When it comes to enticing new players, sportsbooks offer a range of bonuses. These incentives can make the difference between a player choosing your platform or going elsewhere. Thus, it is important for you to know what bonuses you can offer to your players, and how to ensure that your money is worth the bonus you will offer. Today, we will explain the value in offering bonuses to get new players in your sportsbook.
As a bookie using reliable offshore sportsbook software, you will be able to offer your players a lot of bonus options. And the key to making sure that any of those bonuses will be worth the investment is to add conditions to claiming the bonuses.
Prelude to Bonuses: Your Terms and Conditions
And with sportsbook marketing, you will want to make sure that your marketing strategies will get a certain result. For example, you can launch a campaign to open your sportsbook, and have the goal of getting 100 people to sign up and pay a deposit of at least $20, with a $1000 budget. The challenge lies in making sure that your $1000 will get you 100 players with a $20 deposit each. This gives you a $2000 gross amount in deposits, with $1000 net after you deduct your marketing expense.
To secure and guarantee the $20 deposit, what you can do is offer a bonus for each new player. That $1000 budget over 100 players gives you $10 each. So if you are willing, you can give a bonus worth $10 that you will give after the player registers and places a deposit. With this condition, you are guaranteeing the $20 in your sportsbook with just $10. This secures the deposit, as opposed to just offering free $10 and with no guarantee that they will deposit. If you do offer a bonus like this, players may just sign up, claim the bonus, bet and cash out, and leave you.
Here are a few things to remember to set before advertising your bonuses:
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- Always require payment. For a welcome bonus, require a minimum deposit amount instead of just registration. This guarantees money coming in to your sportsbook.
- Set rollover requirements. Some sportsbooks require a certain rollover before you can qualify to claim bonuses. This will be helpful for bonuses that are quite large.
- Set expiration dates. Give players a sense of urgency to use your sportsbook by adding an expiration date to your bonuses.
- Make your bonuses not convertible to cash. As much as possible, you want those credits to circulate in your sportsbook before paying out. So, it helps that if you will give $10, then be clear that it is $10 in credits, and not an amount you can withdraw immediately.
Offering Bonuses to Get New Players in Your Sportsbook
That being said, you will need to have a good per head sportsbook software to help you manage the bonuses, and handle the action that will come in once your players start placing deposits and wagers. Let’s explore some popular bonus types you can offer to get new players.
Welcome Bonuses. These are the most common. New users receive rewards upon signing up and placing a deposit. Usually you set a specific amount or free bet value regardless of the amount they deposit- but its helps to put a minimum requirement.- Deposit Match Bonuses. Also known as deposit bonuses, these match your initial deposit with bonus bets. For instance, if a player deposits $100, they might receive an additional $100 in bonus bets.
- Reload Bonuses. Designed to retain existing players, reload bonuses reward subsequent deposits. Encourage loyalty by offering regular reload promotions.
- Referral Bonuses. Leverage your existing player base. When they refer friends, both parties receive bonuses. Word-of-mouth marketing at its finest- and at its most efficient. While this does not directly affect your new player, you are using your current players to do the recruiting for you.
- Special Event Promo Codes. Tie bonuses to major events (e.g., Super Bowl, World Cup) using unique promo codes. You can do this to promote your sportsbook at specific events. For instance, the NBA Finals are coming up soon. You can offer a special code for a bonus for new players.
You have the option of using just one bonus per player, or to offer as many as you want. Just make sure that you will attach terms and conditions to claiming their rewards.
As a bookie, you have total control of what you can offer to your players. If you do not have the tools to do this, you can read through these pay per head reviews and find a reputable pay per head bookie software to help you manage your online sportsbook.
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