Diversification is an effective risk-reduction strategy for businesses looking to expand into new markets, attract more bettors, and increase profitability.
Press release.- All businesses in the sports betting industry seek to expand, grow, and profit from their operations. However, if sports betting content is modeled on the existing standard of offerings, this can sometimes pose challenges to expansion.
In many cases, businesses find they are stable in a specific marketplace but need help to acquire new bettors and expand. To achieve this, operators should consider diversification of their sportsbooks. It’s an effective risk-reduction strategy for businesses looking to expand into new markets, attract more bettors, and increase profitability.
Implementing a diversification content strategy can help businesses survive changing times, expand, and gain a competitive advantage.
Disadvantages of staying the same
Mobile technology and digital advancements have made betting more accessible, increasing the number of operators. To stay competitive, operators strive to satisfy their bettors, with most operators providing fair odds and a vast range of promos.
The most popular sports among bettors are football, basketball, and hockey, and almost every sports betting site offers these three. Nevertheless, their content offering typically stays the same. However, this may hinder your operation’s growth and the recruitment of new bettors.
As a result of shifting trends, public interest in some sports and championships may dwindle or reignite. Also, generations replace each other, and their interests alter. Due to the demographic shift, trends in the market are coming – there will be a significant change. Young people will make up an increasing proportion of the population, new gambling games will arise, and sports and virtual sports will develop. As technology and socialization evolve and grow, the new generation will dictate its own rules, and businesses must adapt accordingly.
CivicScience study research indicates Generation Z is more likely than previous generations to be interested in innovative betting methods. Uplatform‘s data shows that 94 per cent of Esports bettors are under 30 years old. To successfully serve this market, operators must offer high-quality and varied betting options for this vertical.
The pandemic was another reason that forced iGaming businesses to adapt. With the cancellation of sporting events across the globe, many operators who relied on offline events had to seek alternatives. Offering variety has helped operators diversify their portfolios and not wait and rely on the uncertainty of what might happen in the global landscape managing Covid-19.
Being prepared to make changes that have proven successful, such as diversifying offerings with a compressive online casino portfolio, along with Esports and virtual sports – presents a massive revenue opportunity for betting operators. Those who didn’t do this experienced a loss in revenue and were likely to faze out.
To avoid such a situation, Uplatform provides a wide range of fascinating, unique, and regionalized sports and events and is constantly looking to add more to ensure that there is something for every bettor to enjoy.
Look at the following content range; you will likely find the content you have never heard of or even imagined would exist. The oddities are just one part of the exciting world of betting you can add to your portfolio and use to grow your sportsbooks.
Extend the existing offer
One of the options to diversify your sportsbook is to extend your existing offer: add new markets, tournaments, and leagues. So even if you only offer popular sports like football or basketball, you still can acquire more bettors by broadening their choices via additional features.
For example, bettors in Africa like to bet on both domestic matches and European leagues and tournaments since more than 500 African footballers (about 6% of the total club’s player bases) have contracts with the 11 prestigious top-tier leagues in Europe.
Adding new markets is also essential. The more outcomes there are to bet on, the more bets players are likely to place on your website. Uplaform understands the importance of providing multiple markets; for example, during the FIFA World Cup 2022, they provide their clients with 1500+ markets for each game, including:
Bets on how a selected player will perform in a game:
- The scores’ time
- Number of yellow/red cards
- When injuries occur
- Number of headed goals, among many others
These markets and odds are regularly updated during live events thanks to their in-house bookmakers.
Another option is to provide new offers such as:
These entertaining and dynamic sports will surely stick out as unique offerings in your sportsbook: Bossabol, Reindeer Racing, Sepaktakrau, Jai Alai, and Bubble Football. That is not a fabricated list of sports; they are all genuine sports played worldwide, with championships and tournaments on which you can bet.
Another fascinating sport is kung fu volleyball, which blends martial arts and volleyball. It merges football, volleyball, and kung-fu with flying acrobatics. Kung Fu volleyball (Sepak Takraw) is a popular sport in Malaysia, Thailand, Indonesia, and other Asian island countries. It is thought to have originated hundreds of years ago in Malaysia.
