expressed opinion entrepreneur Contributors are their own.
Betting on sports or joining online casino games has never been easier. Advances in smartphone and mobile application technology allow you to place bets and play games from anywhere, even from the comfort of your own home.
Currently, mobile sports betting is 25 states and the District of Columbiawhile iGaming is available in six statesThis number will increase as some states have legislation pending on mobile sports betting and iGaming.
As mobile gaming has grown, problem gambling has become an important issue for government officials, healthcare professionals, gaming operators, communities and other stakeholders.
For most people, gambling is a form of entertainment where players have control over the time and money they spend.However, it can become problematic with potentially serious consequences.
Operators recognize the need to be proactive and are investing in innovative technologies Reach out to players with signs of gambling problems. Investment in new technologies is critical to the long-term health of the industry, and further expansion through more states and products depends on operator actions in this area.
Develop common standards to identify and manage players who exhibit risky behavior have been shown to have No negative outcomes for non-problem gamblers It also builds trust with consumers who value brands that promote player safety, and helps create a distance between regulated and offshore entities.
Know the odds
Q1 2022, Mobile Sports Betting and iGaming Earned $2.79 billion In terms of revenue, it accounts for nearly 20% of all game revenue.Mobile Sportsbook $1.58 billion that money.
For gaming operators, a larger user base and adoption rate comes with a greater sense of responsibility.As a result, growing revenue streams attract scrutiny, and public sentiment about the industry will sour quickly, as it did in Other global markets If they don’t see action.Laissez-faire dangerous behavior not checked Will impose substantial costs on gaming operators in the form of negative brand equity, tighter regulation and increased friction Player experience.
Responsible gaming programs are a good start, but putting players on too much responsibility for safe gaming isn’t enough to convince lawmakers and the public that the industry is being proactive.
With innovations such as artificial intelligence, operators have access to more data that will allow them to attract players and alert them to potential signs of problem gambling.
Related: Fantasy games and betting on esports for good results
protect the player
While it’s easy to see how protective strategies can impact the bottom line, protecting players – or at least engaging them more about their betting activity – Obtain long-term business results This will increase customer loyalty.
Imagine a new user signing up for a sports betting account. They lost $1,000 in the first month and they decided it was time to stop and stop betting. Compare that to a player who bet $500 a year for three years. They are a more profitable player than an over-gambler because they are consistent and loyal, and over time they have aligned their bets with their budget.
There is a strong argument that promoting more recreational-based healthy behaviors would be better from an income perspective. It improves the user experience and opens the door to recommendations, positive reviews, and more.
Related: Entrepreneurs may find it hard to make gambling profits as sports betting transforms — but related businesses will thrive
know your customer
Greater understanding of players and their behavior enables operators to communicate with them more effectively about their games, including sharing Information about their betting habits at the right time. Providing players with the resources to know what they are spending over time in order to make informed decisions about their gambling activities is a powerful tool that can generate goodwill, positive brand equity and sustainable Get better bottom line income in the game.
Operators must securely collect and verify consumers’ personal information at account registration to comply with strict KYC regulations. Identification is the first step to understanding players, and combining gaming habits with identity data is a powerful tool for responsible decision-making.
Knowing an individual’s background is critical. If a 21-year-old college student with student loans bets more than $5,000 a month, there is evidence that questionable behavior could have a lasting impact on his financial future.Having this information about players enables operators to build Specific measures and safeguards Such as providing a timeout period or setting deposit limits on user accounts.
Operators can also provide monthly account statements to show how much money players have lost (or won) over the course of a month. By keeping players informed about what’s going on, they can decide if they need to limit themselves or stop gambling. Giving players access to all their stats enables them to make more informed decisions.
RELATED: ESPN Reportedly Working on $3 Billion Sports Betting Deal
Marketing to Healthy Behaviors
operator Tailored Marketing Engagement based on user activity and behavior. They use it to provide marketing offers for player-supported sports teams, identify fraud or flag players when their accounts are stolen, and encourage healthy habits by providing responsible gaming material.
For players who exhibit risky behavior, technology is now available to identify and mitigate such behavior. For consumers brave enough to make self-exclusion decisions, operators can take action to prevent these players from viewing marketing materials on specific channels, making it easier for them to transition to no-gambling activities as they won’t be lured by attractive offers .
For long-term success and sustainability, operators need to continue to invest in protecting player data and technology. The path to a sustainable industry requires increasing public trust and reassuring lawmakers by demonstrating that player protection is an ongoing investment in operator revenue growth.
Whether it’s responsible gaming, marketing or fraud prevention – more data means better choices, healthier habits and loyal customers.
