Research has found that March Madness is a major catalyst for first-time bettors while this year’s tournament coincides with the opening of the North Carolina online sports betting market as well as marks the first time that ESPN Bet and Fanatics have been live during the tournament.
Effective retention strategies key for operators
Research by Optimove on the betting trends of the 2023 tournament found that March Madness is a catalyst for new bettors and could result in an 87% increase in betting. It also found that new bettors were more likely to bet on the first or second round of the event compared to the later stages.
Despite this, only 50% of new players returned after placing their first bet.
As a result of this, the CRM marketing solution provider recommended that sportsbooks should focus on post-initial interaction engagements, offering personalized experiences and incentives ..
