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What Canada Is Facing With Sports Betting
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When the Canadian government voted to legalize single-event sports betting in August 2021, the news came with lots of excitement - from sportsbooks, sports bettors, and sports and entertainment organizations. Over 6 months later, provinces like BC and Ontario have started to introduce sportsbooks through their provincial gambling commission. Beyond that… the hype remains unfulfilled.
A recent report released by Deloitte titled “Bettor Perspectives - how Organizations can win in the new world of Canadian sports betting” summarized the firm’s research on the industry. We decided to take a look at the numbers (as we often do) and wanted to share our thoughts and key insights for what the next big step is for sports betting and its marketing. Like every good bettor, the winners and leaders in the space will have an A.C.E. up their sleeves:
Awareness
The market for the sports betting community looks a lot different from the conventional bettor we might expect. Only 8.5% of the community polled would classify as high stakes and high-frequency gamblers, and 58.5% of those surveyed are potential bettors who have yet to be formally introduced to the space. Interestingly enough - 57% of the potential bettors identify as female, and are between the ages of 25-64 years old. The opportunity for marketing is clear - there is a diverse and large group of potential bettors who need to be exposed to this space.
However, there is still a stigma around sports gambling, and only 19.2% of Canadian adults are aware that single-event sports betting is now legal. Much of the work that needs to be done starts with educating and informing consumers about the new laws and opportunities available to them. Sportsbooks and related organizations that create more awareness and help introduce this space to casual and potential bettors will develop loyalty from the market and dominate.
Community
Trends in sports as an entertainment/experience product expand into sports betting. As audiences continue to crave experiences, the single-event sports bettor needs to feel like they belong to a community beyond the screen they’re betting on. 43.6% of survey respondents indicated that they would be welcome to see a players’ lounge added to sports venues. This is an opportunity that teams like the Phoenix Suns have already capitalized on through a partnership with FanDuel. Early adopters of this model in Canada, and other ways to create a community of sport bettors will sustain brand loyalty, and be able to expand early and often as this space evolves.
Exclusivity
The accessibility of single event-sports betting is both a blessing and a curse, with countless alternatives creating competition in the industry, and sportsbooks will always be at risk of losing their consumers. With only 12.9% of respondents indicating that they are likely to use prior experiences to shape their next bet, brand loyalty is up for grabs.
One avenue for this is through creating an exclusive experience that cannot be offered by competitors. The numbers back up the consumer desire for exclusivity - as 44.7% of those surveyed would welcome sponsorship integrations (giveaways) and in-arena wager options to enhance their experience. Arenas and venues may want to explore introducing in-arena exclusive props and odds, to give fans in attendance a hand in the game that cannot be found anywhere else.
Sports betting organizations, and marketers in this space will be primed for success if they remember to keep their ace handy and keep awareness, community, and exclusivity at the forefront of their decisions. All bets are off - may the best (and luckiest?) organization win.
Published: March 4, 2022 - Issue 28 of The Sport Marketeer