iGaming 2022: The Key to Avoiding Rising Acquisition Costs
The iGaming industry is a fiercely competitive and increasingly saturated environment. More than ever its imperative for operators to extract even higher value from their existing player bases amid the constant challenge of rising acquisition costs. But cross-selling between sports and casino is notoriously difficult with most operators historically struggling to do so in a meaningful way.
We caught up with Mike Grenham, Managing Director of Betting at Planet Sport, to learn more about the challenges operators face when it comes to pushing players between the two verticals and what they can do to ramp up cross-sell between sports and casino in order to maximise customer lifetime value while also taking the player experience to the next level.
What opportunities does live casino present when it comes to cross-selling with sports betting?
“It presents tremendous opportunities especially when elements of sports and sports betting are integrated into the live casino experience. We have seen some providers do this by creating themed tables based on certain sports such as cricket and football, and we have just rolled out our Planet Vision product which allows operators to integrate sports video content and live odds streams into the live dealer environment to drive continued engagement between each bet.
“Not all sports bettors are primed for cross-selling to casino and live casino but there are plenty that are, and so long as live dealer products provide some level of sports content then driving cross-sell between sports and casino is certainly possible. Planet Vision is already being used to power William Hill’s Sports Lounge Roulette and the early acquisition, retention and engagement numbers look incredibly promising.”
Are operators currently maximising this opportunity? If not, why not?
“Operators have long tried to drive cross-sell between sports and casino but with varying degrees of success. In fact, most have failed. This is because historically live dealer products have not been tweaked to appeal to sports bettors. But times are changing; the rate at which we are seeing quality live casino products incorporating mainstream themes and games, combined with engaging gameplay and huge payouts, makes them far more appealing to sports bettors.
“This, coupled with innovations such as Planet Vision, are helping operators significantly increase cross-sell between sports and casino. Operators are also becoming more savvy when it comes to marketing live casino products to players as well as how products such as Planet Vision can add significant value to their play. This, in turn, is strengthening the scale and scope of the cross-sell rates being achieved.”
What challenges do operators face when it comes to cross-selling between live casino and sports betting?
“As touched on previously, the challenges are mostly related to having the right products and marketing strategy. This must also be allied with a profound understanding of the customer. As live casino products improve, and third-party providers bring new and exciting innovations to the table, operators will be able to add live dealer content to their portfolios that has been designed to appeal specifically to sports bettors.
“When this is combined with smart marketing strategies and a comprehensive understanding of player profiles, the cross-sell between sports and casino can be achieved.”
How can these challenges be overcome?
“In terms of live casino content and products, it is all about forging the right partnerships with technology platforms, game providers, third-party developers and marketing agencies. When this is allied with an operator’s data and player profiles, games and products can be pushed to players based on their individual preferences and needs. As I mentioned before, not all sports bettors will cross-sell to casino and live dealer.
“Indeed, this is the way the wider industry is going with personalisation now on an individual player basis and not a cluster of players grouped based on a number of common characteristics. While this presents challenges of its own, operators that are able to crack the code will be able to drive even higher levels of cross-sell by positioning live casino products in front of the sports bettors that are primed and ready to convert.”
How can operators maximise the cross-sell opportunity here?
“They need to go back to basics, and this ultimately comes down to stocking live casino content that will appeal to sports bettors and then marketing this content to players that are more likely to cross-sell between the two verticals. Of course, this is easier said than done for all of the reasons mentioned previously, but we believe products such as Planet Vision will go a long way to bridging the gap between the two and supporting operators in their efforts.”
After speaking with Mike, it’s clear that the key to cross selling lies firmly within the product offering. The Live Casino vertical offers operators the perfect opportunity to deliver quality video content, integrated seamlessly into the player experience. This ability to maintain engagement between each bet is what operators can leverage to finally be able to launch a successful, sustainable cross-selling campaign, helping to steadily push down acquisition costs along the way.