Sports betting: key insights from the latest industry survey

Garance Limouzy June 20, 2024

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Sports betting: key insights from the latest industry survey

In today’s data-driven world, understanding the nuances of sports betting is crucial. Betsson Sportsbook, collaborating with Sports Handle and GambleID, has conducted an extensive survey encompassing over 32 million sports bettors?in the United States. The resulting report provides a comprehensive look into platform preferences, user behaviours, and the future direction of the betting industry.

Platform preferences

Why do bettors bet? According to the survey findings, 73% are motivated by the potential for financial gain, while 66% cite their passion for sports and competition as primary drivers.

While placing bets, most respondents rely on personal experience, expert analysis, and statistical data to inform their betting decisions.

Key factors in platform selection include odds displays, cited by 69% of surveyed players as a crucial aspect. A user-friendly interface (65%) and a robust mobile app experience (66%) are also important. Reputation and trustworthiness influence 48% of users. According to the survey, operators, recognising these preferences, are largely prioritising customer support as a key differentiator in an increasingly competitive marketplace. Factors such as loyalty rewards, promotions and variety of betting options also play significant roles, while payment options are less critical.

Approximately 43% of survey participants have installed five or more apps, illustrating the need for operators in this competitive industry to continually improve their offerings to retain and attract a customer base.

Understanding bettors: daily habits and financial insights

Among those surveyed, a substantial 59% engage in daily betting activities, favouring?popular wagers like point spreads, moneylines, and over/under bets. Despite frequent betting, most participants report modest monthly deposits of under $100, with an annual median deposit of $1,000. Mobile apps are overwhelmingly preferred for their convenience, with many bettors?willing to travel less than 10 miles to place their bets.

A significant portion of bettors withdraw their winnings, while others retain funds in their accounts for future betting. Demographically, the survey highlights sports bettors as predominantly male (98%) and largely concentrated between the ages of 25 and 44 (62%).

The future of sports betting: innovation and customer focus

Looking ahead, sports bettors express strong interest in technological advancements that enhance their overall betting experience. Key areas for improvement include speed and latency, advanced data analytics, improved live streaming capabilities, and personalised betting recommendations. Interestingly, features like virtual reality and AI integration are lower in priority, indicating a preference for practical enhancements over cutting-edge technologies.

Traditional sports, particularly football, continue to dominate in terms of betting volume, with operators anticipating significant growth over the next five years.

As technological innovations continue to shape the industry, understanding these dynamics will be crucial for operators seeking to innovate and meet the evolving needs of sports bettors?worldwide.