuel, CEO of Optimove, “To leverage these insights effectively, sportsbook operators are encouraged to adopt targeted marketing strategies and employ journey orchestration techniques. With these insights, operators can tailor experiences for first-time depositors, ensuring maximum engagement and retention throughout the tournament and beyond.”
The report also offers other recommendations for sportsbook operators, including the following:
Segmentation and Personalization: Understanding the diverse profiles of bettors is crucial for effective journey orchestration. Operators should segment customers based on their potential lifetime value and personalize their marketing efforts to cater to each segment's unique preferences.
Retention Strategies: With approximately 50% of players not returning after their first bet, effective retention strategies are paramount. Sportsbook operators should focus on post-initial interaction engagement, offering personalized experiences and incentives to nurture and retain customers over time.
Data and Methodology:
The report is based on a comprehensive analysis of betting patterns observed during the 2023 NCAA March Madness tournament, tracking data from approximately 495,000 U.S. bettors and over 5.5 million bets. Data was collected from "Selection Sunday" (March 12, 2023) through the championship game (April 4, 2023), spanning 12 tournament days.
Optimove Insights is the analytical and research arm of Optimove, dedicated to providing valuable industry insights and data-driven research to empower B2C businesses.
About Optimove:
Optimove is the first Customer-Led Marketing Platform, and the #1 CRM Marketing Solution used by iGaming operators. Its solutions ensure that marketing always starts with the customer (player) instead of a campaign or product. Customer-led marketing has been proven to deliver brands an average increase of 33% in customer lifetime value.
Optimove’s CRM Marketing Solution provides iGaming and Sports Betting operators with unified player data, AI-led multichannel orchestration, and statistically credible incrementality measurement for every promotion, campaign, and journey.
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