Just recently, Market Research Future released a report claiming that the global casino market has already surpassed the $309.54 billion mark. According to the report, the industry is expected to grow by a CAGR of 6.48%, resulting in a market volume of $511.6 billion by 2032.
Of course, in addition to online platforms likeย Katanaspin Casinoย contributing to its growth, the industry has been taking advantage of other sectors like sports to advance. And if you want to learn more about how the casino industry benefits from its relationship with sports, this article is a must-read.
The growing sports betting industry
A good number of sports fans often take the entertainment beyond the field by visiting reputable sites to place wagers on their favourite sports. In fact, a recent study by Statista noted that the number of users in this industry could hit 232.2 million within the next few years. Looking at the market size, Grand View Research thinks it has already surpassed $100.9 billion.
Since it is expected to expand by a CAGR of about 11%, you donโt want to miss out on this, especially if youโre targeting new audiences. It is no wonder that several operators are already integrating sports betting offerings into their platforms. For casino players who love wagering on sports, this approach can really improve their experience.
Remember, as the number of bookmakers increases, spotting the right one can be quite challenging. So, to help punters overcome this challenge, consider incorporating sports betting on your platform. Of course, customer experience will improve because fans will find everything under one roof.
And since humans rarely keep quiet about great experiences, adopting this approach could significantly improve business performance. Even SuperOffice CRM agrees, suggesting that more than seven in ten customers are likely to share great experiences with at least six of their friends. Given that the casino industry is becoming extremely competitive, operators are integrating sports wagering to take advantage of such statistics.
Improving brand visibility
Can you imagine that, according to a 2018 ICCO PR report, about one in three internet users identified watching sports as an interest? Think about what this figure could amount to in 2025, when many sports have become popular. Take soccer, for instance. A recent World Atlas report noted over 3.5 billion supporters across the world.
Any serious brand targeting a global audience would not want to ignore such a statistic. Thatโs why casino companies are partnering with top football clubs to improve their visibility to new audiences. Youโve perhaps seen the logos of some of these companies featured on playersโ jerseys, in stadiums and so on.
By partnering with popular clubs, gambling companies can really improve their brand recognition. Mark you: WiserNotify suggests that more than half of consumers are more likely to purchase from businesses they recognise. Well, of course, you donโt expect this to be very different in the gambling industry.
And did you actually know that you may need at least six impressions to produce brand awareness? Such factors, put together with the increasing number of brands joining the sector, make operating in the casino industry pretty challenging. However, gambling companies have realised that other opportunities can be very handy; no wonder they are turning to sports partnerships.
Boosting brand trust
Letโs assume you want to buy a phone. There are two brands that offer the exact phone youโre looking for, but at slightly different prices. Well, most people wonโt just settle for one of the brands because it sells it cheaply โ they must be able to trust it. And if it is actually recommended by a friend, your likelihood of buying from it automatically increases.
Looking at the statistics, experts claim that about 88% of people trust such recommendations more than any other advertising method. Similarly, when a casino partners with a reputable club, it conveys its trustworthiness. This can be handy, especially now that fans want to trust brands before participating.
Surprisingly, more than eight in ten (83%) customers in the broader e-commerce industry claim that they may never do business with brands they donโt trust. Casino scams are also increasing, highlighting why players are becoming more suspicious. So, to get ahead of these challenges, operators are resolving to partner with reputable clubs to improve their appeal to these highly discerning individuals.
But casinos are not the only ones who benefitโteams can also enjoy some advantages. Remember, maintaining a sports club can be expensive. From facility rentals and equipment to coaching fees and travel costs, offsetting these bills often requires significant funding. But with casino sponsorships, teams can get ahead of these costs and run sustainably.
What is our final word?
It actually makes sense that the gambling industry has already reached a high of over $309ย billion in market revenue. Known for its openness to innovation, the industry has been taking advantage of popular trends like websites and mobile applications to stay ahead.
But beyond that, the industry has also been reaching out to other more famous sectors, like sports, to increase its reach. By partnering with reputable clubs, casinos can increase brand trust, which often leads to higher conversion rates.
Plus, integrating sports betting offerings helps these companies to reach new audiences in rapidly expanding sectors. This improves customer experience for casino players who love wagering, which may increase retention rates. Sports clubs also benefit through sponsorships, which are useful in footing operational costs.
