The ability to attract and retain customers distinguishes business successes from failures, and iGaming is no exception. However, because the competition in iGaming is fiercer, the tools for success should be sharper. Every iGaming entrepreneur will tell you that you must master reward strategies in order to achieve player loyalty and thus increase the company’s profit. There is a good reason for that – every player wants free rewards.
As such, online sportsbook and casino bonuses are essential for acquiring new players, earning loyalty, and reactivating lapsed ones in the iGaming industry. And, because unlocking the full efficiency of rewards requires a long-term strategy, we will share some of the industry-proven principles in this article. If you are an entrepreneur in this industry, this is a topic for you, so let’s dive in!
Types of iGaming Bonuses
There are many types of iGaming bonuses, but we can classify them into 4 primary categories that we will now list.
Sign-Up Bonus
Sign-up or first-deposit bonuses are the most common types of bonuses offered by online casinos. It is given to a player who has just opened an account at the casino as a way of saying “thank you” for joining. The Welcome Bonus could be a bet increase (also known as a Match Bonus) or free spins on a set number of games. This type of bonus is most important for acquiring new players as a lead magnet.
Entrepreneur Pro Tip: Offering rewards in the first few days after sign-up is a popular method to keep players coming back. Instead of making the welcome offer all at once, spread it out over a five-day period, for example.
No Deposit Bonus
This type of bonus enables players to play without putting their own money at risk. The good news is that a player still has a chance to win real money here. Generally, the casino limits the games that a player can play with a no-deposit bonus. This category is most likely to contain slot games.
Deposit Bonus
Deposit bonuses are gifts given to players after they make a deposit in an online casino. These incentives may cover a percentage of the deposit (such as 50%) or the entire amount (such as 100%).
Bonus for Loyalty
The loyalty bonus is a type of special bonus that can be obtained through a variety of promotional offers. Reload bonuses, cashback, specific VIP bonuses, contests for the player’s birthday, and so on are examples of special or indirect money payouts. The loyalty bonus, in whatever form it takes, boils down to the same concept: a player must be loyal to the casino in order to receive it.
Entrepreneur Pro Tip: Because the acquisition cost is high in iGaming, a loyal client is more profitable than a new acquisition. It is also far easier to keep the player in the game than to persuade them to return. As a result, good retention lowers the cost of reactivation.
Player Acquisition with Bonuses
Clients – or players – give your business value in B2C iGaming. So the most important thing you need to grow your business is a growing number of active players, which you can achieve by continuously acquiring new players and retaining existing ones.
Bonuses can be valuable iGaming marketing tools if carefully designed. To begin, if you need to attract potential players’ attention, your bonus strategy should include some bells and whistles. Also, when deciding on a welcome bonus, keep the competition’s offer in mind – you need to compare your brand to others, just as your potential customers will.
Here are some pointers to help you compare yourself to your competitors:
- Keep an eye on gambling (local) review websites and look for highly rated welcome bonuses.
- Word-of-mouth is a powerful tool, so remember to monitor iGaming forums.
- When combined with the right kind of rewards, affiliate endorsement can do wonders, so make sure your affiliate marketing game is strong.
Armed with this knowledge, whether you choose to offer a generous number of free spins (or free bets for sports), a cash bonus, or a combination by building a welcome package, make sure you still turn a profit by matching their attractiveness with bonus abuse control mechanisms. The basic idea is to balance acquiring players and discouraging bonus abusers.
Reason Why iGaming Promotions Work
People adore freebies. That is why, for the longest time, free offers have been an effective marketing tool. Online casinos have just discovered a way to give customers ‘free money.’ Bonuses enable gamblers to increase their bankrolls and, thus, their betting power. The more you have, the more you can bet. As a result, it’s not surprising that gamers are eager to claim online bonuses.
Aside from having more money to spend, customers enjoy being appreciated. Operators express their appreciation to players through various bonuses.
In marketing, appreciation goes a long way – it inspires loyalty.
Customers who have previously used a product are more likely to continue using it if they believe their contribution is significant. This is why casinos offer personalized promotions such as birthday bonuses. Loyalty programs achieve the same result.
Another reason casino promotions have had such a significant impact on the industry is their value for money. Consumers always look for the best value, regardless of the product or service.
As a result, when comparing online casinos, players want to know which option provides the best value. Bonuses are effective at fulfilling this promise. If a player can get their deposit doubled after registering, that may be reason enough to choose one site over another. Operators use promotions to persuade players that they are superior to their competitors. Think sometimes about hiring an igaming SEO agency.
Of course, casinos must ensure that they provide the expected value. Otherwise, customer retention will be a problem. Operators must provide appealing terms not only to their business but also to their customers.
iGaming Bonuses In conclusion
If you’re just starting your iGaming company, you’re already on the right track by developing a well-suited, ever-evolving bonusing strategy. Begin with the fundamentals and match bonus types with customer types, ensuring that you have the appropriate bonuses for each stage of your player’s journey. You can always go further and tailor your offer at a more granular level once you’ve mastered this basic mantra:
- Attract: Use a competitive bonus strategy to raise awareness among potential customers and increase player acquisition.
- Retain: Use multi-level rewards and gamification to entice new players to stick around at your online casino.
- Reactivate: Reactivate lapsed players and show them how good you are with time-tested and well-tailored re-engagement tools.
To fully utilize the potential of gambling bonuses, you must also consider the big picture. Reward your players in ways other than bonuses by providing excellent customer service and products with rich content and a superior user experience.