Although popular sports draw a large audience, these niche sports each have their own targeted audience and can propel your company to new markets. With such unique sports offers, you can diversify your sportsbook.
According to the Uplatform team, failing to include Esports on this list would be a severe oversight in expanding your operations. The best term to describe the emergence of Esports betting is growth.
Esports has had remarkable growth from a niche industry to a multibillion-dollar industry, attracting investors from all over the world. Esports has over 474 million global audiences and is expected to exceed 577 million by 2024.
An increasing number of young bettors – millennials and zoomers – grew up playing video games and have a deeper grasp and connection to this sporting activity. The cancellation of the sporting events due to Covid-19 only added to the huge popularity of Esports. In the first six months of 2020, a record $1.1bn was invested in the industry. Experts predict that Esports income will exceed $2,5bn in 2022.
Uplatform has your back if you want to get in on all the Esports action with an all-around competitive advantage. They offer 60 + games, 9500+ pre-match and live events, and 300+ betting markets.
Pop-Culture And Current Affairs
During and after the COVID-19 outbreak, bettors redirected their attention to non-sports betting because people are so connected and attentive to practically anything happening globally. So it’s important to keep a close eye on all the present and upcoming betting market trends and demands.
Provide betting on the most intriguing and captivating non-sports events from politics, Award Ceremonies like the Oscars, weather forecasts, and TV show plots and finals; like the 2nd season of Squid Game, you name it, the selection of non-sports betting is endless.
One beneficial proven approach for accelerating growth and achieving long-term profitability for your betting business is providing players with a diverse range of unique and trending betting alternatives so that you take advantage of all the opportunities to earn and expand.
As illustrated in the following Statista study, in which respondents were asked what they would bet their money on if pro sports activities were cancelled:
For example, the 2020 U.S. election has reportedly generated more revenue than any previous event in Forbes’ 20-year history. The 2016 election was the second-largest in history, with a total of $257 million, trailing only the 2020 election.
Non-sports betting may be less lucrative than sports betting, but it nevertheless attracts many new players.
“Be prepared for anything” is Uplatform’s motto. This is reflected in their content – events including ecological impacts, international political events, and award ceremonies from the Oscars to TV dramas, blockbuster movie franchises, as well as who will replace the Pope shortly, what will be a UK Christmas 2022 Number 1 Single Winner or when will be the next Tailor Swift’s album. The Uplatform sportsbook team appears to be ready for anything that happens anywhere in the world!
You must appeal to players’ preferences to attract them to your site. Offering regionalized content is one approach to accomplish this. A sportsbook focusing on what locals prefer and engages in gives players a more personalized experience. For instance, try offering cricket in India or bets on local matches in lower-tier leagues in the UK, so they don’t just have Premier League football. Although content can be further tailored, catering to what locals enjoy can significantly increase player retention rates.
For example, Latin America is famous for its football fan base, so let’s analyze its preferences. According to the infographic above, the Spanish league “La Liga” has the most fans in LATAM. This could be attributed to the presence of top Brazilian and Argentine players and their close language and cultural roots. Therefore, it is important for sports betting sites to offer bets in league competitions and other features.
You can also reach the market by providing a variety of odds formats, such as American, English, Decimal, Hong Kong, Indonesian, and Malay. British and Irish bookmakers frequently provide fractional odds (also known as British odds, UK odds, or traditional odds). Continental Europe, Australia, New Zealand, and Canada have adopted the decimal odds system (European, digital, or continental odds).
Uplatform’s sportsbook has no fixed scope regarding content, and the options are almost infinite. Almost daily, something happening in the world catches the attention of people willing to wager on various events.
In conclusion, diversification is an effective risk-reduction strategy for businesses looking to expand into new markets, attract more bettors, and increase profitability, as demonstrated above by Esports replacing live sports during lockdowns. Even though some content may seem unusual or unique, content diversification gives bettors quality content that keeps them entertained and interested.
Now, operators have many options for making their sportsbooks more appealing to bettors who aren’t used to traditional sports betting. Businesses go through similar stages: start-up, gradual growth, scale-up, expanded sustained growth and profit, and occasionally exit owing to profit and growth stagnation.
Suppose you don’t plan on exiting the sports betting market anytime soon. Consider the benefits of diversifying your product line to expand your business.