Sports have always been a firm fixture in many people’s lives. However, in the last five years, since sports betting was legalized on a state-by-state basis in the US, over 30 states have passed legislation to allow sports betting. Alongside watching sports, fans in certain states now can back the team or player they support on online betting platforms.
In fact, by the end of 2023, 23.1 million people are forecasted to have actively used an online betting site. This figure jumps up to 37 million by 2025. The Supreme Court created a new line of entertainment when it allowed states outside of Nevada to practice online gambling in 2018. With this surge in popularity and the influx of consumers on online betting platforms, there are plenty of challenges that present themselves. Not least, how to satisfy the avalanche of users looking to place online bets.
Once legalized, consumers were constantly discovering new options, which quickly heightened expectations. That meant new online casinos had to ensure they were not just matching, but surpassing consumer needs from the moment they opened their virtual doors. But to the present day, what are they doing to achieve this?
The key to any successful business is to concentrate on your consumer. By analyzing your individual consumers, businesses can work out what they need to be providing or improving. For reputable online betting providers like bet365, BetRivers, BetMGM or Caesars, identifying trends in society and finding the extra consumer-friendly touch is what differentiates them from an average online sportsbook or casino. Expectations are always evolving but making content relevant to consumers and providing a safe betting environment are both big contributors to satisfying the needs of consumers.
Keeping Up With The Times
As well as expectations, trends are also constantly evolving and right now, Esports is a hot topic. More people, especially the younger generation, are becoming interested in this sporting craze. Players are even streaming on Twitch and YouTube. As a result, online sportsbooks and casinos are opening betting markets to follow competitions on games such as League of Legends, Counter-Strike: Global Offensive and DOTA 2. Even if you are not a player, Esports provides a great arena for spectators, where they can watch competitive and engaging gameplay. In the US, the interest in Esports betting is slowly building, with a forecasted revenue of US$0.6bn in 2023. However, as soon as more online betting providers start turning their attention towards Esports, and concentrate more resources on this market, this figure could rocket.
Build Consumer Trust
An increased digital presence has also made users of betting services more wary of their online activity. Instead of being streetwise, you now need to be web-wise. When signing up to and playing on online betting operators, you are likely to be asked to provide personal data upon registration, and bank account details and identification when depositing or withdrawing funds. But how can you be sure that all this vital information is protected? In the past, basic encryption technology would have sufficed. However, with the evolution of technology, and the enhanced ability of hackers, the top online betting providers will ensure they have the best encryption algorithms and SSL (Secure Sockets Layer) protocol available.
An aspect that affects online casino games like slots or roulette in a greater way is the concept of fair play. When it comes to investing money with betting operators, you want to be sure you have a fair chance of winning. Online sportsbooks or casinos play their part in assuring consumers by providing information relating to the RTP (Return to Player). Online bettors are also protected by the provably fair algorithm that ensures that results are not fixed.
Conclusion
Online gambling in the US is still in its infancy. People have traditionally been captivated by the lights of Las Vegas Boulevard but now there are more options for online betting. It remains to be seen how much of a success it will be, but the consumer potential is most certainly there. The key for online betting providers is keeping an eye on those needs.
