The gaming industry continues to expand into new territories and horizons. As internet and mobile app technology continue fueling innovations and profits, it’s resulting in a domino effect of more promotions and more competition.
Such is the demand for gaming that platforms constantly push to expand their user base, and promotions and marketing tools like welcome bonuses or introductory rates have a proven track record of being one of the most impactful ways to bring in new customers.
Exploring the demand
Calling the gaming market crowded is probably a slight injustice. Rather, it’s becoming saturated and perennially popular because of the creative designs and ideas that continue engaging audiences. It seems crowded because demand has continued, even in the wake of the increasing number of gaming platforms diluting the action.
Now, if these platforms didn’t provide any competition, they would wither away and die out quickly. However, it is evident that customers are not using just one gaming provider or platform.
Sports betting and casino gaming platforms are the best examples of how growing demand and supply have led to companies adopting new marketing strategies. This is where the world of promotions becomes a battleground for those looking to attract new gamers.
We’re not saying that the gambling industry was the first to devise the buy-one-get-one-free model, but they have certainly transformed it. Sports betting companies will use a combination of bonuses, including matching the value of an initial deposit with bonus betting credits.
Some will even offer a signup bonus, meaning you don’t need to deposit any of your own cash. Trying to find free bets online isn’t a problem; there are many of them. The real art for gambling companies is to offer competitive promotions, so that players who shop around and try to find the best deals will inevitably end up on their platform and choose to stay.
Characteristics of a good gaming promotion
Promotions and marketing are a crucial part of business. Any company that can find a compelling marketing campaign idea can often position itself well ahead of the competition. There are nuances within specific promotions that make certain types better than others. We’ll use the gambling industry as an example again.
You’d do well to find any gambling platform that isn’t running a promotion. They all have a tagline that offers promotions such as:
- Free spins.
- Betting credits.
- Special odds.
- Deposit and no-deposit bonuses.
Whatever it is, the whole idea is to get you on board. However, platforms also want you to stay on their site or app, and continue using their platform for all your betting. It’s not in the best interests of a gambling platform to use convoluted language to oversell the quality of their promotion, but some will still do it.
Often, the devil is in the details of the promotion, which is why it’s a good idea to read the terms and conditions before registering for any promotion. We’d recommend doing so for any gambling promotion, but it’s a good practice to get into, regardless of the service you’re signing up for or paying for.
Key terms in gaming promotions
Here are some of the most common terms in promotions, and some criteria and characteristics to look out for:
Wagering requirements
This is how much of a promotion you need to wager before you can cash out your winnings for real money. Usually, wagering requirements are anywhere between 30x and 60x your initial deposit.
For example, if a sportsbook is running a promotion where you get $20 worth of betting credits for a $5 deposit, and the wagering requirement is 50x, this means you need to play through $250 of bets with your credits or real money before you can cash out your bonus as a real money wager.
Expiry date
Registering for a site using a promotional code will give you a specific period to use the bonus before it expires. Generally, this is around seven days. However, some bonuses can shorten this window to 24 or 48 hours, while some might have a 30-day window.
Payment methods
Some promotions only allow you to sign up using payment services like Apple Pay or PayPal. You will not be eligible for the promotion if you deposit using any other payment method. Again, check the terms – you don’t want to miss out completely.
Conclusion
Competitive promotions aim to have the best element of a specific type of offer. For instance, promotions with no expiry date or wagering requirements mean that you can take your time or withdraw your winnings immediately – if you win, of course.
As gambling companies grow in the US and Canadian markets, competitive promotions are more important than ever. They continue to be the most effective way to attract people to the platforms and they will become more crowded.
Unless the gaming market plateaus or the number of new customers seeking services diminishes, competitive promotions will continue spearheading the growth of the global gaming industry.
We can’t see it retracting anytime soon, given that several key states in the US have only introduced online sports betting within the last two years, so as long as there’s growing demand, the industry will continue to come up with competitive promotions and fresh marketing ideas.
