What Recent Data Teaches Us About User Retention

In recent years, user retention has become the primary objective and one of the biggest challenges for many sportsbooks worldwide. As new player acquisition strategies reach their limits and marketing costs rise, bookmakers realize that maintaining a loyal user base through retention is the only sustainable path forward.

What recent studies say:

• 77% of sports bettors are willing to switch from their most frequently used betting platform to another
• Only 4% of sports bettors are loyal to a single platform for more than a year
• A 5% increase in player retention can result in a 25% profit increase
• iGaming’s average retention rates are 37-40% (63% in retail, and 84% in traditional media)

How to win the battle of retention: Lessons from Euro 2024

A unique, stimulating player experience is key to achieving satisfying user retention rates. Yet, ticking this box is incredibly challenging in a market flooded with similar tools. Customers will stay loyal to a platform if it offers them the bespoke experience they have come to expect in other industries. But how can bookies grab their attention?

LSports surveyed executives at dozens of sportsbooks to learn about their Euro 2024 experience. Here are what their key takeaways can teach us about common struggles in user engagement and retention.

Make it personal

72% of sportsbooks named “personalized player experience” as the most significant factor in achieving high retention rates.

While good, comprehensive sports data can create acquisition opportunities, overwhelming users with irrelevant information and generic offers is often counterproductive. Bettors seek a reliable source with tailored content about their preferred events—odds, tips, stats, and breaking news. Sportsbooks that provide this are sure to stand out.

Make it thrilling

Only one of every 20 sportsbooks used engagement-inducing social betting tools during Euro 2024.

Enhancing users’ betting experience without requiring them to place bets is key to establishing trust and loyalty. To achieve this, incorporate game-like elements such as achievements and leaderboards; use quizzes and polls; add social features; include fantasy sports competitions; and deliver real-time data, breaking news, stats, and live match animations.

Insist on Premium Tech

Embracing innovation and adapting to evolving technology is crucial for boosting retention. By obtaining advanced engagement tools that use AI and machine learning, operators can offer bettors unique sports features and stimulating applications, keeping them ahead of the pack.

80% of the sportsbooks surveyed said they hadn’t added new products or services to improve user engagement before Euro 2024.

69% of the sportsbooks surveyed said that following their experience in Euro 2024, they would positively consider adding new engagement tools to their offering.

Be different

74% of sportsbooks feel that the content they provide users on their platforms can’t be described as “unique.”

This should not act as an abstract idea but a mindset. In a crowded, competitive market, the most effective thing to do is to stay unconventional. It’s about adopting different-looking and feeling solutions as mentioned, but also about seeking feedback, taking risks and learning from failures.

Learn

Gaining deep insights into customer preferences and staying updated on industry shifts are essential for enhancing user retention. Continuous analysis of user behavior allows sportsbooks to tailor offerings, refine communications, and improve the user interface, leading to a more convenient and enjoyable experience.

Listen

Like in most industries, customers may appreciate your product but leave due to poor service. Providing elite customer support that is responsive, professional, localized, and socially sensitive is often overlooked in discussions on user retention.

44% of sportsbooks felt their providers could improve response times during critical moments.

41% of sportsbooks said that following Euro 2024, they would consider adding additional data providers.

How can we help

The distinction between a good and an exceptional sports data provider lies in their ability to leverage data to develop cutting-edge betting stimulation tools. Here’s how LSports product line enhances sportsbooks to boost user retention.

Our All-Star Product Suite

SEC (Sports Expert Chat)

The star of this lineup is a revolutionary ChatGPT-like sports betting chat, which acts as a personal sports advisor for bettors. SEC elevates user engagement by offering pre-match and real-time data-driven tips, along with additional information on preferred sports events, including breaking news, statistics, and even weather forecasts. The benefits for sportsbooks include enhanced user loyalty, boosted betting activity, increased turnover rates, and a significant market differentiator.

Points In Play

Engaging the next generation of sports bettors requires out-of-the-box thinking as their demand for stimulating activations and tailored content keeps increasing. Points In Play is an interactive social betting platform that answers this need by offering:

• Dynamic activations during sports events
• Seamless integration into bookies’ websites
• A contest setting with trivia games, polls, and quizzes
• Animated prediction games
• Social features such as leaderboards and badges

Visualization tools

Capturing sports bettors’ attention and loyalty requires delivering all-in-one platforms that provide essential information about their preferred events. LSports’ visualization tools utilize the most comprehensive data set in the market to offer statistics, recent form tables, head-to-head comparisons, updates, tips, and live animations of key incidents in the game. These easily integrated tools are designed to increase bookies’ user retention rates, betting volume, and turnover.

Who We Are

LSports is a world-leading sports data and odds provider offering a wide range of solutions to empower sportsbooks. By gathering information from over 100 live sources through various methods, we generate highly reliable accurate data feeds delivered in real-time, providing the market’s most comprehensive sports coverage.

Our technological background allows us to develop additional products and services for our partners. These include a suite of tailored, fully customizable cutting-edge AI-based engagement tools, trading intelligence solutions, and an extensive odds API With a global presence and highly responsive customer support, LSports is the ultimate partner for sportsbooks at every development stage.

Final Words

As player acquisition strategies hit their limits and marketing costs rise, user retention has become the primary objective for many sportsbooks worldwide.

With the new European football season soon underway, we’ve updated our educational content hub with a report focused on retention strategies.

Based on research conducted during Euro 2024, the report offers the latest insights and strategies for boosting engagement. It also highlights LSports’ cutting-edge AI-based betting stimulation tools designed to enhance retention.

We hope you find this information valuable.

Source – iGaming future magazine